WOR Iron Condor Strategy
WOR (Worthington Industries, Inc.), in the Industrials sector, (Manufacturing - Metal Fabrication industry), listed on NYSE.
Worthington Industries, Inc. is an industrial manufacturing firm operating internationally, with a strong foothold in North America. The company's primary focus areas include value-added steel processing, the production of various consumer goods, building materials, and innovative sustainable mobility solutions. Its operations are organized into four distinct divisions: Steel Processing, Consumer Products, Building Products, and Sustainable Energy Solutions. The Steel Processing division specializes in refining flat-rolled steel, supplying it to a diverse range of sectors such as automotive, aerospace, agriculture, appliance manufacturing, construction, energy, and heavy-truck industries. This segment also provides contract steel processing services to steel mills, major industrial consumers, and distribution centers. Through its Consumer Products segment, Worthington offers a variety of tools, outdoor living accessories, and celebration-themed items.
WOR (Worthington Industries, Inc.) trades in the Industrials sector, specifically Manufacturing - Metal Fabrication, with a market capitalization of approximately $2.78B, a trailing P/E of 17.79, a beta of 1.21 versus the broader market, a 52-week range of 45.01-67.8, average daily share volume of 226K, a public-listing history dating back to 1980, approximately 4K full-time employees. These structural characteristics shape how WOR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.21 places WOR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WOR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on WOR?
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.
WOR snapshot
As of August 14, 2026, spot at $58.70, ATM IV 27.70%, IV rank 6.46%, expected move 7.94%. The iron condor on WOR 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 WOR specifically: WOR IV at 27.70% is on the cheap side of its 1-year range, which means a premium-selling WOR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.94% (roughly $4.66 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 WOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on WOR should anchor to the underlying notional of $58.70 per share and to the trader's directional view on WOR stock.
WOR iron condor setup
The WOR 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 WOR at $58.70 on that close, the first option leg uses a $61.64 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WOR 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 WOR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $61.64 | N/A |
| Buy 1 | Call | $64.57 | N/A |
| Sell 1 | Put | $55.77 | N/A |
| Buy 1 | Put | $52.83 | N/A |
WOR 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.
WOR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WOR. 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 WOR
Iron condors on WOR are a delta-neutral premium-collection structure that profits if WOR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WOR thesis for this iron condor
The market-implied 1-standard-deviation range for WOR extends from approximately $54.04 on the downside to $63.36 on the upside. A WOR iron condor is a delta-neutral premium-collection structure that pays off when WOR 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 WOR IV rank near 6.46% 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 WOR at 27.70%. As a Industrials name, WOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WOR-specific events.
WOR 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. WOR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WOR alongside the broader basket even when WOR-specific fundamentals are unchanged. Short-premium structures like a iron condor on WOR carry tail risk when realized volatility exceeds the implied move; review historical WOR earnings reactions and macro stress periods before sizing. Always rebuild the position from current WOR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WOR?
- A iron condor on WOR is the iron condor strategy applied to WOR (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 WOR stock at $58.70 on the most recent close, the strikes shown on this page are snapped to the nearest listed WOR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are WOR 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 WOR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.70%), 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 WOR iron condor?
- The breakeven for the WOR 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 WOR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.94%; 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 WOR?
- Iron condors on WOR are a delta-neutral premium-collection structure that profits if WOR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WOR implied volatility affect this iron condor?
- WOR ATM IV is at 27.70% with IV rank near 6.46%, 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.