CPSH Iron Condor Strategy
CPSH (CPS Technologies Corporation), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NASDAQ.
Headquartered in Norton, Massachusetts, and established in 1984, CPS Technologies Corporation is a provider of cutting-edge material solutions. The company's core offering consists of metal matrix composites, innovative blends of metal and ceramic, tailored for diverse high-tech applications. These composites are integral to products serving a broad spectrum of industries, including transportation (such as baseplates for motor controllers in electric trains, subway cars, and hybrid/electric vehicles), energy (wind turbines), computing and internet infrastructure (lids and heatspreaders for integrated circuits in switches and routers), telecommunications, aerospace (hermetic packages for radar, satellite, and avionics), defense, and the oil and gas sector. Additionally, CPS Technologies manufactures baseplates and housings for modules utilizing wide band gap semiconductors and undertakes the assembly of housings and packages for hybrid circuits. The company primarily distributes its products to microelectronics systems manufacturers across the United States, Europe, and Asia. Previously known as Ceramics Process Systems Corporation, the company adopted its current name in March 2007.
CPSH (CPS Technologies Corporation) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $91.8M, a trailing P/E of 3,383.43, a beta of 1.97 versus the broader market, a 52-week range of 2.1-14.39, average daily share volume of 1.8M, a public-listing history dating back to 1994, approximately 92 full-time employees. These structural characteristics shape how CPSH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.97 indicates CPSH has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 3,383.43 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 CPSH?
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 CPSH snapshot
As of June 30, 2026, spot at $5.52, ATM IV 145.20%, IV rank 43.85%, expected move 41.63%. The iron condor on CPSH 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 17-day expiry.
Why this iron condor structure on CPSH specifically: CPSH IV at 145.20% is mid-range versus its 1-year history, so the credit collected on a CPSH iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 41.63% (roughly $2.30 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CPSH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CPSH should anchor to the underlying notional of $5.52 per share and to the trader's directional view on CPSH stock.
CPSH iron condor setup
The CPSH 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 CPSH near $5.52, the first option leg uses a $5.80 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CPSH chain at a 17-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 CPSH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.80 | N/A |
| Buy 1 | Call | $6.07 | N/A |
| Sell 1 | Put | $5.24 | N/A |
| Buy 1 | Put | $4.97 | N/A |
CPSH 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.
CPSH iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CPSH. 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 CPSH
Iron condors on CPSH are a delta-neutral premium-collection structure that profits if CPSH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CPSH thesis for this iron condor
The market-implied 1-standard-deviation range for CPSH extends from approximately $3.22 on the downside to $7.82 on the upside. A CPSH iron condor is a delta-neutral premium-collection structure that pays off when CPSH 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 CPSH IV rank near 43.85% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CPSH should anchor more to the directional view and the expected-move geometry. As a Technology name, CPSH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CPSH-specific events.
CPSH 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. CPSH positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CPSH alongside the broader basket even when CPSH-specific fundamentals are unchanged. Short-premium structures like a iron condor on CPSH carry tail risk when realized volatility exceeds the implied move; review historical CPSH earnings reactions and macro stress periods before sizing. Always rebuild the position from current CPSH chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CPSH?
- A iron condor on CPSH is the iron condor strategy applied to CPSH (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 CPSH stock trading near $5.52, the strikes shown on this page are snapped to the nearest listed CPSH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CPSH 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 CPSH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 145.20%), 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 CPSH iron condor?
- The breakeven for the CPSH iron condor priced on this page is no defined breakeven on the modeled curve 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 CPSH market-implied 1-standard-deviation expected move is approximately 41.63%; 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 CPSH?
- Iron condors on CPSH are a delta-neutral premium-collection structure that profits if CPSH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CPSH implied volatility affect this iron condor?
- CPSH ATM IV is at 145.20% with IV rank near 43.85%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.