HOOD Iron Condor — Jun 18, 2026

HOOD (Robinhood Markets Inc Class A) presents a iron condor opportunity with moderately elevated implied volatility. IV Rank 36. IV 5529.0% trades 180.0pp above 30-day HV (5349.0%). This setup favors net premium sellers.

Sell the $65 put and the $90 call (both ~15-30 delta), each protected by a long wing. The position profits if HOOD closes between the breakevens at expiration. Underlying ~$76.28, 41 DTE. Max profit $148 per contract, max loss $352, 42.0% return on risk, 62% POP. Breakevens at $63.52 and $91.48.

Management: take profit at ~50% of max profit ($74). Cut at 2x credit ($296 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: HOOD @ ~$75.63 Expiration: Jun 18, 2026 (41 DTE) Legs:

• Sell HOOD Jun 18, 2026 $65 Put (delta -0.19, mid $1.82)
• Buy HOOD Jun 18, 2026 $60 Put (delta -0.11, mid $0.96)
• Sell HOOD Jun 18, 2026 $90 Call (delta 0.23, mid $1.78)
• Buy HOOD Jun 18, 2026 $95 Call (delta 0.16, mid $1.16)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~4.7% of mid) before sending.

Take profit at 50% of max profit ($74). Cut loss if position reaches 2x credit received ($296 loss). Roll if tested with > 14 DTE remaining.