NTSK Iron Condor Strategy
NTSK (Netskope, Inc. Class A Common Stock), in the Technology sector, (Software - Services industry), listed on NASDAQ.
A cloud-security company offering a unified platform (“Netskope One”) for data protection, secure access, visibility across apps/web/cloud, threat prevention, and networking optimizations especially for SaaS, web, hybrid, and AI workloads.
NTSK (Netskope, Inc. Class A Common Stock) trades in the Technology sector, specifically Software - Services, with a market capitalization of approximately $4.23B, a beta of 2.86 versus the broader market, a 52-week range of 7.665-27.99, average daily share volume of 4.5M, a public-listing history dating back to 2025, approximately 3K full-time employees. These structural characteristics shape how NTSK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.86 indicates NTSK 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 NTSK?
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 NTSK snapshot
As of May 15, 2026, spot at $11.24, ATM IV 98.80%, IV rank 32.43%, expected move 28.33%. The iron condor on NTSK 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 NTSK specifically: NTSK IV at 98.80% is mid-range versus its 1-year history, so the credit collected on a NTSK iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 28.33% (roughly $3.18 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 NTSK expiries trade a higher absolute premium for lower per-day decay. Position sizing on NTSK should anchor to the underlying notional of $11.24 per share and to the trader's directional view on NTSK stock.
NTSK iron condor setup
The NTSK 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 NTSK near $11.24, the first option leg uses a $11.80 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NTSK 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 NTSK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.80 | N/A |
| Buy 1 | Call | $12.36 | N/A |
| Sell 1 | Put | $10.68 | N/A |
| Buy 1 | Put | $10.12 | N/A |
NTSK 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.
NTSK iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on NTSK. 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 NTSK
Iron condors on NTSK are a delta-neutral premium-collection structure that profits if NTSK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
NTSK thesis for this iron condor
The market-implied 1-standard-deviation range for NTSK extends from approximately $8.06 on the downside to $14.42 on the upside. A NTSK iron condor is a delta-neutral premium-collection structure that pays off when NTSK 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 NTSK IV rank near 32.43% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on NTSK should anchor more to the directional view and the expected-move geometry. As a Technology name, NTSK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NTSK-specific events.
NTSK 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. NTSK positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NTSK alongside the broader basket even when NTSK-specific fundamentals are unchanged. Short-premium structures like a iron condor on NTSK carry tail risk when realized volatility exceeds the implied move; review historical NTSK earnings reactions and macro stress periods before sizing. Always rebuild the position from current NTSK chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on NTSK?
- A iron condor on NTSK is the iron condor strategy applied to NTSK (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 NTSK stock trading near $11.24, the strikes shown on this page are snapped to the nearest listed NTSK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NTSK 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 NTSK iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 98.80%), 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 NTSK iron condor?
- The breakeven for the NTSK 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 NTSK market-implied 1-standard-deviation expected move is approximately 28.33%; 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 NTSK?
- Iron condors on NTSK are a delta-neutral premium-collection structure that profits if NTSK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current NTSK implied volatility affect this iron condor?
- NTSK ATM IV is at 98.80% with IV rank near 32.43%, 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.