ALMU Iron Condor Strategy
ALMU (Aeluma, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.
Aeluma, Inc. develops optoelectronic devices for sensing and communications applications. It manufactures devices using compound semiconductor materials on diameter silicon wafers that are used to manufacture mass market microelectronics. The company was incorporated in 2019 and is headquartered in Goleta, California.
ALMU (Aeluma, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $446.2M, a beta of -0.09 versus the broader market, a 52-week range of 10.2-31.79, average daily share volume of 1.3M, a public-listing history dating back to 2022, approximately 11 full-time employees. These structural characteristics shape how ALMU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.09 indicates ALMU 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 ALMU?
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 ALMU snapshot
As of May 15, 2026, spot at $24.84, ATM IV 148.70%, IV rank 40.27%, expected move 42.63%. The iron condor on ALMU 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 ALMU specifically: ALMU IV at 148.70% is mid-range versus its 1-year history, so the credit collected on a ALMU iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 42.63% (roughly $10.59 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 ALMU expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALMU should anchor to the underlying notional of $24.84 per share and to the trader's directional view on ALMU stock.
ALMU iron condor setup
The ALMU 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 ALMU near $24.84, the first option leg uses a $26.08 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ALMU 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 ALMU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $26.08 | N/A |
| Buy 1 | Call | $27.32 | N/A |
| Sell 1 | Put | $23.60 | N/A |
| Buy 1 | Put | $22.36 | N/A |
ALMU 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.
ALMU iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ALMU. 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 ALMU
Iron condors on ALMU are a delta-neutral premium-collection structure that profits if ALMU stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ALMU thesis for this iron condor
The market-implied 1-standard-deviation range for ALMU extends from approximately $14.25 on the downside to $35.43 on the upside. A ALMU iron condor is a delta-neutral premium-collection structure that pays off when ALMU 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 ALMU IV rank near 40.27% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ALMU should anchor more to the directional view and the expected-move geometry. As a Technology name, ALMU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ALMU-specific events.
ALMU 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. ALMU positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ALMU alongside the broader basket even when ALMU-specific fundamentals are unchanged. Short-premium structures like a iron condor on ALMU carry tail risk when realized volatility exceeds the implied move; review historical ALMU earnings reactions and macro stress periods before sizing. Always rebuild the position from current ALMU chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ALMU?
- A iron condor on ALMU is the iron condor strategy applied to ALMU (stock). 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 ALMU stock trading near $24.84, the strikes shown on this page are snapped to the nearest listed ALMU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ALMU 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 ALMU iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 148.70%), 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 ALMU iron condor?
- The breakeven for the ALMU 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 ALMU market-implied 1-standard-deviation expected move is approximately 42.63%; 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 ALMU?
- Iron condors on ALMU are a delta-neutral premium-collection structure that profits if ALMU stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ALMU implied volatility affect this iron condor?
- ALMU ATM IV is at 148.70% with IV rank near 40.27%, 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.