WSBF Iron Condor Strategy
WSBF (Waterstone Financial, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Waterstone Financial, Inc. functions as a bank holding company, with its principal operations conducted through its subsidiary, WaterStone Bank SSB. It offers a broad spectrum of financial services to customers situated in southeastern Wisconsin, USA. The firm's activities are structured into two key segments: Community Banking and Mortgage Banking. The Community Banking division caters to both individual and commercial clients with a suite of banking solutions. This encompasses diverse deposit and transactional offerings, such as checking accounts, digital banking and bill payment facilities, funds transfer services, and various credit, debit, and prepaid card options. Furthermore, it provides savings and investment vehicles, including savings accounts, money market deposits, individual retirement accounts, and certificates of deposit.
WSBF (Waterstone Financial, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $367.6M, a trailing P/E of 12.05, a beta of 0.74 versus the broader market, a 52-week range of 13.08-20.44, average daily share volume of 71K, a public-listing history dating back to 2005, approximately 600 full-time employees. These structural characteristics shape how WSBF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.74 places WSBF roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WSBF pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on WSBF?
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 WSBF snapshot
As of June 30, 2026, spot at $20.70, ATM IV 364.70%, IV rank 79.81%, expected move 104.56%. The iron condor on WSBF 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 17-day expiry.
Why this iron condor structure on WSBF specifically: WSBF IV at 364.70% is rich versus its 1-year range, which favors premium-selling structures like a WSBF iron condor, with a market-implied 1-standard-deviation move of approximately 104.56% (roughly $21.64 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WSBF expiries trade a higher absolute premium for lower per-day decay. Position sizing on WSBF should anchor to the underlying notional of $20.70 per share and to the trader's directional view on WSBF stock.
WSBF iron condor setup
The WSBF 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 WSBF near $20.70, the first option leg uses a $21.74 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WSBF chain at a 17-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 WSBF shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $21.74 | N/A |
| Buy 1 | Call | $22.77 | N/A |
| Sell 1 | Put | $19.67 | N/A |
| Buy 1 | Put | $18.63 | N/A |
WSBF 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.
WSBF iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WSBF. 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 WSBF
Iron condors on WSBF are a delta-neutral premium-collection structure that profits if WSBF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WSBF thesis for this iron condor
The market-implied 1-standard-deviation range for WSBF extends from approximately $-0.94 on the downside to $42.34 on the upside. A WSBF iron condor is a delta-neutral premium-collection structure that pays off when WSBF 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 WSBF IV rank near 79.81% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on WSBF at 364.70%. As a Financial Services name, WSBF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WSBF-specific events.
WSBF 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. WSBF positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WSBF alongside the broader basket even when WSBF-specific fundamentals are unchanged. Short-premium structures like a iron condor on WSBF carry tail risk when realized volatility exceeds the implied move; review historical WSBF earnings reactions and macro stress periods before sizing. Always rebuild the position from current WSBF chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WSBF?
- A iron condor on WSBF is the iron condor strategy applied to WSBF (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 WSBF stock trading near $20.70, the strikes shown on this page are snapped to the nearest listed WSBF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WSBF 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 WSBF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 364.70%), 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 WSBF iron condor?
- The breakeven for the WSBF 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 WSBF market-implied 1-standard-deviation expected move is approximately 104.56%; 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 WSBF?
- Iron condors on WSBF are a delta-neutral premium-collection structure that profits if WSBF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WSBF implied volatility affect this iron condor?
- WSBF ATM IV is at 364.70% with IV rank near 79.81%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.