HOOD Iron Condor — Sep 18, 2026
Trade Setup
Current Stock Price
$86.56
Entry Price
$211.50
Target Price
$105.75
Stop Loss
$423.00
Expiration
Sep 18, 2026
Suggested Contracts
1
Strike Details
Sell 75P / Buy 70P / Sell 105C / Buy 110C
Risk / Reward
Max Loss
$288.50
Max Profit
$211.50
Analysis
HOOD (Robinhood Markets, Inc. - Class A Common Stock) presents a iron condor opportunity with elevated implied volatility. IV Rank 55. IV 5529.0% trades 180.0pp above 30-day HV (5349.0%). This setup favors net premium sellers.
Sell the $75 put and the $105 call (both ~15-30 delta), each protected by a long wing. The position profits if HOOD closes between the breakevens at expiration. Underlying ~$86.56, 49 DTE. Max profit $212 per contract, max loss $289, 73.3% return on risk, 56% POP. Breakevens at $72.89 and $107.11.
Management: take profit at ~50% of max profit ($106). Cut at 2x credit ($423 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: HOOD @ ~$86.56 Expiration: Sep 18, 2026 (49 DTE) Net credit (entry): ~$211.50 per spread Legs:
- Sell HOOD Sep 18, 2026 $75 Put (delta -0.25, mid $3.45)
- Buy HOOD Sep 18, 2026 $70 Put (delta -0.17, mid $2.14)
- Sell HOOD Sep 18, 2026 $105 Call (delta 0.25, mid $2.96)
- Buy HOOD Sep 18, 2026 $110 Call (delta 0.20, mid $2.15)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~5.9% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($106). Cut loss if position reaches 2x credit received ($423 loss). Roll if tested with > 14 DTE remaining.