ROM Iron Condor Strategy
ROM (ProShares - Ultra Technology), in the Financial Services sector, (Asset Management industry), listed on AMEX.
ProShares Ultra Technology seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P Technology Select SectorSM Index.
ROM (ProShares - Ultra Technology) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $806.5M, a beta of 2.79 versus the broader market, a 52-week range of 60.54-138.98, average daily share volume of 50K, a public-listing history dating back to 2007. These structural characteristics shape how ROM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.79 indicates ROM has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. ROM pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ROM?
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 ROM snapshot
As of May 15, 2026, spot at $136.94, ATM IV 61.50%, IV rank 71.07%, expected move 17.63%. The iron condor on ROM 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 34-day expiry.
Why this iron condor structure on ROM specifically: ROM IV at 61.50% is rich versus its 1-year range, which favors premium-selling structures like a ROM iron condor, with a market-implied 1-standard-deviation move of approximately 17.63% (roughly $24.14 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ROM expiries trade a higher absolute premium for lower per-day decay. Position sizing on ROM should anchor to the underlying notional of $136.94 per share and to the trader's directional view on ROM etf.
ROM iron condor setup
The ROM 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 ROM near $136.94, the first option leg uses a $145.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ROM chain at a 34-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 ROM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $145.00 | $6.55 |
| Buy 1 | Call | $150.00 | $4.65 |
| Sell 1 | Put | $130.00 | $6.90 |
| Buy 1 | Put | $125.00 | $5.35 |
ROM iron condor risk and reward
- Net Premium / Debit
- +$345.00
- Max Profit (per contract)
- $345.00
- Max Loss (per contract)
- -$155.00
- Breakeven(s)
- $126.55, $148.45
- Risk / Reward Ratio
- 2.226
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.
ROM iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ROM. 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% | -$155.00 |
| $30.29 | -77.9% | -$155.00 |
| $60.56 | -55.8% | -$155.00 |
| $90.84 | -33.7% | -$155.00 |
| $121.12 | -11.6% | -$155.00 |
| $151.40 | +10.6% | -$155.00 |
| $181.67 | +32.7% | -$155.00 |
| $211.95 | +54.8% | -$155.00 |
| $242.23 | +76.9% | -$155.00 |
| $272.50 | +99.0% | -$155.00 |
When traders use iron condor on ROM
Iron condors on ROM are a delta-neutral premium-collection structure that profits if ROM etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ROM thesis for this iron condor
The market-implied 1-standard-deviation range for ROM extends from approximately $112.80 on the downside to $161.08 on the upside. A ROM iron condor is a delta-neutral premium-collection structure that pays off when ROM 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 ROM IV rank near 71.07% 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 ROM at 61.50%. As a Financial Services name, ROM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ROM-specific events.
ROM 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. ROM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ROM alongside the broader basket even when ROM-specific fundamentals are unchanged. Short-premium structures like a iron condor on ROM carry tail risk when realized volatility exceeds the implied move; review historical ROM earnings reactions and macro stress periods before sizing. Always rebuild the position from current ROM chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ROM?
- A iron condor on ROM is the iron condor strategy applied to ROM (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 ROM etf trading near $136.94, the strikes shown on this page are snapped to the nearest listed ROM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ROM 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 ROM iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 61.50%), the computed maximum profit is $345.00 per contract and the computed maximum loss is -$155.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ROM iron condor?
- The breakeven for the ROM iron condor priced on this page is roughly $126.55 and $148.45 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 ROM market-implied 1-standard-deviation expected move is approximately 17.63%; 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 ROM?
- Iron condors on ROM are a delta-neutral premium-collection structure that profits if ROM etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ROM implied volatility affect this iron condor?
- ROM ATM IV is at 61.50% with IV rank near 71.07%, 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.