EVEX Iron Condor Strategy
EVEX (Eve Holding, Inc.), in the Industrials sector, (Aerospace & Defense industry), listed on NYSE.
Eve Holding, Inc. develops urban air mobility solutions. It is involved in the design and production of eVTOLs; provision of eVTOL service and support capabilities, including material services, maintenance, technical support, training, ground handling, and data services; and development of urban air traffic management systems. The company is based in Melbourne, Florida.
EVEX (Eve Holding, Inc.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $977.9M, a beta of 1.04 versus the broader market, a 52-week range of 2.34-7.699, average daily share volume of 1.3M, a public-listing history dating back to 2022, approximately 174 full-time employees. These structural characteristics shape how EVEX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.04 places EVEX 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 EVEX?
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 EVEX snapshot
As of May 15, 2026, spot at $3.01, ATM IV 104.70%, IV rank 27.67%, expected move 30.02%. The iron condor on EVEX 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 EVEX specifically: EVEX IV at 104.70% is on the cheap side of its 1-year range, which means a premium-selling EVEX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 30.02% (roughly $0.90 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 EVEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on EVEX should anchor to the underlying notional of $3.01 per share and to the trader's directional view on EVEX stock.
EVEX iron condor setup
The EVEX 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 EVEX near $3.01, the first option leg uses a $3.16 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EVEX 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 EVEX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $3.16 | N/A |
| Buy 1 | Call | $3.31 | N/A |
| Sell 1 | Put | $2.86 | N/A |
| Buy 1 | Put | $2.71 | N/A |
EVEX 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.
EVEX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on EVEX. 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 EVEX
Iron condors on EVEX are a delta-neutral premium-collection structure that profits if EVEX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
EVEX thesis for this iron condor
The market-implied 1-standard-deviation range for EVEX extends from approximately $2.11 on the downside to $3.91 on the upside. A EVEX iron condor is a delta-neutral premium-collection structure that pays off when EVEX 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 EVEX IV rank near 27.67% 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 EVEX at 104.70%. As a Industrials name, EVEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EVEX-specific events.
EVEX 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. EVEX positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EVEX alongside the broader basket even when EVEX-specific fundamentals are unchanged. Short-premium structures like a iron condor on EVEX carry tail risk when realized volatility exceeds the implied move; review historical EVEX earnings reactions and macro stress periods before sizing. Always rebuild the position from current EVEX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on EVEX?
- A iron condor on EVEX is the iron condor strategy applied to EVEX (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 EVEX stock trading near $3.01, the strikes shown on this page are snapped to the nearest listed EVEX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EVEX 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 EVEX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 104.70%), 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 EVEX iron condor?
- The breakeven for the EVEX 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 EVEX market-implied 1-standard-deviation expected move is approximately 30.02%; 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 EVEX?
- Iron condors on EVEX are a delta-neutral premium-collection structure that profits if EVEX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current EVEX implied volatility affect this iron condor?
- EVEX ATM IV is at 104.70% with IV rank near 27.67%, 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.