BULL Iron Condor Strategy
BULL (Webull Corporation Class A Ordinary Shares), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Webull Corporation operates as a digital investment platform. The company offers trading services, wealth management product distribution, market data and information, user community, and investor education.
BULL (Webull Corporation Class A Ordinary Shares) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $3.76B, a trailing P/E of 149.19, a beta of 0.60 versus the broader market, a 52-week range of 4.5-18.32, average daily share volume of 12.3M, a public-listing history dating back to 2025, approximately 1K full-time employees. These structural characteristics shape how BULL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.60 indicates BULL 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 149.19 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 BULL?
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 BULL snapshot
As of May 15, 2026, spot at $7.05, ATM IV 76.32%, IV rank 23.04%, expected move 21.88%. The iron condor on BULL 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 BULL specifically: BULL IV at 76.32% is on the cheap side of its 1-year range, which means a premium-selling BULL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.88% (roughly $1.54 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 BULL expiries trade a higher absolute premium for lower per-day decay. Position sizing on BULL should anchor to the underlying notional of $7.05 per share and to the trader's directional view on BULL stock.
BULL iron condor setup
The BULL 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 BULL near $7.05, the first option leg uses a $7.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BULL 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 BULL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $7.50 | $0.43 |
| Buy 1 | Call | $8.00 | $0.30 |
| Sell 1 | Put | $6.50 | $0.33 |
| Buy 1 | Put | $6.50 | $0.33 |
BULL iron condor risk and reward
- Net Premium / Debit
- +$13.00
- Max Profit (per contract)
- $13.00
- Max Loss (per contract)
- -$37.00
- Breakeven(s)
- $7.63
- Risk / Reward Ratio
- 0.351
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.
BULL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BULL. 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 | -99.9% | +$13.00 |
| $1.57 | -77.8% | +$13.00 |
| $3.13 | -55.7% | +$13.00 |
| $4.68 | -33.6% | +$13.00 |
| $6.24 | -11.5% | +$13.00 |
| $7.80 | +10.6% | -$16.84 |
| $9.36 | +32.7% | -$37.00 |
| $10.91 | +54.8% | -$37.00 |
| $12.47 | +76.9% | -$37.00 |
| $14.03 | +99.0% | -$37.00 |
When traders use iron condor on BULL
Iron condors on BULL are a delta-neutral premium-collection structure that profits if BULL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BULL thesis for this iron condor
The market-implied 1-standard-deviation range for BULL extends from approximately $5.51 on the downside to $8.59 on the upside. A BULL iron condor is a delta-neutral premium-collection structure that pays off when BULL 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 BULL IV rank near 23.04% 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 BULL at 76.32%. As a Technology name, BULL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BULL-specific events.
BULL 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. BULL positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BULL alongside the broader basket even when BULL-specific fundamentals are unchanged. Short-premium structures like a iron condor on BULL carry tail risk when realized volatility exceeds the implied move; review historical BULL earnings reactions and macro stress periods before sizing. Always rebuild the position from current BULL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BULL?
- A iron condor on BULL is the iron condor strategy applied to BULL (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 BULL stock trading near $7.05, the strikes shown on this page are snapped to the nearest listed BULL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BULL 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 BULL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 76.32%), the computed maximum profit is $13.00 per contract and the computed maximum loss is -$37.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BULL iron condor?
- The breakeven for the BULL iron condor priced on this page is roughly $7.63 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 BULL market-implied 1-standard-deviation expected move is approximately 21.88%; 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 BULL?
- Iron condors on BULL are a delta-neutral premium-collection structure that profits if BULL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BULL implied volatility affect this iron condor?
- BULL ATM IV is at 76.32% with IV rank near 23.04%, 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.