NASA Iron Condor Strategy
NASA (Tema Space Innovators ETF), listed on AMEX.
NASA (Tema Space Innovators ETF) with a market capitalization of approximately $54.3M, a beta of 0.00 versus the broader market, a 52-week range of 24.04-34.9, average daily share volume of 1.5M, a public-listing history dating back to 2026. These structural characteristics shape how NASA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates NASA 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 NASA?
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 NASA snapshot
As of May 15, 2026, spot at $34.81, ATM IV 77.80%, expected move 22.30%. The iron condor on NASA 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 34-day expiry.
Why this iron condor structure on NASA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NASA is inferred from ATM IV at 77.80% alone, with a market-implied 1-standard-deviation move of approximately 22.30% (roughly $7.76 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NASA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NASA should anchor to the underlying notional of $34.81 per share and to the trader's directional view on NASA stock.
NASA iron condor setup
The NASA 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 NASA near $34.81, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NASA chain at a 34-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 NASA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $37.00 | $2.50 |
| Buy 1 | Call | $38.00 | $2.15 |
| Sell 1 | Put | $33.00 | $2.15 |
| Buy 1 | Put | $31.00 | $1.15 |
NASA iron condor risk and reward
- Net Premium / Debit
- +$135.00
- Max Profit (per contract)
- $135.00
- Max Loss (per contract)
- -$65.00
- Breakeven(s)
- $31.65
- Risk / Reward Ratio
- 2.077
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.
NASA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on NASA. 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% | -$65.00 |
| $7.71 | -77.9% | -$65.00 |
| $15.40 | -55.8% | -$65.00 |
| $23.10 | -33.6% | -$65.00 |
| $30.79 | -11.5% | -$65.00 |
| $38.49 | +10.6% | +$35.00 |
| $46.18 | +32.7% | +$35.00 |
| $53.88 | +54.8% | +$35.00 |
| $61.57 | +76.9% | +$35.00 |
| $69.27 | +99.0% | +$35.00 |
When traders use iron condor on NASA
Iron condors on NASA are a delta-neutral premium-collection structure that profits if NASA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
NASA thesis for this iron condor
The market-implied 1-standard-deviation range for NASA extends from approximately $27.05 on the downside to $42.57 on the upside. A NASA iron condor is a delta-neutral premium-collection structure that pays off when NASA 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.
NASA 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. Short-premium structures like a iron condor on NASA carry tail risk when realized volatility exceeds the implied move; review historical NASA earnings reactions and macro stress periods before sizing. Always rebuild the position from current NASA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on NASA?
- A iron condor on NASA is the iron condor strategy applied to NASA (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 NASA stock trading near $34.81, the strikes shown on this page are snapped to the nearest listed NASA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NASA 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 NASA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 77.80%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NASA iron condor?
- The breakeven for the NASA iron condor priced on this page is roughly $31.65 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 NASA market-implied 1-standard-deviation expected move is approximately 22.30%; 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 NASA?
- Iron condors on NASA are a delta-neutral premium-collection structure that profits if NASA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current NASA implied volatility affect this iron condor?
- Current NASA ATM IV is 77.80%; IV rank context is unavailable in the current snapshot.