FRMI Iron Condor Strategy
FRMI (Fermi Inc. Common Stock), in the Real Estate sector, (REIT - Specialty industry), listed on NASDAQ.
Fermi Inc. is dedicated to establishing essential energy infrastructure. The company plans to build an integrated campus that combines energy production with data center facilities, designed to meet the significant requirements of forthcoming artificial intelligence infrastructure. Co-founded by Rick Perry, Toby Neugebauer, and Griffin Perry, the firm was established on January 10, 2025, and operates from its headquarters in Amarillo, Texas.
FRMI (Fermi Inc. Common Stock) trades in the Real Estate sector, specifically REIT - Specialty, with a market capitalization of approximately $1.67B, a beta of 2.15 versus the broader market, a 52-week range of 1.44-19.22, average daily share volume of 22.2M, a public-listing history dating back to 2025, approximately 35 full-time employees. These structural characteristics shape how FRMI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.15 indicates FRMI 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 FRMI?
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.
FRMI snapshot
As of November 13, 2026, spot at $2.52, ATM IV 181.90%, IV rank 58.15%, expected move 52.15%. The iron condor on FRMI below is built from the November 13, 2026 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 FRMI specifically: FRMI IV at 181.90% is mid-range versus its 1-year history, so the credit collected on a FRMI iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 52.15% (roughly $1.31 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 FRMI expiries trade a higher absolute premium for lower per-day decay. Position sizing on FRMI should anchor to the underlying notional of $2.52 per share and to the trader's directional view on FRMI stock.
FRMI iron condor setup
The FRMI iron condor below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FRMI at $2.52 on that close, the first option leg uses a $2.65 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FRMI 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 FRMI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.65 | N/A |
| Buy 1 | Call | $2.77 | N/A |
| Sell 1 | Put | $2.39 | N/A |
| Buy 1 | Put | $2.27 | N/A |
FRMI 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.
FRMI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FRMI. 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 FRMI
Iron condors on FRMI are a delta-neutral premium-collection structure that profits if FRMI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FRMI thesis for this iron condor
The market-implied 1-standard-deviation range for FRMI extends from approximately $1.21 on the downside to $3.83 on the upside. A FRMI iron condor is a delta-neutral premium-collection structure that pays off when FRMI 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 FRMI IV rank near 58.15% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on FRMI should anchor more to the directional view and the expected-move geometry. As a Real Estate name, FRMI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FRMI-specific events.
FRMI 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. FRMI positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FRMI alongside the broader basket even when FRMI-specific fundamentals are unchanged. Short-premium structures like a iron condor on FRMI carry tail risk when realized volatility exceeds the implied move; review historical FRMI earnings reactions and macro stress periods before sizing. Always rebuild the position from current FRMI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FRMI?
- A iron condor on FRMI is the iron condor strategy applied to FRMI (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 FRMI stock at $2.52 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed FRMI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FRMI 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 FRMI iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 181.90%), 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 FRMI iron condor?
- The breakeven for the FRMI iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 2026 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 FRMI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 52.15%; 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 FRMI?
- Iron condors on FRMI are a delta-neutral premium-collection structure that profits if FRMI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FRMI implied volatility affect this iron condor?
- FRMI ATM IV is at 181.90% with IV rank near 58.15%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.