ASM Iron Condor Strategy
ASM (Avino Silver & Gold Mines Ltd.), in the Basic Materials sector, (Other Precious Metals industry), listed on AMEX.
Avino Silver & Gold Mines Ltd., together with its subsidiaries, engages in the acquisition, exploration, and advancement of mineral properties in Canada. It primarily explores for silver, gold, and copper deposits. The company owns interests in 42 mineral claims and four leased mineral claims, including Avino mine area property comprising four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares; Gomez Palacio property consists of nine exploration concessions covering 2,549 hectares; Santiago Papasquiaro property comprises four exploration concessions covering 2,552.6 hectares and one exploitation concession covering 602.9 hectares; and Unification La Platosa properties, which include three leased concessions located in the state of Durango, Mexico. It also owns 100% interests in the Minto and Olympic-Kelvin properties located in British Columbia, Canada; and 14 quartz leases in Eagle property located in the Mayo Mining Division of Yukon, Canada. The company was incorporated in 1968 and is headquartered in Vancouver, Canada.
ASM (Avino Silver & Gold Mines Ltd.) trades in the Basic Materials sector, specifically Other Precious Metals, with a market capitalization of approximately $1.32B, a trailing P/E of 45.34, a beta of 2.86 versus the broader market, a 52-week range of 2.37-11.99, average daily share volume of 5.1M, a public-listing history dating back to 2005, approximately 350 full-time employees. These structural characteristics shape how ASM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.86 indicates ASM has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 45.34 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a iron condor on ASM?
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 ASM snapshot
As of May 15, 2026, spot at $7.11, ATM IV 82.70%, expected move 23.71%. The iron condor on ASM 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 ASM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ASM is inferred from ATM IV at 82.70% alone, with a market-implied 1-standard-deviation move of approximately 23.71% (roughly $1.69 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 ASM expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASM should anchor to the underlying notional of $7.11 per share and to the trader's directional view on ASM stock.
ASM iron condor setup
The ASM 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 ASM near $7.11, the first option leg uses a $7.47 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASM 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 ASM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $7.47 | N/A |
| Buy 1 | Call | $7.82 | N/A |
| Sell 1 | Put | $6.75 | N/A |
| Buy 1 | Put | $6.40 | N/A |
ASM 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.
ASM iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ASM. 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 ASM
Iron condors on ASM are a delta-neutral premium-collection structure that profits if ASM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ASM thesis for this iron condor
The market-implied 1-standard-deviation range for ASM extends from approximately $5.42 on the downside to $8.80 on the upside. A ASM iron condor is a delta-neutral premium-collection structure that pays off when ASM 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. As a Basic Materials name, ASM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASM-specific events.
ASM 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. ASM positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASM alongside the broader basket even when ASM-specific fundamentals are unchanged. Short-premium structures like a iron condor on ASM carry tail risk when realized volatility exceeds the implied move; review historical ASM earnings reactions and macro stress periods before sizing. Always rebuild the position from current ASM chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ASM?
- A iron condor on ASM is the iron condor strategy applied to ASM (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 ASM stock trading near $7.11, the strikes shown on this page are snapped to the nearest listed ASM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASM 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 ASM iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 82.70%), 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 ASM iron condor?
- The breakeven for the ASM 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 ASM market-implied 1-standard-deviation expected move is approximately 23.71%; 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 ASM?
- Iron condors on ASM are a delta-neutral premium-collection structure that profits if ASM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ASM implied volatility affect this iron condor?
- Current ASM ATM IV is 82.70%; IV rank context is unavailable in the current snapshot.