ASPI Iron Condor Strategy
ASPI (ASP Isotopes Inc. Common Stock), in the Basic Materials sector, (Chemicals industry), listed on NASDAQ.
ASP Isotopes Inc., a pre-commercial stage advanced materials company, focuses on the production, distribution, marketing, and sale of isotopes. It develops Molybdenum-100, a non-radioactive isotope for the medical industry; Carbon-14; and Silicon-28. The company also Uranium-235, an isotope of uranium for carbon-free energy industry. ASP Isotopes Inc. was incorporated in 2021 and is based in Boca Raton, Florida.
ASPI (ASP Isotopes Inc. Common Stock) trades in the Basic Materials sector, specifically Chemicals, with a market capitalization of approximately $525.2M, a beta of 3.27 versus the broader market, a 52-week range of 3.92-14.49, average daily share volume of 4.4M, a public-listing history dating back to 2022, approximately 136 full-time employees. These structural characteristics shape how ASPI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.27 indicates ASPI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on ASPI?
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 ASPI snapshot
As of May 15, 2026, spot at $5.83, ATM IV 108.76%, IV rank 33.61%, expected move 31.18%. The iron condor on ASPI 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 28-day expiry.
Why this iron condor structure on ASPI specifically: ASPI IV at 108.76% is mid-range versus its 1-year history, so the credit collected on a ASPI iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 31.18% (roughly $1.82 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ASPI expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASPI should anchor to the underlying notional of $5.83 per share and to the trader's directional view on ASPI stock.
ASPI iron condor setup
The ASPI 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 ASPI near $5.83, 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 ASPI chain at a 28-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 ASPI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $6.00 | $0.58 |
| Buy 1 | Call | $6.50 | $0.38 |
| Sell 1 | Put | $5.50 | $0.53 |
| Buy 1 | Put | $5.00 | $0.33 |
ASPI iron condor risk and reward
- Net Premium / Debit
- +$40.00
- Max Profit (per contract)
- $40.00
- Max Loss (per contract)
- -$10.00
- Breakeven(s)
- $5.10, $6.40
- Risk / Reward Ratio
- 4.000
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.
ASPI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ASPI. 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% | -$10.00 |
| $1.30 | -77.7% | -$10.00 |
| $2.59 | -55.6% | -$10.00 |
| $3.87 | -33.6% | -$10.00 |
| $5.16 | -11.5% | +$6.18 |
| $6.45 | +10.6% | -$4.97 |
| $7.74 | +32.7% | -$10.00 |
| $9.03 | +54.8% | -$10.00 |
| $10.31 | +76.9% | -$10.00 |
| $11.60 | +99.0% | -$10.00 |
When traders use iron condor on ASPI
Iron condors on ASPI are a delta-neutral premium-collection structure that profits if ASPI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ASPI thesis for this iron condor
The market-implied 1-standard-deviation range for ASPI extends from approximately $4.01 on the downside to $7.65 on the upside. A ASPI iron condor is a delta-neutral premium-collection structure that pays off when ASPI 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 ASPI IV rank near 33.61% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ASPI should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, ASPI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASPI-specific events.
ASPI 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. ASPI positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASPI alongside the broader basket even when ASPI-specific fundamentals are unchanged. Short-premium structures like a iron condor on ASPI carry tail risk when realized volatility exceeds the implied move; review historical ASPI earnings reactions and macro stress periods before sizing. Always rebuild the position from current ASPI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ASPI?
- A iron condor on ASPI is the iron condor strategy applied to ASPI (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 ASPI stock trading near $5.83, the strikes shown on this page are snapped to the nearest listed ASPI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASPI 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 ASPI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 108.76%), the computed maximum profit is $40.00 per contract and the computed maximum loss is -$10.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ASPI iron condor?
- The breakeven for the ASPI iron condor priced on this page is roughly $5.10 and $6.40 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 ASPI market-implied 1-standard-deviation expected move is approximately 31.18%; 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 ASPI?
- Iron condors on ASPI are a delta-neutral premium-collection structure that profits if ASPI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ASPI implied volatility affect this iron condor?
- ASPI ATM IV is at 108.76% with IV rank near 33.61%, 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.