DRTS Iron Condor Strategy
DRTS (Alpha Tau Medical Ltd), in the Healthcare sector, (Medical - Equipment & Services industry), listed on NASDAQ.
Alpha Tau Medical Ltd., a clinical-stage oncology therapeutics company, focuses on the research, development, and commercialization of diffusing alpha-emitters radiation therapy (Alpha DaRT) for the treatment of solid cancer. Its Alpha-DaRT technology is in clinical trials for various forms comprising skin, oral, pancreatic, prostate, lung, liver, and breast cancers; and preclinical clinical studies for mouse tumors and human-derived tumors. The company is headquartered in Jerusalem, Israel.
DRTS (Alpha Tau Medical Ltd) trades in the Healthcare sector, specifically Medical - Equipment & Services, with a market capitalization of approximately $1.29B, a beta of 1.19 versus the broader market, a 52-week range of 3-14.75, average daily share volume of 772K, a public-listing history dating back to 2021, approximately 121 full-time employees. These structural characteristics shape how DRTS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.19 places DRTS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on DRTS?
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.
DRTS snapshot
As of August 14, 2026, spot at $14.29, ATM IV 77.40%, IV rank 14.94%, expected move 22.19%. The iron condor on DRTS below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on DRTS specifically: DRTS IV at 77.40% is on the cheap side of its 1-year range, which means a premium-selling DRTS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 22.19% (roughly $3.17 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DRTS expiries trade a higher absolute premium for lower per-day decay. Position sizing on DRTS should anchor to the underlying notional of $14.29 per share and to the trader's directional view on DRTS stock.
DRTS iron condor setup
The DRTS 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 DRTS at $14.29 on that close, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DRTS chain at a 35-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 DRTS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $15.00 | N/A |
| Buy 1 | Call | $15.72 | N/A |
| Sell 1 | Put | $13.58 | N/A |
| Buy 1 | Put | $12.86 | N/A |
DRTS 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.
DRTS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on DRTS. 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 DRTS
Iron condors on DRTS are a delta-neutral premium-collection structure that profits if DRTS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
DRTS thesis for this iron condor
The market-implied 1-standard-deviation range for DRTS extends from approximately $11.12 on the downside to $17.46 on the upside. A DRTS iron condor is a delta-neutral premium-collection structure that pays off when DRTS 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 DRTS IV rank near 14.94% 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 DRTS at 77.40%. As a Healthcare name, DRTS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DRTS-specific events.
DRTS 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. DRTS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DRTS alongside the broader basket even when DRTS-specific fundamentals are unchanged. Short-premium structures like a iron condor on DRTS carry tail risk when realized volatility exceeds the implied move; review historical DRTS earnings reactions and macro stress periods before sizing. Always rebuild the position from current DRTS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on DRTS?
- A iron condor on DRTS is the iron condor strategy applied to DRTS (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 DRTS stock at $14.29 on the most recent close, the strikes shown on this page are snapped to the nearest listed DRTS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are DRTS 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 DRTS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 77.40%), 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 DRTS iron condor?
- The breakeven for the DRTS iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DRTS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.19%; 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 DRTS?
- Iron condors on DRTS are a delta-neutral premium-collection structure that profits if DRTS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current DRTS implied volatility affect this iron condor?
- DRTS ATM IV is at 77.40% with IV rank near 14.94%, 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.