CLSK Iron Condor Strategy
CLSK (CleanSpark, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
CleanSpark, Inc. provides bitcoin mining and energy technology solutions worldwide. It operates in two segments, Digital Currency Mining and Energy. The Digital Currency Mining segment engages in mining of bitcoin. The energy segment provides engineering, design and software, custom hardware, open automated demand response, solar, and energy storage solutions for microgrids and distributed energy systems to military, commercial, and residential customers; and develops platforms that enables designing, building, operating, and managing of energy assets. This segment also offers microgrid energy modeling, energy market communications, and energy management solutions comprising mPulse and mVoult, which are control platforms that enables integration and optimization of multiple energy sources; Canvas, a middleware for grid operators and aggregators to administrate load shifting programs; Plaid, a middleware for controls and Internet-of-Things products companies to participate in load shifting programs; and mVSO, an energy modeling software for internal microgrid design, as well as owns gasification energy technologies for various applications, such as feedstock for the generation of di-methyl ether. In addition, it provides design, software development, and other technology-based consulting services; data center services, including rack space, power, and equipment; and various cloud services, such as virtual, virtual storage, and data backup services.
CLSK (CleanSpark, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $3.41B, a beta of 3.72 versus the broader market, a 52-week range of 8-23.61, average daily share volume of 22.2M, a public-listing history dating back to 2016, approximately 256 full-time employees. These structural characteristics shape how CLSK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.72 indicates CLSK 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 CLSK?
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 CLSK snapshot
As of May 15, 2026, spot at $13.27, ATM IV 83.34%, IV rank 28.97%, expected move 23.89%. The iron condor on CLSK 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 CLSK specifically: CLSK IV at 83.34% is on the cheap side of its 1-year range, which means a premium-selling CLSK iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 23.89% (roughly $3.17 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 CLSK expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLSK should anchor to the underlying notional of $13.27 per share and to the trader's directional view on CLSK stock.
CLSK iron condor setup
The CLSK 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 CLSK near $13.27, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLSK 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 CLSK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $14.00 | $0.94 |
| Buy 1 | Call | $14.50 | $0.77 |
| Sell 1 | Put | $12.50 | $0.83 |
| Buy 1 | Put | $12.00 | $0.63 |
CLSK iron condor risk and reward
- Net Premium / Debit
- +$37.50
- Max Profit (per contract)
- $37.50
- Max Loss (per contract)
- -$12.50
- Breakeven(s)
- $12.13, $14.38
- Risk / Reward Ratio
- 3.000
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.
CLSK iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CLSK. 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% | -$12.50 |
| $2.94 | -77.8% | -$12.50 |
| $5.88 | -55.7% | -$12.50 |
| $8.81 | -33.6% | -$12.50 |
| $11.74 | -11.5% | -$12.50 |
| $14.67 | +10.6% | -$12.50 |
| $17.61 | +32.7% | -$12.50 |
| $20.54 | +54.8% | -$12.50 |
| $23.47 | +76.9% | -$12.50 |
| $26.41 | +99.0% | -$12.50 |
When traders use iron condor on CLSK
Iron condors on CLSK are a delta-neutral premium-collection structure that profits if CLSK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CLSK thesis for this iron condor
The market-implied 1-standard-deviation range for CLSK extends from approximately $10.10 on the downside to $16.44 on the upside. A CLSK iron condor is a delta-neutral premium-collection structure that pays off when CLSK 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 CLSK IV rank near 28.97% 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 CLSK at 83.34%. As a Technology name, CLSK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLSK-specific events.
CLSK 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. CLSK positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLSK alongside the broader basket even when CLSK-specific fundamentals are unchanged. Short-premium structures like a iron condor on CLSK carry tail risk when realized volatility exceeds the implied move; review historical CLSK earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLSK chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CLSK?
- A iron condor on CLSK is the iron condor strategy applied to CLSK (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 CLSK stock trading near $13.27, the strikes shown on this page are snapped to the nearest listed CLSK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLSK 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 CLSK iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 83.34%), the computed maximum profit is $37.50 per contract and the computed maximum loss is -$12.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLSK iron condor?
- The breakeven for the CLSK iron condor priced on this page is roughly $12.13 and $14.38 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 CLSK market-implied 1-standard-deviation expected move is approximately 23.89%; 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 CLSK?
- Iron condors on CLSK are a delta-neutral premium-collection structure that profits if CLSK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CLSK implied volatility affect this iron condor?
- CLSK ATM IV is at 83.34% with IV rank near 28.97%, 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.