EWZ Iron Condor — Nov 20, 2026

EWZ (iShares MSCI Brazil ETF) presents a iron condor opportunity with very elevated implied volatility. IV Rank 101. IV 5950.0% trades 3457.0pp above 30-day HV (2493.0%). This setup favors net premium sellers.

Sell the $34 put and the $42 call (both ~15-30 delta), each protected by a long wing. The position profits if EWZ closes between the breakevens at expiration. Underlying ~$37.00, 50 DTE. Max profit $187 per contract, max loss $313, 59.7% return on risk, 51% POP. Breakevens at $32.13 and $43.87.

Management: take profit at ~50% of max profit ($94). Cut at 2x credit ($374 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: EWZ @ ~$37.00 Expiration: Nov 20, 2026 (50 DTE) Net credit (entry): ~$187.00 per spread Legs:

• Sell EWZ Nov 20, 2026 $34 Put (delta -0.29, mid $1.32)
• Buy EWZ Nov 20, 2026 $29 Put (delta -0.08, mid $0.27)
• Sell EWZ Nov 20, 2026 $42 Call (delta 0.28, mid $1.10)
• Buy EWZ Nov 20, 2026 $47 Call (delta 0.10, mid $0.29)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~2.5% of mid) before sending.

Take profit at 50% of max profit ($94). Cut loss if position reaches 2x credit received ($374 loss). Roll if tested with > 14 DTE remaining.