DIG Iron Condor Strategy
DIG (ProShares - Ultra Energy), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
The ProShares Ultra Energy fund is engineered to offer daily returns that are double the daily performance of the S&P Energy Select Sector Index. This objective is pursued prior to the deduction of any fees or expenses.
DIG (ProShares - Ultra Energy) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $67.0M, a beta of -0.03 versus the broader market, a 52-week range of 32.7-71.52, average daily share volume of 42K, a public-listing history dating back to 2007. These structural characteristics shape how DIG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.03 indicates DIG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. DIG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on DIG?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
DIG snapshot
As of August 14, 2026, spot at $65.77, ATM IV 48.60%, IV rank 42.83%, expected move 13.93%. The iron condor on DIG below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on DIG specifically: DIG IV at 48.60% is mid-range versus its 1-year history, so the credit collected on a DIG iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 13.93% (roughly $9.16 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DIG expiries trade a higher absolute premium for lower per-day decay. Position sizing on DIG should anchor to the underlying notional of $65.77 per share and to the trader's directional view on DIG etf.
DIG iron condor setup
The DIG iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With DIG at $65.77 on that close, the first option leg uses a $70.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DIG chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 DIG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $70.00 | $2.28 |
| Buy 1 | Call | $70.00 | $2.28 |
| Sell 1 | Put | $60.00 | $2.20 |
| Buy 1 | Put | $60.00 | $2.20 |
DIG iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
DIG iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on DIG. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | $0.00 |
| $14.55 | -77.9% | $0.00 |
| $29.09 | -55.8% | $0.00 |
| $43.63 | -33.7% | $0.00 |
| $58.17 | -11.5% | $0.00 |
| $72.72 | +10.6% | $0.00 |
| $87.26 | +32.7% | $0.00 |
| $101.80 | +54.8% | $0.00 |
| $116.34 | +76.9% | $0.00 |
| $130.88 | +99.0% | $0.00 |
When traders use iron condor on DIG
Iron condors on DIG are a delta-neutral premium-collection structure that profits if DIG etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
DIG thesis for this iron condor
The market-implied 1-standard-deviation range for DIG extends from approximately $56.61 on the downside to $74.93 on the upside. A DIG iron condor is a delta-neutral premium-collection structure that pays off when DIG stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current DIG IV rank near 42.83% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on DIG should anchor more to the directional view and the expected-move geometry. As a Financial Services name, DIG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DIG-specific events.
DIG iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. DIG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DIG alongside the broader basket even when DIG-specific fundamentals are unchanged. Short-premium structures like a iron condor on DIG carry tail risk when realized volatility exceeds the implied move; review historical DIG earnings reactions and macro stress periods before sizing. Always rebuild the position from current DIG chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on DIG?
- A iron condor on DIG is the iron condor strategy applied to DIG (etf). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With DIG etf at $65.77 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed DIG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are DIG iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the DIG iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 48.60%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a DIG iron condor?
- The breakeven for the DIG iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DIG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on DIG?
- Iron condors on DIG are a delta-neutral premium-collection structure that profits if DIG etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current DIG implied volatility affect this iron condor?
- DIG ATM IV is at 48.60% with IV rank near 42.83%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.