WGO Iron Condor Strategy
WGO (Winnebago Industries, Inc.), in the Consumer Cyclical sector, (Auto - Recreational Vehicles industry), listed on NYSE.
Winnebago Industries, Inc. manufactures and sells recreation vehicles and marine products primarily for use in leisure travel and outdoor recreation activities. The company operates in six segments: Grand Design Towables, Winnebago Towables, Winnebago Motorhomes, Newmar motorhomes, Chris-Craft Marine, and Winnebago Specialty Vehicles. It provides towable products that are non-motorized vehicles to be towed by automobiles, pickup trucks, SUVs, or vans for use as temporary living quarters for recreational travel, such as conventional travel trailers, fifth wheels, folding camper trailers, and truck campers under the Winnebago and Grand Design brand names. The company also offers motorhomes, which are self-propelled mobile dwellings used primarily as temporary living quarters during vacation and camping trips, or to support active and mobile lifestyles under the Winnebago and Newmar brand names. In addition, it offers other specialty commercial vehicles for law enforcement command centers, mobile medical clinics, and mobile office spaces; commercial vehicles as bare shells to third-party up fitters; and boats in the recreational powerboat industry under the Chris-Craft and Barletta brand names. Further, the company is involved in the original equipment manufacturing of parts for other manufacturers and commercial vehicles.
WGO (Winnebago Industries, Inc.) trades in the Consumer Cyclical sector, specifically Auto - Recreational Vehicles, with a market capitalization of approximately $825.9M, a trailing P/E of 19.81, a beta of 1.17 versus the broader market, a 52-week range of 28-50.16, average daily share volume of 622K, a public-listing history dating back to 1970, approximately 6K full-time employees. These structural characteristics shape how WGO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.17 places WGO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WGO pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on WGO?
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 WGO snapshot
As of May 15, 2026, spot at $29.04, ATM IV 49.30%, IV rank 42.51%, expected move 14.13%. The iron condor on WGO 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 63-day expiry.
Why this iron condor structure on WGO specifically: WGO IV at 49.30% is mid-range versus its 1-year history, so the credit collected on a WGO iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.13% (roughly $4.10 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WGO expiries trade a higher absolute premium for lower per-day decay. Position sizing on WGO should anchor to the underlying notional of $29.04 per share and to the trader's directional view on WGO stock.
WGO iron condor setup
The WGO 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 WGO near $29.04, the first option leg uses a $30.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WGO chain at a 63-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 WGO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $30.00 | $2.18 |
| Buy 1 | Call | $32.50 | $1.38 |
| Sell 1 | Put | $27.50 | $1.90 |
| Buy 1 | Put | $25.00 | $1.08 |
WGO iron condor risk and reward
- Net Premium / Debit
- +$162.50
- Max Profit (per contract)
- $162.50
- Max Loss (per contract)
- -$87.50
- Breakeven(s)
- $25.88, $31.63
- Risk / Reward Ratio
- 1.857
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.
WGO iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WGO. 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% | -$87.50 |
| $6.43 | -77.9% | -$87.50 |
| $12.85 | -55.8% | -$87.50 |
| $19.27 | -33.6% | -$87.50 |
| $25.69 | -11.5% | -$18.58 |
| $32.11 | +10.6% | -$48.40 |
| $38.53 | +32.7% | -$87.50 |
| $44.95 | +54.8% | -$87.50 |
| $51.37 | +76.9% | -$87.50 |
| $57.79 | +99.0% | -$87.50 |
When traders use iron condor on WGO
Iron condors on WGO are a delta-neutral premium-collection structure that profits if WGO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WGO thesis for this iron condor
The market-implied 1-standard-deviation range for WGO extends from approximately $24.94 on the downside to $33.14 on the upside. A WGO iron condor is a delta-neutral premium-collection structure that pays off when WGO 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 WGO IV rank near 42.51% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on WGO should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, WGO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WGO-specific events.
WGO 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. WGO positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WGO alongside the broader basket even when WGO-specific fundamentals are unchanged. Short-premium structures like a iron condor on WGO carry tail risk when realized volatility exceeds the implied move; review historical WGO earnings reactions and macro stress periods before sizing. Always rebuild the position from current WGO chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WGO?
- A iron condor on WGO is the iron condor strategy applied to WGO (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 WGO stock trading near $29.04, the strikes shown on this page are snapped to the nearest listed WGO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WGO 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 WGO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 49.30%), the computed maximum profit is $162.50 per contract and the computed maximum loss is -$87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a WGO iron condor?
- The breakeven for the WGO iron condor priced on this page is roughly $25.88 and $31.63 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 WGO market-implied 1-standard-deviation expected move is approximately 14.13%; 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 WGO?
- Iron condors on WGO are a delta-neutral premium-collection structure that profits if WGO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WGO implied volatility affect this iron condor?
- WGO ATM IV is at 49.30% with IV rank near 42.51%, 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.