Best Iron Condor Option Strategy

Alphabet / GOOGLE just popped nearly 10% after a major court ruling, and traders are asking — what’s next? In today’s deep dive, I’ll break down whether GOOGL is still a buy, how the options market is setting up, and the Iron Condor strategy I’m using right now to trade it.

I’ve extensively tested this strategy so you don’t have to. Let me show you how it performed and what I liked/didn’t like about it.

Here is a video of me actually placing this Iron Condor Option Strategy on GOOGL on the Option Trading Platform.

So Why Does Alphabet Matter Right Now and Why is the Iron Condor Option Strategy Ideal?

Google stock recently surged nearly 10% after a major antitrust ruling came down in their favor. That breakout pushed GOOGL above key resistance levels, and suddenly it’s back on every trader’s radar.

Fundamentally, we’re talking about a $2.1 trillion market cap giant, trading at a P/E around 21 — cheaper than many of its tech peers. Revenue continues to grow steadily, with double-digit gains in cloud and advertising still driving the business.

But here’s the key: this isn’t just a long-term story. The recent legal catalyst, combined with the breakout chart setup, makes GOOGL a trader’s stock right now. Which means the options market is where things get really interesting.

GOOGL Fundamentals and Where GOOGL Realistically Could Trade Over the Next Couple of Years

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In their most recent quarter, Alphabet reported revenue of about $96 billion, up 14% year over year. Net income came in at $28 billion, which was up 19%, and Google Cloud and YouTube ads were both double-digit growth drivers. Operating margins held strong at around 32%.

Now, if we project forward using a simple model, assuming revenue keeps growing conservatively at around 10%+ a year and net income grows closer to 12% — which is in line with their recent trajectory — we can estimate where the stock might trade.

One year from now, that would put annual net income around $129 billion. Apply a reasonable forward P/E multiple of 22 exactly where it’s at right now,, and we’re looking at a stock price at about $235.

So while GOOGL may not double overnight, the math points to a very steady 15 to 20% annualized upside potential. For long-term investors, it’s a solid compounder. And for traders, that steady growth outlook helps frame why strategies like the Iron Condor make so much sense right now — because even though the long-term picture is strong, short-term the stock is likely to consolidate in a range after that big breakout.

How Does GOOGL Set Up for an Iron Condor Trade?

After Google’s big up move, implied volatility rank is sitting elevated. That tells us option premiums are rich, and when IV is high, selling premium becomes really attractive.

Given the setup, an Iron Condor makes a lot of sense here. Why? Because after such a sharp breakout, stocks often digest those gains by trading sideways in a range. With the court ruling behind it, GOOGL is less likely to rocket much higher in the short term — and it’s also less likely to collapse, since that catalyst just removed a big overhang.

The Iron Condor lets us take advantage of that by selling a call spread above the current price, and a put spread below it — basically betting GOOGL stays within a range. We collect premium up front, and as long as the stock trades between our short strikes by expiration, we keep that profit.

This strategy benefits from three things: time decay, elevated volatility coming down, and GOOGL staying in a post-breakout consolidation zone. In other words, it’s a smart way to trade a stock that just had its big move, but is now likely to cool off.

Be sure to watch the full live trade placed on the Tastytrade Option Trading Platform below:

Click Here for Live Iron Condor Option Trade

So to wrap this up — Alphabet just had its big breakout, the fundamentals are solid, and the options market is giving us some really attractive setups. I’ve shown you my live Iron Condor trade as one way to play the range, but the bigger takeaway is this: GOOGL remains a long-term compounder with steady double-digit growth, and in the short term, elevated volatility is an opportunity for smart options traders.

If you found this breakdown helpful, be sure and check out below!

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Lastly, let me know if you are utilizing Iron Condors and and what you like or don’t like about them.

Until next time…….

Darren