AAPL Iron Condor — Sep 18, 2026
Trade Setup
Current Stock Price
$333.02
Entry Price
$432.50
Target Price
$216.25
Stop Loss
$865.00
Expiration
Sep 18, 2026
Suggested Contracts
1
Strike Details
Sell 310P / Buy 300P / Sell 355C / Buy 365C
Risk / Reward
Max Loss
$567.50
Max Profit
$432.50
Analysis
AAPL (Apple Inc. - Common Stock) presents a iron condor opportunity with very elevated implied volatility. IV Rank 73. IV 2716.0% trades 1595.0pp above 30-day HV (1121.0%). This setup favors net premium sellers.
Sell the $310 put and the $355 call (both ~15-30 delta), each protected by a long wing. The position profits if AAPL closes between the breakevens at expiration. Underlying ~$327.47, 56 DTE. Max profit $433 per contract, max loss $568, 76.2% return on risk, 53% POP. Breakevens at $305.68 and $359.32.
Management: take profit at ~50% of max profit ($216). Cut at 2x credit ($865 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.
Setup Instructions
Underlying: AAPL @ ~$328.88 Expiration: Sep 18, 2026 (56 DTE) Net credit (entry): ~$432.50 per spread Legs:
- Sell AAPL Sep 18, 2026 $310 Put (delta -0.26, mid $6.22)
- Buy AAPL Sep 18, 2026 $300 Put (delta -0.19, mid $4.20)
- Sell AAPL Sep 18, 2026 $355 Call (delta 0.28, mid $6.15)
- Buy AAPL Sep 18, 2026 $365 Call (delta 0.20, mid $3.85)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~4.5% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($216). Cut loss if position reaches 2x credit received ($865 loss). Roll if tested with > 14 DTE remaining.