GTN Iron Condor Strategy
GTN (Gray Media, Inc.), in the Communication Services sector, (Broadcasting industry), listed on NYSE.
Gray Media, Inc., a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets. In addition, the company offers video program production services. It owns and operates television stations and digital assets that serve 113 television markets in the United States. The company was formerly known as Gray Communications Systems, Inc. and changed its name to Gray Television, Inc. in August 2002.
GTN (Gray Media, Inc.) trades in the Communication Services sector, specifically Broadcasting, with a market capitalization of approximately $386.5M, a beta of 1.07 versus the broader market, a 52-week range of 3.5-6.44, average daily share volume of 1.4M, a public-listing history dating back to 2002, approximately 9K full-time employees. These structural characteristics shape how GTN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.07 places GTN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. GTN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on GTN?
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 GTN snapshot
As of May 15, 2026, spot at $4.13, ATM IV 64.10%, IV rank 29.40%, expected move 18.38%. The iron condor on GTN 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 GTN specifically: GTN IV at 64.10% is on the cheap side of its 1-year range, which means a premium-selling GTN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 18.38% (roughly $0.76 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 GTN expiries trade a higher absolute premium for lower per-day decay. Position sizing on GTN should anchor to the underlying notional of $4.13 per share and to the trader's directional view on GTN stock.
GTN iron condor setup
The GTN 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 GTN near $4.13, the first option leg uses a $4.34 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GTN 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 GTN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.34 | N/A |
| Buy 1 | Call | $4.54 | N/A |
| Sell 1 | Put | $3.92 | N/A |
| Buy 1 | Put | $3.72 | N/A |
GTN 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.
GTN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on GTN. 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 GTN
Iron condors on GTN are a delta-neutral premium-collection structure that profits if GTN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
GTN thesis for this iron condor
The market-implied 1-standard-deviation range for GTN extends from approximately $3.37 on the downside to $4.89 on the upside. A GTN iron condor is a delta-neutral premium-collection structure that pays off when GTN 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 GTN IV rank near 29.40% 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 GTN at 64.10%. As a Communication Services name, GTN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GTN-specific events.
GTN 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. GTN positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GTN alongside the broader basket even when GTN-specific fundamentals are unchanged. Short-premium structures like a iron condor on GTN carry tail risk when realized volatility exceeds the implied move; review historical GTN earnings reactions and macro stress periods before sizing. Always rebuild the position from current GTN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on GTN?
- A iron condor on GTN is the iron condor strategy applied to GTN (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 GTN stock trading near $4.13, the strikes shown on this page are snapped to the nearest listed GTN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GTN 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 GTN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 64.10%), 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 GTN iron condor?
- The breakeven for the GTN 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 GTN market-implied 1-standard-deviation expected move is approximately 18.38%; 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 GTN?
- Iron condors on GTN are a delta-neutral premium-collection structure that profits if GTN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current GTN implied volatility affect this iron condor?
- GTN ATM IV is at 64.10% with IV rank near 29.40%, 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.