MTRX Iron Condor Strategy
MTRX (Matrix Service Company), in the Industrials sector, (Engineering & Construction industry), listed on NASDAQ.
Matrix Service Company (MTRX), established in 1984 and headquartered in Tulsa, Oklahoma, operates as a diversified global contractor. The firm offers a comprehensive suite of services, including engineering, fabrication, infrastructure development, construction, and maintenance. It primarily caters to critical industries such as oil, gas, power generation, petrochemicals, manufacturing, agriculture, mining, and minerals. Matrix Service Company's operations extend across the United States, Canada, South Korea, Australia, and other international markets. The company organizes its activities into three principal segments: 1. Utility and Power Infrastructure: This division specializes in electrical power delivery systems.
MTRX (Matrix Service Company) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $330.3M, a beta of 1.00 versus the broader market, a 52-week range of 9.88-15.97, average daily share volume of 233K, a public-listing history dating back to 1990, approximately 2K full-time employees. These structural characteristics shape how MTRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.00 places MTRX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on MTRX?
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.
MTRX snapshot
As of August 14, 2026, spot at $11.94, ATM IV 55.00%, IV rank 9.23%, expected move 15.77%. The iron condor on MTRX 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 MTRX specifically: MTRX IV at 55.00% is on the cheap side of its 1-year range, which means a premium-selling MTRX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.77% (roughly $1.88 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 MTRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MTRX should anchor to the underlying notional of $11.94 per share and to the trader's directional view on MTRX stock.
MTRX iron condor setup
The MTRX 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 MTRX at $11.94 on that close, the first option leg uses a $12.54 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MTRX 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 MTRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $12.54 | N/A |
| Buy 1 | Call | $13.13 | N/A |
| Sell 1 | Put | $11.34 | N/A |
| Buy 1 | Put | $10.75 | N/A |
MTRX 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.
MTRX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MTRX. 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 MTRX
Iron condors on MTRX are a delta-neutral premium-collection structure that profits if MTRX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MTRX thesis for this iron condor
The market-implied 1-standard-deviation range for MTRX extends from approximately $10.06 on the downside to $13.82 on the upside. A MTRX iron condor is a delta-neutral premium-collection structure that pays off when MTRX 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 MTRX IV rank near 9.23% 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 MTRX at 55.00%. As a Industrials name, MTRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MTRX-specific events.
MTRX 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. MTRX positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MTRX alongside the broader basket even when MTRX-specific fundamentals are unchanged. Short-premium structures like a iron condor on MTRX carry tail risk when realized volatility exceeds the implied move; review historical MTRX earnings reactions and macro stress periods before sizing. Always rebuild the position from current MTRX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MTRX?
- A iron condor on MTRX is the iron condor strategy applied to MTRX (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 MTRX stock at $11.94 on the most recent close, the strikes shown on this page are snapped to the nearest listed MTRX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MTRX 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 MTRX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 55.00%), 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 MTRX iron condor?
- The breakeven for the MTRX 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 MTRX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.77%; 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 MTRX?
- Iron condors on MTRX are a delta-neutral premium-collection structure that profits if MTRX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MTRX implied volatility affect this iron condor?
- MTRX ATM IV is at 55.00% with IV rank near 9.23%, 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.