HOOD Iron Condor — Sep 18, 2026
Trade Setup
Current Stock Price
$223.00
Entry Price
$223.00
Target Price
$111.50
Stop Loss
$446.00
Expiration
Sep 18, 2026
Suggested Contracts
1
Strike Details
Sell 85P / Buy 80P / Sell 110C / Buy 115C
Risk / Reward
Max Loss
$277.00
Max Profit
$223.00
Analysis
HOOD (Robinhood Markets, Inc. - Class A Common Stock) presents a iron condor opportunity with moderately elevated implied volatility. IV Rank 44. IV 5529.0% trades 180.0pp above 30-day HV (5349.0%). This setup favors net premium sellers.
Sell the $85 put and the $110 call (both ~15-30 delta), each protected by a long wing. The position profits if HOOD closes between the breakevens at expiration. Underlying ~$93.32, 39 DTE. Max profit $223 per contract, max loss $277, 80.5% return on risk, 53% POP. Breakevens at $82.77 and $112.23.
Management: take profit at ~50% of max profit ($112). Cut at 2x credit ($446 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 @ ~$93.32 Expiration: Sep 18, 2026 (39 DTE) Net credit (entry): ~$223.00 per spread Legs:
- Sell HOOD Sep 18, 2026 $85 Put (delta -0.29, mid $3.73)
- Buy HOOD Sep 18, 2026 $80 Put (delta -0.19, mid $2.27)
- Sell HOOD Sep 18, 2026 $110 Call (delta 0.25, mid $2.75)
- Buy HOOD Sep 18, 2026 $115 Call (delta 0.19, mid $1.97)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~3.8% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($112). Cut loss if position reaches 2x credit received ($446 loss). Roll if tested with > 14 DTE remaining.