DLHC Iron Condor Strategy
DLHC (DLH Holdings Corp.), in the Industrials sector, (Specialty Business Services industry), listed on NASDAQ.
DLH Holdings Corp. provides technology-enabled business process outsourcing, program management solutions, and public health research and analytics services in the United States. The company offers defense and veterans' health solutions, including healthcare, technology, and logistics solutions to the VA, Defense Health Agency, Tele-medicine and Advanced Technology Research Center, Navy Bureau of Medicine and Surgery, and the Army Medical Research and Material Command. It also provides a range of human services and solutions, which consists of monitoring and evaluation, electronic medical records migration, data collection and management, and nutritional and social health assessments; and IT system architecture design, migration plan, and ongoing maintenance services. In addition, the company offers public health and life sciences services, such as clinical trials, epidemiology studies, and disease prevention; and health promotion to underserved and at-risk communities through development of strategic communication campaigns, research on emerging trends, health informatics analyses, and application of best practices. It primarily serves the federal health services market. The company was formerly known as TeamStaff, Inc. and changed its name to DLH Holdings Corp. in June 2012.
DLHC (DLH Holdings Corp.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $79.7M, a beta of 1.47 versus the broader market, a 52-week range of 4.75-8.1, average daily share volume of 9K, a public-listing history dating back to 1986, approximately 2K full-time employees. These structural characteristics shape how DLHC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.47 indicates DLHC 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 DLHC?
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 DLHC snapshot
As of May 15, 2026, spot at $5.51, ATM IV 101.40%, IV rank 27.47%, expected move 29.07%. The iron condor on DLHC 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 DLHC specifically: DLHC IV at 101.40% is on the cheap side of its 1-year range, which means a premium-selling DLHC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 29.07% (roughly $1.60 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 DLHC expiries trade a higher absolute premium for lower per-day decay. Position sizing on DLHC should anchor to the underlying notional of $5.51 per share and to the trader's directional view on DLHC stock.
DLHC iron condor setup
The DLHC 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 DLHC near $5.51, the first option leg uses a $5.79 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DLHC 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 DLHC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.79 | N/A |
| Buy 1 | Call | $6.06 | N/A |
| Sell 1 | Put | $5.23 | N/A |
| Buy 1 | Put | $4.96 | N/A |
DLHC 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.
DLHC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on DLHC. 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 DLHC
Iron condors on DLHC are a delta-neutral premium-collection structure that profits if DLHC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
DLHC thesis for this iron condor
The market-implied 1-standard-deviation range for DLHC extends from approximately $3.91 on the downside to $7.11 on the upside. A DLHC iron condor is a delta-neutral premium-collection structure that pays off when DLHC 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 DLHC IV rank near 27.47% 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 DLHC at 101.40%. As a Industrials name, DLHC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DLHC-specific events.
DLHC 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. DLHC positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DLHC alongside the broader basket even when DLHC-specific fundamentals are unchanged. Short-premium structures like a iron condor on DLHC carry tail risk when realized volatility exceeds the implied move; review historical DLHC earnings reactions and macro stress periods before sizing. Always rebuild the position from current DLHC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on DLHC?
- A iron condor on DLHC is the iron condor strategy applied to DLHC (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 DLHC stock trading near $5.51, the strikes shown on this page are snapped to the nearest listed DLHC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are DLHC 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 DLHC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 101.40%), 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 DLHC iron condor?
- The breakeven for the DLHC 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 DLHC market-implied 1-standard-deviation expected move is approximately 29.07%; 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 DLHC?
- Iron condors on DLHC are a delta-neutral premium-collection structure that profits if DLHC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current DLHC implied volatility affect this iron condor?
- DLHC ATM IV is at 101.40% with IV rank near 27.47%, 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.