WHG Iron Condor Strategy
WHG (Westwood Holdings Group, Inc.), in the Financial Services sector, (Asset Management industry), listed on NYSE.
Westwood Holdings Group, Inc. is an investment management firm that, operating through its various subsidiaries, offers a suite of financial services and actively manages client investment portfolios. The company's business activities are divided into two primary divisions: Advisory and Trust. The Advisory segment specializes in providing investment guidance and portfolio management services directly to a diverse client base, which includes corporate and public pension plans, endowments, foundations, private individuals, and the company's own Westwood Funds. Additionally, this segment offers specialized investment sub-advisory expertise to external mutual funds, various pooled investment vehicles, and its internal Trust segment. The Trust segment is responsible for delivering comprehensive trust and custodial services. It also manages and participates in common trust funds that it sponsors, primarily catering to institutional clients and affluent individuals.
WHG (Westwood Holdings Group, Inc.) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $182.0M, a trailing P/E of 21.08, a beta of 0.58 versus the broader market, a 52-week range of 14.7-20.97, average daily share volume of 20K, a public-listing history dating back to 2002, approximately 148 full-time employees. These structural characteristics shape how WHG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.58 indicates WHG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. WHG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on WHG?
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.
WHG snapshot
As of August 14, 2026, spot at $19.52, ATM IV 57.50%, IV rank 10.55%, expected move 16.48%. The iron condor on WHG below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on WHG specifically: WHG IV at 57.50% is on the cheap side of its 1-year range, which means a premium-selling WHG iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.48% (roughly $3.22 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WHG expiries trade a higher absolute premium for lower per-day decay. Position sizing on WHG should anchor to the underlying notional of $19.52 per share and to the trader's directional view on WHG stock.
WHG iron condor setup
The WHG 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 WHG at $19.52 on that close, the first option leg uses a $20.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WHG chain at a 35-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 WHG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $20.50 | N/A |
| Buy 1 | Call | $21.47 | N/A |
| Sell 1 | Put | $18.54 | N/A |
| Buy 1 | Put | $17.57 | N/A |
WHG 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.
WHG iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WHG. 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 WHG
Iron condors on WHG are a delta-neutral premium-collection structure that profits if WHG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WHG thesis for this iron condor
The market-implied 1-standard-deviation range for WHG extends from approximately $16.30 on the downside to $22.74 on the upside. A WHG iron condor is a delta-neutral premium-collection structure that pays off when WHG 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 WHG IV rank near 10.55% 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 WHG at 57.50%. As a Financial Services name, WHG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WHG-specific events.
WHG 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. WHG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WHG alongside the broader basket even when WHG-specific fundamentals are unchanged. Short-premium structures like a iron condor on WHG carry tail risk when realized volatility exceeds the implied move; review historical WHG earnings reactions and macro stress periods before sizing. Always rebuild the position from current WHG chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WHG?
- A iron condor on WHG is the iron condor strategy applied to WHG (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 WHG stock at $19.52 on the most recent close, the strikes shown on this page are snapped to the nearest listed WHG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are WHG 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 WHG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 57.50%), 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 WHG iron condor?
- The breakeven for the WHG iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The WHG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 16.48%; 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 WHG?
- Iron condors on WHG are a delta-neutral premium-collection structure that profits if WHG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WHG implied volatility affect this iron condor?
- WHG ATM IV is at 57.50% with IV rank near 10.55%, 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.