PATX Iron Condor Strategy
PATX (Tradr 2X Long PATH Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.
PATX is a leveraged exchange-traded fund engineered to provide twice (200%) the daily investment returns of UiPath, Inc. (PATH), prior to fees and expenses. It's intended as a short-term, tactical instrument. To achieve this, the fund primarily engages in total return swap agreements with leading global financial institutions, effectively mirroring PATH's daily price fluctuations. Should swaps become impractical or less efficient, PATX has the flexibility to utilize FLEX call options or even directly hold shares of PATH stock. Investors should be aware that holding PATX for periods exceeding a single trading day necessitates diligent monitoring and frequent rebalancing to aim for the intended 2x daily leverage. Failure to do so can significantly diverge returns from the target.
PATX (Tradr 2X Long PATH Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $1.2M, a beta of -0.09 versus the broader market, a 52-week range of 5.96-24.88, average daily share volume of 90K, a public-listing history dating back to 2026. These structural characteristics shape how PATX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.09 indicates PATX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on PATX?
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.
PATX snapshot
As of September 29, 2026, spot at $8.46, ATM IV 107.10%, IV rank 18.74%, expected move 30.70%. The iron condor on PATX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this iron condor structure on PATX specifically: PATX IV at 107.10% is on the cheap side of its 1-year range, which means a premium-selling PATX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 30.70% (roughly $2.60 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PATX expiries trade a higher absolute premium for lower per-day decay. Position sizing on PATX should anchor to the underlying notional of $8.46 per share and to the trader's directional view on PATX etf.
PATX iron condor setup
The PATX iron condor below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PATX at $8.46 on that close, the first option leg uses a $8.88 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PATX chain at a 17-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 PATX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $8.88 | N/A |
| Buy 1 | Call | $9.31 | N/A |
| Sell 1 | Put | $8.04 | N/A |
| Buy 1 | Put | $7.61 | N/A |
PATX 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.
PATX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PATX. 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 PATX
Iron condors on PATX are a delta-neutral premium-collection structure that profits if PATX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PATX thesis for this iron condor
The market-implied 1-standard-deviation range for PATX extends from approximately $5.86 on the downside to $11.06 on the upside. A PATX iron condor is a delta-neutral premium-collection structure that pays off when PATX 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 PATX IV rank near 18.74% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on PATX at 107.10%. As a Financial Services name, PATX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PATX-specific events.
PATX 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. PATX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PATX alongside the broader basket even when PATX-specific fundamentals are unchanged. Short-premium structures like a iron condor on PATX carry tail risk when realized volatility exceeds the implied move; review historical PATX earnings reactions and macro stress periods before sizing. Always rebuild the position from current PATX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PATX?
- A iron condor on PATX is the iron condor strategy applied to PATX (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 PATX etf at $8.46 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed PATX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PATX 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 PATX iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 107.10%), 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 PATX iron condor?
- The breakeven for the PATX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 29, 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 PATX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 30.70%; 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 PATX?
- Iron condors on PATX are a delta-neutral premium-collection structure that profits if PATX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PATX implied volatility affect this iron condor?
- PATX ATM IV is at 107.10% with IV rank near 18.74%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.