APT Iron Condor Strategy
APT (Alpha Pro Tech, Ltd.), in the Industrials sector, (Construction industry), listed on AMEX.
Established in 1983 and based in Markham, Canada, Alpha Pro Tech, Ltd. and its subsidiaries are actively involved in the development, manufacturing, and global distribution of a comprehensive range of disposable protective attire, infection control products, and building materials. The firm's activities are divided into two principal segments. The Disposable Protective Apparel division offers critical personal protective equipment such as shoe covers, bouffant caps, coveralls, frocks, lab coats, gowns, hoods, and both face masks and shields. These items find extensive application in sterile environments like cleanrooms, industrial safety operations, and healthcare settings including hospitals, laboratories, and dental practices. Concurrently, the Building Supply division provides construction weatherization solutions, notably housewrap and associated accessories like window/door flashing and seam tape, alongside synthetic roof underlayment and various other woven fabrics. These products are predominantly utilized at construction and re-roofing sites.
APT (Alpha Pro Tech, Ltd.) trades in the Industrials sector, specifically Construction, with a market capitalization of approximately $53.6M, a trailing P/E of 14.69, a beta of 0.87 versus the broader market, a 52-week range of 4.34-7.5, average daily share volume of 94K, a public-listing history dating back to 1999, approximately 130 full-time employees. These structural characteristics shape how APT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.87 places APT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on APT?
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 APT snapshot
As of June 30, 2026, spot at $5.67, ATM IV 137.70%, IV rank 24.95%, expected move 39.48%. The iron condor on APT 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 17-day expiry.
Why this iron condor structure on APT specifically: APT IV at 137.70% is on the cheap side of its 1-year range, which means a premium-selling APT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 39.48% (roughly $2.24 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 APT expiries trade a higher absolute premium for lower per-day decay. Position sizing on APT should anchor to the underlying notional of $5.67 per share and to the trader's directional view on APT stock.
APT iron condor setup
The APT 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 APT near $5.67, the first option leg uses a $6.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed APT 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 APT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $6.00 | $0.23 |
| Buy 1 | Call | $6.00 | $0.23 |
| Sell 1 | Put | $5.50 | $0.34 |
| Buy 1 | Put | $5.00 | $0.40 |
APT iron condor risk and reward
- Net Premium / Debit
- -$6.00
- Max Profit (per contract)
- -$6.00
- Max Loss (per contract)
- -$56.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- -0.107
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.
APT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on APT. 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 | -99.8% | -$56.00 |
| $1.26 | -77.7% | -$56.00 |
| $2.52 | -55.6% | -$56.00 |
| $3.77 | -33.6% | -$56.00 |
| $5.02 | -11.5% | -$53.97 |
| $6.27 | +10.6% | -$6.00 |
| $7.53 | +32.7% | -$6.00 |
| $8.78 | +54.8% | -$6.00 |
| $10.03 | +76.9% | -$6.00 |
| $11.28 | +99.0% | -$6.00 |
When traders use iron condor on APT
Iron condors on APT are a delta-neutral premium-collection structure that profits if APT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
APT thesis for this iron condor
The market-implied 1-standard-deviation range for APT extends from approximately $3.43 on the downside to $7.91 on the upside. A APT iron condor is a delta-neutral premium-collection structure that pays off when APT 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 APT IV rank near 24.95% 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 APT at 137.70%. As a Industrials name, APT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to APT-specific events.
APT 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. APT positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move APT alongside the broader basket even when APT-specific fundamentals are unchanged. Short-premium structures like a iron condor on APT carry tail risk when realized volatility exceeds the implied move; review historical APT earnings reactions and macro stress periods before sizing. Always rebuild the position from current APT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on APT?
- A iron condor on APT is the iron condor strategy applied to APT (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 APT stock trading near $5.67, the strikes shown on this page are snapped to the nearest listed APT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are APT 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 APT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 137.70%), the computed maximum profit is -$6.00 per contract and the computed maximum loss is -$56.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a APT iron condor?
- The breakeven for the APT 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 APT market-implied 1-standard-deviation expected move is approximately 39.48%; 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 APT?
- Iron condors on APT are a delta-neutral premium-collection structure that profits if APT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current APT implied volatility affect this iron condor?
- APT ATM IV is at 137.70% with IV rank near 24.95%, 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.