WBI Iron Condor Strategy
WBI (WaterBridge Infrastructure LLC), in the Energy sector, (Oil & Gas Energy industry), listed on NYSE.
WaterBridge Infrastructure provides water management solutions primarily for oil exploration and production companies. The company operates water infrastructure networks mainly in the Delaware Basin, with additional assets in the Eagle Ford and Arkoma basins. It handles produced water, focusing on collection, transportation, recycling, and management to support energy industry operations.
WBI (WaterBridge Infrastructure LLC) trades in the Energy sector, specifically Oil & Gas Energy, with a market capitalization of approximately $1.36B, a trailing P/E of 81.13, a beta of 0.62 versus the broader market, a 52-week range of 18.64-30.81, average daily share volume of 921K, a public-listing history dating back to 1987, approximately 444 full-time employees. These structural characteristics shape how WBI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.62 indicates WBI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 81.13 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. WBI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on WBI?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current WBI snapshot
As of May 15, 2026, spot at $30.63, ATM IV 48.60%, IV rank 9.63%, expected move 13.93%. The iron condor on WBI below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on WBI specifically: WBI IV at 48.60% is on the cheap side of its 1-year range, which means a premium-selling WBI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.93% (roughly $4.27 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WBI expiries trade a higher absolute premium for lower per-day decay. Position sizing on WBI should anchor to the underlying notional of $30.63 per share and to the trader's directional view on WBI stock.
WBI iron condor setup
The WBI iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With WBI near $30.63, the first option leg uses a $32.16 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WBI chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 WBI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $32.16 | N/A |
| Buy 1 | Call | $33.69 | N/A |
| Sell 1 | Put | $29.10 | N/A |
| Buy 1 | Put | $27.57 | N/A |
WBI iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
WBI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WBI. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on WBI
Iron condors on WBI are a delta-neutral premium-collection structure that profits if WBI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WBI thesis for this iron condor
The market-implied 1-standard-deviation range for WBI extends from approximately $26.36 on the downside to $34.90 on the upside. A WBI iron condor is a delta-neutral premium-collection structure that pays off when WBI stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current WBI IV rank near 9.63% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on WBI at 48.60%. As a Energy name, WBI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WBI-specific events.
WBI iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. WBI positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WBI alongside the broader basket even when WBI-specific fundamentals are unchanged. Short-premium structures like a iron condor on WBI carry tail risk when realized volatility exceeds the implied move; review historical WBI earnings reactions and macro stress periods before sizing. Always rebuild the position from current WBI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WBI?
- A iron condor on WBI is the iron condor strategy applied to WBI (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With WBI stock trading near $30.63, the strikes shown on this page are snapped to the nearest listed WBI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WBI iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the WBI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 48.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a WBI iron condor?
- The breakeven for the WBI iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current WBI market-implied 1-standard-deviation expected move is approximately 13.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on WBI?
- Iron condors on WBI are a delta-neutral premium-collection structure that profits if WBI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WBI implied volatility affect this iron condor?
- WBI ATM IV is at 48.60% with IV rank near 9.63%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.