CTRM Iron Condor Strategy
CTRM (Castor Maritime Inc.), in the Industrials sector, (Marine Shipping industry), listed on NASDAQ.
Castor Maritime Inc. operates as a global shipping company, offering maritime transportation services across three primary divisions: Dry Bulk, Aframax/LR2 Tanker, and Handysize Tanker. The firm is dedicated to the seaborne carriage of various goods, including dry bulk commodities such as iron ore, coal, and soybeans, as well as both crude oil and refined petroleum products. As of December 31, 2021, Castor Maritime maintained a fleet of 29 vessels, which prominently featured two Handysize tanker vessels, seven Aframax/LR2 tanker vessels, and fourteen dry bulk carriers. The company was founded in 2017 and has its base in Limassol, Cyprus.
CTRM (Castor Maritime Inc.) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $20.5M, a trailing P/E of 0.24, a beta of 1.22 versus the broader market, a 52-week range of 1.66-2.654, average daily share volume of 55K, a public-listing history dating back to 2019, approximately 1 full-time employees. These structural characteristics shape how CTRM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.22 places CTRM roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 0.24 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a iron condor on CTRM?
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 CTRM snapshot
As of June 30, 2026, spot at $2.11, ATM IV 63.60%, IV rank 10.42%, expected move 18.23%. The iron condor on CTRM 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 CTRM specifically: CTRM IV at 63.60% is on the cheap side of its 1-year range, which means a premium-selling CTRM iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 18.23% (roughly $0.38 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 CTRM expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTRM should anchor to the underlying notional of $2.11 per share and to the trader's directional view on CTRM stock.
CTRM iron condor setup
The CTRM 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 CTRM near $2.11, the first option leg uses a $2.22 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTRM 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 CTRM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.22 | N/A |
| Buy 1 | Call | $2.32 | N/A |
| Sell 1 | Put | $2.00 | N/A |
| Buy 1 | Put | $1.90 | N/A |
CTRM 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.
CTRM iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CTRM. 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 CTRM
Iron condors on CTRM are a delta-neutral premium-collection structure that profits if CTRM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CTRM thesis for this iron condor
The market-implied 1-standard-deviation range for CTRM extends from approximately $1.73 on the downside to $2.49 on the upside. A CTRM iron condor is a delta-neutral premium-collection structure that pays off when CTRM 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 CTRM IV rank near 10.42% 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 CTRM at 63.60%. As a Industrials name, CTRM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTRM-specific events.
CTRM 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. CTRM positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CTRM alongside the broader basket even when CTRM-specific fundamentals are unchanged. Short-premium structures like a iron condor on CTRM carry tail risk when realized volatility exceeds the implied move; review historical CTRM earnings reactions and macro stress periods before sizing. Always rebuild the position from current CTRM chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CTRM?
- A iron condor on CTRM is the iron condor strategy applied to CTRM (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 CTRM stock trading near $2.11, the strikes shown on this page are snapped to the nearest listed CTRM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CTRM 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 CTRM iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 63.60%), 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 CTRM iron condor?
- The breakeven for the CTRM 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 CTRM market-implied 1-standard-deviation expected move is approximately 18.23%; 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 CTRM?
- Iron condors on CTRM are a delta-neutral premium-collection structure that profits if CTRM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CTRM implied volatility affect this iron condor?
- CTRM ATM IV is at 63.60% with IV rank near 10.42%, 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.