CRNT Iron Condor Strategy
CRNT (Ceragon Networks Ltd.), in the Technology sector, (Communication Equipment industry), listed on NASDAQ.
Ceragon Networks Ltd. provides wireless backhaul and fronthaul solutions that enable cellular operators and other wireless service providers. Its solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the core of the service provider's network. The company also uses microwave technology for ultra-high speed, ultra-low latency communication for wireless 5G and 4G, 3G, and other cellular base stations. In addition, it provides IP-20 all-outdoor solutions, such as IP-20C, IP-20C-HP, IP-20S, IP-20E, and IP-20V; IP-20 split-mount/all-indoor solutions comprising IP-20N/IP-20A, IP-20F, and IP-20G; and IP-50 disaggregated solutions, including IP-50E, IP-50C, IP-50S, and IP-50FX for various short-haul, long-haul, fronthaul, and enterprise access applications. Further, the company offers network management system; and network and radio planning, site survey, solutions development, installation, network auditing and optimization, maintenance, training, and other services. It provides its services to oil and gas companies; public safety organizations; business and public institutions; broadcasters; energy utilities; and private communications networks.
CRNT (Ceragon Networks Ltd.) trades in the Technology sector, specifically Communication Equipment, with a market capitalization of approximately $226.5M, a beta of 1.32 versus the broader market, a 52-week range of 1.82-2.84, average daily share volume of 449K, a public-listing history dating back to 2000, approximately 1K full-time employees. These structural characteristics shape how CRNT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.32 indicates CRNT 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 CRNT?
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 CRNT snapshot
As of May 15, 2026, spot at $2.54, ATM IV 105.00%, IV rank 38.69%, expected move 30.10%. The iron condor on CRNT 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 34-day expiry.
Why this iron condor structure on CRNT specifically: CRNT IV at 105.00% is mid-range versus its 1-year history, so the credit collected on a CRNT iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 30.10% (roughly $0.76 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRNT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRNT should anchor to the underlying notional of $2.54 per share and to the trader's directional view on CRNT stock.
CRNT iron condor setup
The CRNT 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 CRNT near $2.54, the first option leg uses a $2.67 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRNT chain at a 34-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 CRNT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.67 | N/A |
| Buy 1 | Call | $2.79 | N/A |
| Sell 1 | Put | $2.41 | N/A |
| Buy 1 | Put | $2.29 | N/A |
CRNT 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.
CRNT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CRNT. 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 CRNT
Iron condors on CRNT are a delta-neutral premium-collection structure that profits if CRNT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CRNT thesis for this iron condor
The market-implied 1-standard-deviation range for CRNT extends from approximately $1.78 on the downside to $3.30 on the upside. A CRNT iron condor is a delta-neutral premium-collection structure that pays off when CRNT 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 CRNT IV rank near 38.69% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CRNT should anchor more to the directional view and the expected-move geometry. As a Technology name, CRNT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRNT-specific events.
CRNT 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. CRNT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRNT alongside the broader basket even when CRNT-specific fundamentals are unchanged. Short-premium structures like a iron condor on CRNT carry tail risk when realized volatility exceeds the implied move; review historical CRNT earnings reactions and macro stress periods before sizing. Always rebuild the position from current CRNT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CRNT?
- A iron condor on CRNT is the iron condor strategy applied to CRNT (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 CRNT stock trading near $2.54, the strikes shown on this page are snapped to the nearest listed CRNT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRNT 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 CRNT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 105.00%), 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 CRNT iron condor?
- The breakeven for the CRNT 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 CRNT market-implied 1-standard-deviation expected move is approximately 30.10%; 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 CRNT?
- Iron condors on CRNT are a delta-neutral premium-collection structure that profits if CRNT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CRNT implied volatility affect this iron condor?
- CRNT ATM IV is at 105.00% with IV rank near 38.69%, 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.