CCXI Iron Condor Strategy
CCXI (Churchill Capital Corp XI), in the Financial Services sector, (Shell Companies industry), listed on NASDAQ.
Churchill Capital Corp. XI operates as a Special Purpose Acquisition Company (SPAC), an entity created without existing operations or assets. Its sole mission is to execute a strategic business combination, such as a merger, share exchange, asset purchase, or corporate reorganization, with one or more established companies. Michael Stuart Klein founded this firm on June 4, 2025, and its principal offices are located in New York City.
CCXI (Churchill Capital Corp XI) trades in the Financial Services sector, specifically Shell Companies, with a market capitalization of approximately $678.4M, a trailing P/E of 1,946.83, a beta of -1.11 versus the broader market, a 52-week range of 10.07-19.69, average daily share volume of 1.8M, a public-listing history dating back to 2026, approximately 2 full-time employees. These structural characteristics shape how CCXI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -1.11 indicates CCXI 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 1,946.83 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 CCXI?
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.
CCXI snapshot
As of August 14, 2026, spot at $16.86, ATM IV 128.00%, IV rank 93.24%, expected move 36.70%. The iron condor on CCXI below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on CCXI specifically: CCXI IV at 128.00% is rich versus its 1-year range, which favors premium-selling structures like a CCXI iron condor, with a market-implied 1-standard-deviation move of approximately 36.70% (roughly $6.19 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCXI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCXI should anchor to the underlying notional of $16.86 per share and to the trader's directional view on CCXI stock.
CCXI iron condor setup
The CCXI 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 CCXI at $16.86 on that close, the first option leg uses a $17.70 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCXI chain at a 35-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 CCXI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $17.70 | N/A |
| Buy 1 | Call | $18.55 | N/A |
| Sell 1 | Put | $16.02 | N/A |
| Buy 1 | Put | $15.17 | N/A |
CCXI 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.
CCXI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CCXI. 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 CCXI
Iron condors on CCXI are a delta-neutral premium-collection structure that profits if CCXI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CCXI thesis for this iron condor
The market-implied 1-standard-deviation range for CCXI extends from approximately $10.67 on the downside to $23.05 on the upside. A CCXI iron condor is a delta-neutral premium-collection structure that pays off when CCXI 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 CCXI IV rank near 93.24% 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 CCXI at 128.00%. As a Financial Services name, CCXI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCXI-specific events.
CCXI 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. CCXI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCXI alongside the broader basket even when CCXI-specific fundamentals are unchanged. Short-premium structures like a iron condor on CCXI carry tail risk when realized volatility exceeds the implied move; review historical CCXI earnings reactions and macro stress periods before sizing. Always rebuild the position from current CCXI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CCXI?
- A iron condor on CCXI is the iron condor strategy applied to CCXI (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 CCXI stock at $16.86 on the most recent close, the strikes shown on this page are snapped to the nearest listed CCXI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CCXI 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 CCXI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 128.00%), 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 CCXI iron condor?
- The breakeven for the CCXI iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CCXI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 36.70%; 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 CCXI?
- Iron condors on CCXI are a delta-neutral premium-collection structure that profits if CCXI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CCXI implied volatility affect this iron condor?
- CCXI ATM IV is at 128.00% with IV rank near 93.24%, 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.