ANET: Nov 160/190 / 210/240 iron condor
Arista sits at 85% of its 52-week range, up 37% in a year, and reports Nov 3 with the chain pricing a 19% move by November expiry. The Nov 160/190 / 210/240 iron condor collects about $17.24 on $30 wings, which puts breakevens near 173 and 227 and lets the post-print IV crush do the work unless the print breaks the range.
- Ticker: ANET
- Direction: Neutral
- Risk profile: volatility
- Confidence: low
- Catalyst: Q3 2026 earnings (2026-11-03)
- Cohort: 2026-09-21
- Expires: 2026-09-28
Structure
- short call 210 2026-11-20
- long call 240 2026-11-20
- short put 190 2026-11-20
- long put 160 2026-11-20
Signals
- Nov straddle implied move: 18.7% (DB)
- 52-week position: 84.6% of range, +37% YoY (DB)
- Tracked hyperscaler exposure: Meta 6,000 MW across 2 campuses (DB)
- ATM call open interest: 1,039 (DB)
What invalidates this thesis
A guide that moves Meta or Microsoft 800G orders in either direction would push the stock past 173 or 227, and the condor loses up to $12.76 per spread at either wing.