CTGO Iron Condor Strategy
CTGO (Contango Ore, Inc.), in the Basic Materials sector, (Gold industry), listed on AMEX.
Contango Ore, Inc. operates as an exploration-phase enterprise, primarily dedicated to prospecting for gold and other associated minerals across the United States. Its discovery efforts also extend to identifying deposits of copper and silver. Through its various subsidiaries, the company has secured substantial land access for its exploration and development activities. This includes the lease of approximately 675,000 acres from the Tetlin Tribal Council, as well as around 13,000 State of Alaska mining claims. Additionally, Contango Ore holds full mineral rights to an estimated 200,000 acres of State of Alaska mining claims situated north and northwest of the Tetlin Lease. The company's portfolio also features an interest in the Shamrock property, which encompasses 361 Alaska state mining claims spanning approximately 52,640 acres.
CTGO (Contango Ore, Inc.) trades in the Basic Materials sector, specifically Gold, with a market capitalization of approximately $192.2M, a beta of -0.06 versus the broader market, a 52-week range of 14.5-34.38, average daily share volume of 596K, a public-listing history dating back to 2010, approximately 12 full-time employees. These structural characteristics shape how CTGO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.06 indicates CTGO has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on CTGO?
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 CTGO snapshot
As of June 30, 2026, spot at $15.89, ATM IV 359.50%, IV rank 81.82%, expected move 103.07%. The iron condor on CTGO 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 CTGO specifically: CTGO IV at 359.50% is rich versus its 1-year range, which favors premium-selling structures like a CTGO iron condor, with a market-implied 1-standard-deviation move of approximately 103.07% (roughly $16.38 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 CTGO expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTGO should anchor to the underlying notional of $15.89 per share and to the trader's directional view on CTGO stock.
CTGO iron condor setup
The CTGO 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 CTGO near $15.89, the first option leg uses a $16.68 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTGO 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 CTGO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $16.68 | N/A |
| Buy 1 | Call | $17.48 | N/A |
| Sell 1 | Put | $15.10 | N/A |
| Buy 1 | Put | $14.30 | N/A |
CTGO 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.
CTGO iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CTGO. 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 CTGO
Iron condors on CTGO are a delta-neutral premium-collection structure that profits if CTGO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CTGO thesis for this iron condor
The market-implied 1-standard-deviation range for CTGO extends from approximately $-0.49 on the downside to $32.27 on the upside. A CTGO iron condor is a delta-neutral premium-collection structure that pays off when CTGO 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 CTGO IV rank near 81.82% 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 CTGO at 359.50%. As a Basic Materials name, CTGO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTGO-specific events.
CTGO 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. CTGO positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CTGO alongside the broader basket even when CTGO-specific fundamentals are unchanged. Short-premium structures like a iron condor on CTGO carry tail risk when realized volatility exceeds the implied move; review historical CTGO earnings reactions and macro stress periods before sizing. Always rebuild the position from current CTGO chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CTGO?
- A iron condor on CTGO is the iron condor strategy applied to CTGO (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 CTGO stock trading near $15.89, the strikes shown on this page are snapped to the nearest listed CTGO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CTGO 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 CTGO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 359.50%), 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 CTGO iron condor?
- The breakeven for the CTGO 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 CTGO market-implied 1-standard-deviation expected move is approximately 103.07%; 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 CTGO?
- Iron condors on CTGO are a delta-neutral premium-collection structure that profits if CTGO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CTGO implied volatility affect this iron condor?
- CTGO ATM IV is at 359.50% with IV rank near 81.82%, 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.