BTG Iron Condor Strategy
BTG (B2Gold Corp.), in the Basic Materials sector, (Gold industry), listed on AMEX.
B2Gold Corp. operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. It operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. The company also has an 25% interest in the Calibre Mining Corp.; and approximately 19% interest in BeMetals Corp. In addition, it has a portfolio of other evaluation and exploration assets in Mali, Uzbekistan, and Finland. The company was incorporated in 2006 and is headquartered in Vancouver, Canada.
BTG (B2Gold Corp.) trades in the Basic Materials sector, specifically Gold, with a market capitalization of approximately $7.20B, a trailing P/E of 13.25, a beta of 1.29 versus the broader market, a 52-week range of 2.87-6.29, average daily share volume of 33.1M, a public-listing history dating back to 2008, approximately 2K full-time employees. These structural characteristics shape how BTG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.29 places BTG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BTG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on BTG?
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 BTG snapshot
As of May 15, 2026, spot at $4.91, ATM IV 52.80%, IV rank 21.86%, expected move 15.14%. The iron condor on BTG 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 7-day expiry.
Why this iron condor structure on BTG specifically: BTG IV at 52.80% is on the cheap side of its 1-year range, which means a premium-selling BTG iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.14% (roughly $0.74 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BTG expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTG should anchor to the underlying notional of $4.91 per share and to the trader's directional view on BTG stock.
BTG iron condor setup
The BTG 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 BTG near $4.91, the first option leg uses a $5.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTG chain at a 7-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 BTG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.00 | $0.10 |
| Buy 1 | Call | $5.50 | $0.01 |
| Sell 1 | Put | $4.50 | $0.01 |
| Buy 1 | Put | $4.50 | $0.01 |
BTG iron condor risk and reward
- Net Premium / Debit
- +$9.00
- Max Profit (per contract)
- $9.00
- Max Loss (per contract)
- -$41.00
- Breakeven(s)
- $5.09
- Risk / Reward Ratio
- 0.220
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.
BTG iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BTG. 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% | +$9.00 |
| $1.09 | -77.7% | +$9.00 |
| $2.18 | -55.6% | +$9.00 |
| $3.26 | -33.5% | +$9.00 |
| $4.35 | -11.4% | +$9.00 |
| $5.43 | +10.6% | -$34.26 |
| $6.52 | +32.7% | -$41.00 |
| $7.60 | +54.8% | -$41.00 |
| $8.69 | +76.9% | -$41.00 |
| $9.77 | +99.0% | -$41.00 |
When traders use iron condor on BTG
Iron condors on BTG are a delta-neutral premium-collection structure that profits if BTG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BTG thesis for this iron condor
The market-implied 1-standard-deviation range for BTG extends from approximately $4.17 on the downside to $5.65 on the upside. A BTG iron condor is a delta-neutral premium-collection structure that pays off when BTG 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 BTG IV rank near 21.86% 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 BTG at 52.80%. As a Basic Materials name, BTG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTG-specific events.
BTG 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. BTG positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTG alongside the broader basket even when BTG-specific fundamentals are unchanged. Short-premium structures like a iron condor on BTG carry tail risk when realized volatility exceeds the implied move; review historical BTG earnings reactions and macro stress periods before sizing. Always rebuild the position from current BTG chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BTG?
- A iron condor on BTG is the iron condor strategy applied to BTG (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 BTG stock trading near $4.91, the strikes shown on this page are snapped to the nearest listed BTG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BTG 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 BTG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 52.80%), the computed maximum profit is $9.00 per contract and the computed maximum loss is -$41.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BTG iron condor?
- The breakeven for the BTG iron condor priced on this page is roughly $5.09 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 BTG market-implied 1-standard-deviation expected move is approximately 15.14%; 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 BTG?
- Iron condors on BTG are a delta-neutral premium-collection structure that profits if BTG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BTG implied volatility affect this iron condor?
- BTG ATM IV is at 52.80% with IV rank near 21.86%, 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.