LAW Iron Condor Strategy
LAW (CS Disco, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.
CS Disco, Inc., a legal technology company, provides cloud-native and artificial intelligence-powered legal solutions for ediscovery, legal document review, and case management for enterprises, law firms, legal services providers, and governments. The company offers DISCO Ediscovery, a solution that automates ediscovery process and saves legal departments from manual tasks associated with collecting, processing, enriching, searching, reviewing, analyzing, producing, and using enterprise data that is at issue in legal matters. It also provides DISCO Review, an AI-powered document review solution, which consistently delivers legal document reviews; and DISCO Case Builder, a solution that allows legal professionals to collaborate with teams to build a compelling case by offering a single place to search, organize, and review witness testimony and other legal data. The company's tools are used in various legal matters comprising litigation, investigation, compliance, and diligence. CS Disco, Inc. was founded in 2012 and is headquartered in Austin, Texas.
LAW (CS Disco, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $225.8M, a beta of 1.96 versus the broader market, a 52-week range of 2.45-9.11, average daily share volume of 440K, a public-listing history dating back to 2021, approximately 561 full-time employees. These structural characteristics shape how LAW stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.96 indicates LAW 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 LAW?
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 LAW snapshot
As of May 12, 2026, spot at $3.74, ATM IV 92.40%, IV rank 25.37%, expected move 26.49%. The iron condor on LAW 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 37-day expiry.
Why this iron condor structure on LAW specifically: LAW IV at 92.40% is on the cheap side of its 1-year range, which means a premium-selling LAW iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 26.49% (roughly $0.99 on the underlying). The 37-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LAW expiries trade a higher absolute premium for lower per-day decay. Position sizing on LAW should anchor to the underlying notional of $3.74 per share and to the trader's directional view on LAW stock.
LAW iron condor setup
The LAW 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 LAW near $3.74, the first option leg uses a $3.93 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LAW chain at a 37-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 LAW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $3.93 | N/A |
| Buy 1 | Call | $4.11 | N/A |
| Sell 1 | Put | $3.55 | N/A |
| Buy 1 | Put | $3.37 | N/A |
LAW 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.
LAW iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on LAW. 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 LAW
Iron condors on LAW are a delta-neutral premium-collection structure that profits if LAW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
LAW thesis for this iron condor
The market-implied 1-standard-deviation range for LAW extends from approximately $2.75 on the downside to $4.73 on the upside. A LAW iron condor is a delta-neutral premium-collection structure that pays off when LAW 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 LAW IV rank near 25.37% 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 LAW at 92.40%. As a Technology name, LAW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LAW-specific events.
LAW 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. LAW positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LAW alongside the broader basket even when LAW-specific fundamentals are unchanged. Short-premium structures like a iron condor on LAW carry tail risk when realized volatility exceeds the implied move; review historical LAW earnings reactions and macro stress periods before sizing. Always rebuild the position from current LAW chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on LAW?
- A iron condor on LAW is the iron condor strategy applied to LAW (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 LAW stock trading near $3.74, the strikes shown on this page are snapped to the nearest listed LAW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are LAW 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 LAW iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 92.40%), 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 LAW iron condor?
- The breakeven for the LAW 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 LAW market-implied 1-standard-deviation expected move is approximately 26.49%; 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 LAW?
- Iron condors on LAW are a delta-neutral premium-collection structure that profits if LAW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current LAW implied volatility affect this iron condor?
- LAW ATM IV is at 92.40% with IV rank near 25.37%, 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.