ASC Iron Condor Strategy
ASC (Ardmore Shipping Corporation), in the Industrials sector, (Marine Shipping industry), listed on NYSE.
Ardmore Shipping Corporation is a global enterprise dedicated to the maritime carriage of refined oil derivatives and various chemical substances. By February 15, 2022, the firm maintained an active fleet of 25 modern, twin-hulled vessels specifically designed for the transport of these product types. It caters to a diverse range of clientele, including prominent oil industry giants, independent petroleum companies, traders specializing in oil and chemical commodities, chemical manufacturing businesses, and organizations providing shipping pool services. Established in 2010, Ardmore Shipping's corporate headquarters are located in Pembroke, Bermuda.
ASC (Ardmore Shipping Corporation) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $616.9M, a trailing P/E of 10.56, a beta of -0.01 versus the broader market, a 52-week range of 9.53-20.03, average daily share volume of 636K, a public-listing history dating back to 2013, approximately 56 full-time employees. These structural characteristics shape how ASC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.01 indicates ASC has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 10.56 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. ASC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ASC?
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 ASC snapshot
As of June 30, 2026, spot at $13.95, ATM IV 46.60%, IV rank 10.86%, expected move 13.36%. The iron condor on ASC 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 ASC specifically: ASC IV at 46.60% is on the cheap side of its 1-year range, which means a premium-selling ASC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.36% (roughly $1.86 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 ASC expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASC should anchor to the underlying notional of $13.95 per share and to the trader's directional view on ASC stock.
ASC iron condor setup
The ASC 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 ASC near $13.95, the first option leg uses a $14.65 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASC 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 ASC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $14.65 | N/A |
| Buy 1 | Call | $15.35 | N/A |
| Sell 1 | Put | $13.25 | N/A |
| Buy 1 | Put | $12.56 | N/A |
ASC 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.
ASC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ASC. 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 ASC
Iron condors on ASC are a delta-neutral premium-collection structure that profits if ASC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ASC thesis for this iron condor
The market-implied 1-standard-deviation range for ASC extends from approximately $12.09 on the downside to $15.81 on the upside. A ASC iron condor is a delta-neutral premium-collection structure that pays off when ASC 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 ASC IV rank near 10.86% 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 ASC at 46.60%. As a Industrials name, ASC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASC-specific events.
ASC 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. ASC positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASC alongside the broader basket even when ASC-specific fundamentals are unchanged. Short-premium structures like a iron condor on ASC carry tail risk when realized volatility exceeds the implied move; review historical ASC earnings reactions and macro stress periods before sizing. Always rebuild the position from current ASC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ASC?
- A iron condor on ASC is the iron condor strategy applied to ASC (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 ASC stock trading near $13.95, the strikes shown on this page are snapped to the nearest listed ASC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASC 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 ASC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 46.60%), 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 ASC iron condor?
- The breakeven for the ASC 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 ASC market-implied 1-standard-deviation expected move is approximately 13.36%; 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 ASC?
- Iron condors on ASC are a delta-neutral premium-collection structure that profits if ASC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ASC implied volatility affect this iron condor?
- ASC ATM IV is at 46.60% with IV rank near 10.86%, 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.