MEME Iron Condor Strategy
MEME (Roundhill Investments - Meme Stock ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
A distinctive phenomenon in contemporary financial markets, meme stocks are characterized by their susceptibility to extreme price volatility, often driven by the collective action of individual investors and swift shifts in public sentiment. The Roundhill Meme Stock ETF (MEME) holds a singular position as the world's only exchange-traded fund engineered to provide focused investment exposure specifically to meme stocks, and it is actively managed.
MEME (Roundhill Investments - Meme Stock ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $640,246, a beta of 3.72 versus the broader market, a 52-week range of 5.325-11.91, average daily share volume of 235K, a public-listing history dating back to 2021. These structural characteristics shape how MEME etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.72 indicates MEME has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on MEME?
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.
Current MEME snapshot
As of June 29, 2026, spot at $9.39, ATM IV 421.10%, IV rank 100.00%, expected move 120.73%. The iron condor on MEME below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.
Why this iron condor structure on MEME specifically: MEME IV at 421.10% is rich versus its 1-year range, which favors premium-selling structures like a MEME iron condor, with a market-implied 1-standard-deviation move of approximately 120.73% (roughly $11.34 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MEME expiries trade a higher absolute premium for lower per-day decay. Position sizing on MEME should anchor to the underlying notional of $9.39 per share and to the trader's directional view on MEME etf.
MEME iron condor setup
The MEME iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MEME near $9.39, the first option leg uses a $9.86 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MEME chain at a 18-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 MEME shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $9.86 | N/A |
| Buy 1 | Call | $10.33 | N/A |
| Sell 1 | Put | $8.92 | N/A |
| Buy 1 | Put | $8.45 | N/A |
MEME iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- 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.
MEME iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MEME. 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.
When traders use iron condor on MEME
Iron condors on MEME are a delta-neutral premium-collection structure that profits if MEME etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MEME thesis for this iron condor
The market-implied 1-standard-deviation range for MEME extends from approximately $-1.95 on the downside to $20.73 on the upside. A MEME iron condor is a delta-neutral premium-collection structure that pays off when MEME 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 MEME IV rank near 100.00% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on MEME at 421.10%. As a Financial Services name, MEME options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MEME-specific events.
MEME 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. MEME positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MEME alongside the broader basket even when MEME-specific fundamentals are unchanged. Short-premium structures like a iron condor on MEME carry tail risk when realized volatility exceeds the implied move; review historical MEME earnings reactions and macro stress periods before sizing. Always rebuild the position from current MEME chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MEME?
- A iron condor on MEME is the iron condor strategy applied to MEME (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 MEME etf trading near $9.39, the strikes shown on this page are snapped to the nearest listed MEME chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MEME 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 MEME iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 421.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MEME iron condor?
- The breakeven for the MEME iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current MEME market-implied 1-standard-deviation expected move is approximately 120.73%; 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 MEME?
- Iron condors on MEME are a delta-neutral premium-collection structure that profits if MEME etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MEME implied volatility affect this iron condor?
- MEME ATM IV is at 421.10% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.