WERN Iron Condor Strategy
WERN (Werner Enterprises, Inc.), in the Industrials sector, (Trucking industry), listed on NASDAQ.
Werner Enterprises, Inc., a transportation and logistics company, engages in transporting truckload shipments of general commodities in interstate and intrastate commerce in the United States, Mexico, and internationally. It operates through Truckload Transportation Services and Werner Logistics segments. The Truckload Transportation Services segment operates medium-to-long-haul van fleet that transports various consumer nondurable products and other commodities in truckload quantities using dry van trailers; the expedited fleet, which offers time-sensitive truckload services using driver teams; regional short-haul fleet that provides comparable truckload van service in the United States; and temperature controlled fleet, which offers truckload services for temperature sensitive products using temperature-controlled trailers. It transports retail store merchandise, consumer products, food and beverage products, and manufactured products. The Werner Logistics segment provides non-asset-based transportation and logistics services, including truck brokerage; logistics management services and solutions; rail transportation through alliances with rail and drayage providers; and residential and commercial deliveries of large or heavy items using liftgate straight truck. As of December 31, 2021, the company had a fleet of 8,340 trucks, which included 8,050 company-operated, as well as 290 owned and operated by independent contractors;27,225 company-owned trailers that comprised dry vans, flatbeds, temperature-controlled, and other trailers; and 55 intermodal drayage trucks.
WERN (Werner Enterprises, Inc.) trades in the Industrials sector, specifically Trucking, with a market capitalization of approximately $2.07B, a beta of 1.24 versus the broader market, a 52-week range of 23.06-38.46, average daily share volume of 1.1M, a public-listing history dating back to 1986, approximately 13K full-time employees. These structural characteristics shape how WERN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.24 places WERN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WERN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on WERN?
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 WERN snapshot
As of May 15, 2026, spot at $37.45, ATM IV 50.10%, IV rank 8.27%, expected move 14.36%. The iron condor on WERN 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 WERN specifically: WERN IV at 50.10% is on the cheap side of its 1-year range, which means a premium-selling WERN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.36% (roughly $5.38 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 WERN expiries trade a higher absolute premium for lower per-day decay. Position sizing on WERN should anchor to the underlying notional of $37.45 per share and to the trader's directional view on WERN stock.
WERN iron condor setup
The WERN 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 WERN near $37.45, the first option leg uses a $39.32 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WERN 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 WERN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $39.32 | N/A |
| Buy 1 | Call | $41.20 | N/A |
| Sell 1 | Put | $35.58 | N/A |
| Buy 1 | Put | $33.71 | N/A |
WERN 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.
WERN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WERN. 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 WERN
Iron condors on WERN are a delta-neutral premium-collection structure that profits if WERN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WERN thesis for this iron condor
The market-implied 1-standard-deviation range for WERN extends from approximately $32.07 on the downside to $42.83 on the upside. A WERN iron condor is a delta-neutral premium-collection structure that pays off when WERN 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 WERN IV rank near 8.27% 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 WERN at 50.10%. As a Industrials name, WERN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WERN-specific events.
WERN 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. WERN positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WERN alongside the broader basket even when WERN-specific fundamentals are unchanged. Short-premium structures like a iron condor on WERN carry tail risk when realized volatility exceeds the implied move; review historical WERN earnings reactions and macro stress periods before sizing. Always rebuild the position from current WERN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WERN?
- A iron condor on WERN is the iron condor strategy applied to WERN (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 WERN stock trading near $37.45, the strikes shown on this page are snapped to the nearest listed WERN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WERN 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 WERN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 50.10%), 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 WERN iron condor?
- The breakeven for the WERN 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 WERN market-implied 1-standard-deviation expected move is approximately 14.36%; 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 WERN?
- Iron condors on WERN are a delta-neutral premium-collection structure that profits if WERN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WERN implied volatility affect this iron condor?
- WERN ATM IV is at 50.10% with IV rank near 8.27%, 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.