MMYT Iron Condor Strategy
MMYT (MakeMyTrip Limited), in the Consumer Cyclical sector, (Travel Services industry), listed on NASDAQ.
MakeMyTrip Limited operates as a prominent online travel platform, offering a wide array of travel products and solutions across an extensive global footprint, including India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. Its operations are strategically divided into three key segments: Air Ticketing, Hotels and Packages, and Bus Ticketing. The company provides a comprehensive suite of services, encompassing airline reservations, hotel accommodations, complete travel packages, train and bus tickets, and car rentals. Beyond these core offerings, it also addresses supplementary travel needs such as visa assistance and arranging travel insurance. Travelers can seamlessly research, plan, reserve, and purchase these services and products through MakeMyTrip's diverse digital and traditional channels. These include its popular web portals like makemytrip.com, goibibo.com, redbus.in, makemytrip.com.sg, and makemytrip.ae, alongside its mobile application, dedicated call centers, physical travel stores, and an expansive network of travel agents.
MMYT (MakeMyTrip Limited) trades in the Consumer Cyclical sector, specifically Travel Services, with a market capitalization of approximately $5.67B, a trailing P/E of 170.67, a beta of 0.98 versus the broader market, a 52-week range of 32.67-104.43, average daily share volume of 1.2M, a public-listing history dating back to 2010, approximately 6K full-time employees. These structural characteristics shape how MMYT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places MMYT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 170.67 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a iron condor on MMYT?
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.
MMYT snapshot
As of August 14, 2026, spot at $60.45, ATM IV 51.60%, IV rank 12.24%, expected move 14.79%. The iron condor on MMYT 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 7-day expiry.
Why this iron condor structure on MMYT specifically: MMYT IV at 51.60% is on the cheap side of its 1-year range, which means a premium-selling MMYT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.79% (roughly $8.94 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MMYT expiries trade a higher absolute premium for lower per-day decay. Position sizing on MMYT should anchor to the underlying notional of $60.45 per share and to the trader's directional view on MMYT stock.
MMYT iron condor setup
The MMYT 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 MMYT at $60.45 on that close, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MMYT chain at a 7-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 MMYT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $65.00 | $0.40 |
| Buy 1 | Call | $65.00 | $0.40 |
| Sell 1 | Put | $55.00 | $0.28 |
| Buy 1 | Put | $55.00 | $0.28 |
MMYT iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
MMYT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MMYT. 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% | $0.00 |
| $13.37 | -77.9% | $0.00 |
| $26.74 | -55.8% | $0.00 |
| $40.10 | -33.7% | $0.00 |
| $53.47 | -11.5% | $0.00 |
| $66.83 | +10.6% | $0.00 |
| $80.20 | +32.7% | $0.00 |
| $93.56 | +54.8% | $0.00 |
| $106.93 | +76.9% | $0.00 |
| $120.29 | +99.0% | $0.00 |
When traders use iron condor on MMYT
Iron condors on MMYT are a delta-neutral premium-collection structure that profits if MMYT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MMYT thesis for this iron condor
The market-implied 1-standard-deviation range for MMYT extends from approximately $51.51 on the downside to $69.39 on the upside. A MMYT iron condor is a delta-neutral premium-collection structure that pays off when MMYT 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 MMYT IV rank near 12.24% 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 MMYT at 51.60%. As a Consumer Cyclical name, MMYT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MMYT-specific events.
MMYT 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. MMYT positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MMYT alongside the broader basket even when MMYT-specific fundamentals are unchanged. Short-premium structures like a iron condor on MMYT carry tail risk when realized volatility exceeds the implied move; review historical MMYT earnings reactions and macro stress periods before sizing. Always rebuild the position from current MMYT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MMYT?
- A iron condor on MMYT is the iron condor strategy applied to MMYT (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 MMYT stock at $60.45 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed MMYT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MMYT 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 MMYT iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.60%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MMYT iron condor?
- The breakeven for the MMYT iron condor priced on this page is no defined breakeven on the modeled curve 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 MMYT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.79%; 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 MMYT?
- Iron condors on MMYT are a delta-neutral premium-collection structure that profits if MMYT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MMYT implied volatility affect this iron condor?
- MMYT ATM IV is at 51.60% with IV rank near 12.24%, 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.