MCHX Iron Condor Strategy
MCHX (Marchex, Inc.), in the Communication Services sector, (Advertising Agencies industry), listed on NASDAQ.
Marchex, Inc. is an analytical technology and solutions company that assists businesses throughout the United States and Canada in optimizing their customer acquisition journey. The company empowers clients to connect with, engage, measure, and successfully convert callers into customers. Its comprehensive product portfolio includes: Marchex Call Analytics: A platform specifically designed for enterprises that heavily rely on inbound phone calls to generate sales, schedule appointments, and secure reservations. Marchex Call Analytics, Conversation Edition: This offering extends actionable insights derived from customer conversations to businesses of all sizes – from large enterprises to mid-sized and small operations. Text Analytics and Communications: A mobile messaging solution that enables intelligent, two-way text/SMS interactions. It allows sales, marketing, and operations teams to communicate effectively with field staff, prospective clients, and existing customers.
MCHX (Marchex, Inc.) trades in the Communication Services sector, specifically Advertising Agencies, with a market capitalization of approximately $77.5M, a beta of 1.86 versus the broader market, a 52-week range of 1.32-2.09, average daily share volume of 20K, a public-listing history dating back to 2004, approximately 139 full-time employees. These structural characteristics shape how MCHX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.86 indicates MCHX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MCHX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on MCHX?
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.
MCHX snapshot
As of August 14, 2026, spot at $1.85, ATM IV 197.50%, IV rank 46.83%, expected move 56.62%. The iron condor on MCHX below is built from the 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 MCHX specifically: MCHX IV at 197.50% is mid-range versus its 1-year history, so the credit collected on a MCHX iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 56.62% (roughly $1.05 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 MCHX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MCHX should anchor to the underlying notional of $1.85 per share and to the trader's directional view on MCHX stock.
MCHX iron condor setup
The MCHX 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 MCHX at $1.85 on that close, the first option leg uses a $1.94 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MCHX 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 MCHX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.94 | N/A |
| Buy 1 | Call | $2.04 | N/A |
| Sell 1 | Put | $1.76 | N/A |
| Buy 1 | Put | $1.67 | N/A |
MCHX 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.
MCHX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MCHX. 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 MCHX
Iron condors on MCHX are a delta-neutral premium-collection structure that profits if MCHX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MCHX thesis for this iron condor
The market-implied 1-standard-deviation range for MCHX extends from approximately $0.80 on the downside to $2.90 on the upside. A MCHX iron condor is a delta-neutral premium-collection structure that pays off when MCHX 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 MCHX IV rank near 46.83% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on MCHX should anchor more to the directional view and the expected-move geometry. As a Communication Services name, MCHX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MCHX-specific events.
MCHX 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. MCHX positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MCHX alongside the broader basket even when MCHX-specific fundamentals are unchanged. Short-premium structures like a iron condor on MCHX carry tail risk when realized volatility exceeds the implied move; review historical MCHX earnings reactions and macro stress periods before sizing. Always rebuild the position from current MCHX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MCHX?
- A iron condor on MCHX is the iron condor strategy applied to MCHX (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 MCHX stock at $1.85 on the most recent close, the strikes shown on this page are snapped to the nearest listed MCHX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MCHX 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 MCHX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 197.50%), 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 MCHX iron condor?
- The breakeven for the MCHX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 MCHX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 56.62%; 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 MCHX?
- Iron condors on MCHX are a delta-neutral premium-collection structure that profits if MCHX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MCHX implied volatility affect this iron condor?
- MCHX ATM IV is at 197.50% with IV rank near 46.83%, 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.