XOM Iron Condor — Jun 18, 2026

XOM (EXXON MOBIL CORP) presents a iron condor opportunity with very elevated implied volatility. IV Rank 75. IV 2047.0% trades -268.0pp above 30-day HV (2315.0%). This setup favors net premium sellers.

Sell the $135 put and the $160 call (both ~15-30 delta), each protected by a long wing. The position profits if XOM closes between the breakevens at expiration. Underlying ~$146.44, 53 DTE. Max profit $306 per contract, max loss $695, 44.0% return on risk, 56% POP. Breakevens at $131.94 and $163.06.

Management: take profit at ~50% of max profit ($153). Cut at 2x credit ($611 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: XOM @ ~$148.19 Expiration: Jun 18, 2026 (53 DTE) Legs:

• Sell XOM Jun 18, 2026 $135 Put (delta -0.20, mid $2.25)
• Buy XOM Jun 18, 2026 $125 Put (delta -0.09, mid $0.88)
• Sell XOM Jun 18, 2026 $160 Call (delta 0.29, mid $3.13)
• Buy XOM Jun 18, 2026 $170 Call (delta 0.16, mid $1.45)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~6.6% of mid) before sending.

Take profit at 50% of max profit ($153). Cut loss if position reaches 2x credit received ($611 loss). Roll if tested with > 14 DTE remaining.