ASTS Iron Condor Strategy
ASTS (AST SpaceMobile, Inc.), in the Technology sector, (Communication Equipment industry), listed on NASDAQ.
AST SpaceMobile, Inc. operates space-based cellular broadband network for mobile phones. Its SpaceMobile service provides mobile broadband services for users traveling in and out of areas without terrestrial mobile services on land, at sea, or in flight. The company is headquartered in Midland, Texas.
ASTS (AST SpaceMobile, Inc.) trades in the Technology sector, specifically Communication Equipment, with a market capitalization of approximately $30.43B, a beta of 2.60 versus the broader market, a 52-week range of 22.47-129.89, average daily share volume of 15.4M, a public-listing history dating back to 2019, approximately 578 full-time employees. These structural characteristics shape how ASTS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.60 indicates ASTS 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 ASTS?
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 ASTS snapshot
As of May 15, 2026, spot at $84.06, ATM IV 115.54%, IV rank 75.45%, expected move 33.12%. The iron condor on ASTS 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 ASTS specifically: ASTS IV at 115.54% is rich versus its 1-year range, which favors premium-selling structures like a ASTS iron condor, with a market-implied 1-standard-deviation move of approximately 33.12% (roughly $27.84 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 ASTS expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASTS should anchor to the underlying notional of $84.06 per share and to the trader's directional view on ASTS stock.
ASTS iron condor setup
The ASTS 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 ASTS near $84.06, the first option leg uses a $88.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASTS 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 ASTS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $88.00 | $9.78 |
| Buy 1 | Call | $92.00 | $8.80 |
| Sell 1 | Put | $80.00 | $8.13 |
| Buy 1 | Put | $76.00 | $6.03 |
ASTS iron condor risk and reward
- Net Premium / Debit
- +$307.50
- Max Profit (per contract)
- $307.50
- Max Loss (per contract)
- -$92.50
- Breakeven(s)
- $76.93, $91.08
- Risk / Reward Ratio
- 3.324
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.
ASTS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ASTS. 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 | -100.0% | -$92.50 |
| $18.60 | -77.9% | -$92.50 |
| $37.18 | -55.8% | -$92.50 |
| $55.77 | -33.7% | -$92.50 |
| $74.35 | -11.6% | -$92.50 |
| $92.94 | +10.6% | -$92.50 |
| $111.52 | +32.7% | -$92.50 |
| $130.11 | +54.8% | -$92.50 |
| $148.69 | +76.9% | -$92.50 |
| $167.28 | +99.0% | -$92.50 |
When traders use iron condor on ASTS
Iron condors on ASTS are a delta-neutral premium-collection structure that profits if ASTS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ASTS thesis for this iron condor
The market-implied 1-standard-deviation range for ASTS extends from approximately $56.22 on the downside to $111.90 on the upside. A ASTS iron condor is a delta-neutral premium-collection structure that pays off when ASTS 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 ASTS IV rank near 75.45% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on ASTS at 115.54%. As a Technology name, ASTS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASTS-specific events.
ASTS 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. ASTS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASTS alongside the broader basket even when ASTS-specific fundamentals are unchanged. Short-premium structures like a iron condor on ASTS carry tail risk when realized volatility exceeds the implied move; review historical ASTS earnings reactions and macro stress periods before sizing. Always rebuild the position from current ASTS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ASTS?
- A iron condor on ASTS is the iron condor strategy applied to ASTS (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 ASTS stock trading near $84.06, the strikes shown on this page are snapped to the nearest listed ASTS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASTS 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 ASTS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 115.54%), the computed maximum profit is $307.50 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ASTS iron condor?
- The breakeven for the ASTS iron condor priced on this page is roughly $76.93 and $91.08 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 ASTS market-implied 1-standard-deviation expected move is approximately 33.12%; 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 ASTS?
- Iron condors on ASTS are a delta-neutral premium-collection structure that profits if ASTS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ASTS implied volatility affect this iron condor?
- ASTS ATM IV is at 115.54% with IV rank near 75.45%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.