EVLV Iron Condor Strategy
EVLV (Evolv Technologies Holdings, Inc.), in the Industrials sector, (Security & Protection Services industry), listed on NASDAQ.
Evolv Technologies Holdings, Inc. provides artificial intelligence (AI)-based touchless security screening systems. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives as visitors walk through at a normal pace; Evolv Insights that provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance, and alarm statistics; and Evolv Edge to detect non-metallic explosive devices, explosive devices, firearms, and tactical knives without requiring visitors to divest or empty their pockets. The company is headquartered in Waltham, Massachusetts.
EVLV (Evolv Technologies Holdings, Inc.) trades in the Industrials sector, specifically Security & Protection Services, with a market capitalization of approximately $1.08B, a beta of 1.82 versus the broader market, a 52-week range of 4.16-8.91, average daily share volume of 3.1M, a public-listing history dating back to 2020, approximately 287 full-time employees. These structural characteristics shape how EVLV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.82 indicates EVLV 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 EVLV?
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 EVLV snapshot
As of May 15, 2026, spot at $5.75, ATM IV 68.10%, IV rank 20.48%, expected move 19.52%. The iron condor on EVLV 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 245-day expiry.
Why this iron condor structure on EVLV specifically: EVLV IV at 68.10% is on the cheap side of its 1-year range, which means a premium-selling EVLV iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 19.52% (roughly $1.12 on the underlying). The 245-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EVLV expiries trade a higher absolute premium for lower per-day decay. Position sizing on EVLV should anchor to the underlying notional of $5.75 per share and to the trader's directional view on EVLV stock.
EVLV iron condor setup
The EVLV 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 EVLV near $5.75, the first option leg uses a $6.04 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EVLV chain at a 245-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 EVLV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $6.04 | N/A |
| Buy 1 | Call | $6.33 | N/A |
| Sell 1 | Put | $5.46 | N/A |
| Buy 1 | Put | $5.18 | N/A |
EVLV 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.
EVLV iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on EVLV. 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 EVLV
Iron condors on EVLV are a delta-neutral premium-collection structure that profits if EVLV stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
EVLV thesis for this iron condor
The market-implied 1-standard-deviation range for EVLV extends from approximately $4.63 on the downside to $6.87 on the upside. A EVLV iron condor is a delta-neutral premium-collection structure that pays off when EVLV 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 EVLV IV rank near 20.48% 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 EVLV at 68.10%. As a Industrials name, EVLV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EVLV-specific events.
EVLV 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. EVLV positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EVLV alongside the broader basket even when EVLV-specific fundamentals are unchanged. Short-premium structures like a iron condor on EVLV carry tail risk when realized volatility exceeds the implied move; review historical EVLV earnings reactions and macro stress periods before sizing. Always rebuild the position from current EVLV chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on EVLV?
- A iron condor on EVLV is the iron condor strategy applied to EVLV (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 EVLV stock trading near $5.75, the strikes shown on this page are snapped to the nearest listed EVLV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EVLV 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 EVLV iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 68.10%), 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 EVLV iron condor?
- The breakeven for the EVLV 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 EVLV market-implied 1-standard-deviation expected move is approximately 19.52%; 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 EVLV?
- Iron condors on EVLV are a delta-neutral premium-collection structure that profits if EVLV stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current EVLV implied volatility affect this iron condor?
- EVLV ATM IV is at 68.10% with IV rank near 20.48%, 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.