HYNX Iron Condor Strategy
HYNX (T-REX 2X Long SK Hynix Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
The T-REX 2X Long SK Hynix Daily Target ETF is a leveraged exchange-traded fund designed to seek 200% of the daily performance of SK Hynix (or its US-traded ADRs). Managed by Tuttle Capital Management, it uses derivatives like swaps to amplify daily returns, carrying significant compounding and market volatility risks.
HYNX (T-REX 2X Long SK Hynix Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $18.1M, a beta of 0.00 versus the broader market, a 52-week range of 14.69-38.83, average daily share volume of 1.5M, a public-listing history dating back to 2026. These structural characteristics shape how HYNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates HYNX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on HYNX?
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.
HYNX snapshot
As of August 14, 2026, spot at $24.10, ATM IV 147.80%, expected move 42.37%. The iron condor on HYNX below is built from the August 14, 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 HYNX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for HYNX is inferred from ATM IV at 147.80% alone, with a market-implied 1-standard-deviation move of approximately 42.37% (roughly $10.21 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 HYNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on HYNX should anchor to the underlying notional of $24.10 per share and to the trader's directional view on HYNX stock.
HYNX iron condor setup
The HYNX iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HYNX at $24.10 on that close, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HYNX 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 HYNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $25.00 | $4.15 |
| Buy 1 | Call | $27.00 | $3.35 |
| Sell 1 | Put | $23.00 | $3.60 |
| Buy 1 | Put | $22.00 | $3.10 |
HYNX iron condor risk and reward
- Net Premium / Debit
- +$130.00
- Max Profit (per contract)
- $130.00
- Max Loss (per contract)
- -$70.00
- Breakeven(s)
- $26.30
- Risk / Reward Ratio
- 1.857
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.
HYNX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on HYNX. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$30.00 |
| $5.34 | -77.9% | +$30.00 |
| $10.67 | -55.7% | +$30.00 |
| $15.99 | -33.6% | +$30.00 |
| $21.32 | -11.5% | +$30.00 |
| $26.65 | +10.6% | -$34.77 |
| $31.98 | +32.7% | -$70.00 |
| $37.30 | +54.8% | -$70.00 |
| $42.63 | +76.9% | -$70.00 |
| $47.96 | +99.0% | -$70.00 |
When traders use iron condor on HYNX
Iron condors on HYNX are a delta-neutral premium-collection structure that profits if HYNX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
HYNX thesis for this iron condor
The market-implied 1-standard-deviation range for HYNX extends from approximately $13.89 on the downside to $34.31 on the upside. A HYNX iron condor is a delta-neutral premium-collection structure that pays off when HYNX 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. As a Financial Services name, HYNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HYNX-specific events.
HYNX 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. HYNX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HYNX alongside the broader basket even when HYNX-specific fundamentals are unchanged. Short-premium structures like a iron condor on HYNX carry tail risk when realized volatility exceeds the implied move; review historical HYNX earnings reactions and macro stress periods before sizing. Always rebuild the position from current HYNX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on HYNX?
- A iron condor on HYNX is the iron condor strategy applied to HYNX (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 HYNX stock at $24.10 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HYNX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are HYNX 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 HYNX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 147.80%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HYNX iron condor?
- The breakeven for the HYNX iron condor priced on this page is roughly $26.30 at expiration, derived from the August 14, 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 HYNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.37%; 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 HYNX?
- Iron condors on HYNX are a delta-neutral premium-collection structure that profits if HYNX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current HYNX implied volatility affect this iron condor?
- Current HYNX ATM IV is 147.80%; IV rank context is unavailable in the current snapshot.