WELL Iron Condor Strategy
WELL (Welltower Inc.), in the Real Estate sector, (REIT - Healthcare Facilities industry), listed on NYSE.
Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower, a real estate investment trust (REIT), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties.
WELL (Welltower Inc.) trades in the Real Estate sector, specifically REIT - Healthcare Facilities, with a market capitalization of approximately $155.40B, a trailing P/E of 109.45, a beta of 0.83 versus the broader market, a 52-week range of 143.78-221.68, average daily share volume of 3.0M, a public-listing history dating back to 1980, approximately 685 full-time employees. These structural characteristics shape how WELL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.83 places WELL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 109.45 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. WELL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on WELL?
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 WELL snapshot
As of May 15, 2026, spot at $214.03, ATM IV 24.80%, IV rank 43.19%, expected move 7.11%. The iron condor on WELL 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 WELL specifically: WELL IV at 24.80% is mid-range versus its 1-year history, so the credit collected on a WELL iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.11% (roughly $15.22 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 WELL expiries trade a higher absolute premium for lower per-day decay. Position sizing on WELL should anchor to the underlying notional of $214.03 per share and to the trader's directional view on WELL stock.
WELL iron condor setup
The WELL 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 WELL near $214.03, the first option leg uses a $220.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WELL 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 WELL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $220.00 | $4.15 |
| Buy 1 | Call | $240.00 | $0.58 |
| Sell 1 | Put | $200.00 | $1.83 |
| Buy 1 | Put | $195.00 | $1.23 |
WELL iron condor risk and reward
- Net Premium / Debit
- +$417.50
- Max Profit (per contract)
- $417.50
- Max Loss (per contract)
- -$1,582.50
- Breakeven(s)
- $195.83, $224.18
- Risk / Reward Ratio
- 0.264
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.
WELL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WELL. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$82.50 |
| $47.33 | -77.9% | -$82.50 |
| $94.65 | -55.8% | -$82.50 |
| $141.98 | -33.7% | -$82.50 |
| $189.30 | -11.6% | -$82.50 |
| $236.62 | +10.6% | -$1,244.56 |
| $283.94 | +32.7% | -$1,582.50 |
| $331.26 | +54.8% | -$1,582.50 |
| $378.59 | +76.9% | -$1,582.50 |
| $425.91 | +99.0% | -$1,582.50 |
When traders use iron condor on WELL
Iron condors on WELL are a delta-neutral premium-collection structure that profits if WELL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WELL thesis for this iron condor
The market-implied 1-standard-deviation range for WELL extends from approximately $198.81 on the downside to $229.25 on the upside. A WELL iron condor is a delta-neutral premium-collection structure that pays off when WELL 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 WELL IV rank near 43.19% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on WELL should anchor more to the directional view and the expected-move geometry. As a Real Estate name, WELL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WELL-specific events.
WELL 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. WELL positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WELL alongside the broader basket even when WELL-specific fundamentals are unchanged. Short-premium structures like a iron condor on WELL carry tail risk when realized volatility exceeds the implied move; review historical WELL earnings reactions and macro stress periods before sizing. Always rebuild the position from current WELL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WELL?
- A iron condor on WELL is the iron condor strategy applied to WELL (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 WELL stock trading near $214.03, the strikes shown on this page are snapped to the nearest listed WELL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WELL 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 WELL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 24.80%), the computed maximum profit is $417.50 per contract and the computed maximum loss is -$1,582.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a WELL iron condor?
- The breakeven for the WELL iron condor priced on this page is roughly $195.83 and $224.18 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 WELL market-implied 1-standard-deviation expected move is approximately 7.11%; 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 WELL?
- Iron condors on WELL are a delta-neutral premium-collection structure that profits if WELL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WELL implied volatility affect this iron condor?
- WELL ATM IV is at 24.80% with IV rank near 43.19%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.