PEW Iron Condor Strategy
PEW (GrabAGun Digital Holdings Inc.), in the Industrials sector, (Aerospace & Defense industry), listed on NYSE.
GrabAGun Digital Holdings Inc. operates as a eCommerce retailer of firearms and ammunition, related accessories, and other outdoor enthusiast products. The company is headquartered in Coppell, Texas.
PEW (GrabAGun Digital Holdings Inc.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $91.5M, a beta of -0.08 versus the broader market, a 52-week range of 2.55-21.4, average daily share volume of 373K, a public-listing history dating back to 2024, approximately 4 full-time employees. These structural characteristics shape how PEW stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.08 indicates PEW 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 PEW?
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 PEW snapshot
As of May 15, 2026, spot at $2.88, ATM IV 127.90%, IV rank 33.17%, expected move 36.67%. The iron condor on PEW 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 PEW specifically: PEW IV at 127.90% is mid-range versus its 1-year history, so the credit collected on a PEW iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 36.67% (roughly $1.06 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 PEW expiries trade a higher absolute premium for lower per-day decay. Position sizing on PEW should anchor to the underlying notional of $2.88 per share and to the trader's directional view on PEW stock.
PEW iron condor setup
The PEW 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 PEW near $2.88, the first option leg uses a $3.02 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PEW 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 PEW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $3.02 | N/A |
| Buy 1 | Call | $3.17 | N/A |
| Sell 1 | Put | $2.74 | N/A |
| Buy 1 | Put | $2.59 | N/A |
PEW 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.
PEW iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PEW. 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 PEW
Iron condors on PEW are a delta-neutral premium-collection structure that profits if PEW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PEW thesis for this iron condor
The market-implied 1-standard-deviation range for PEW extends from approximately $1.82 on the downside to $3.94 on the upside. A PEW iron condor is a delta-neutral premium-collection structure that pays off when PEW 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 PEW IV rank near 33.17% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PEW should anchor more to the directional view and the expected-move geometry. As a Industrials name, PEW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PEW-specific events.
PEW 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. PEW positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PEW alongside the broader basket even when PEW-specific fundamentals are unchanged. Short-premium structures like a iron condor on PEW carry tail risk when realized volatility exceeds the implied move; review historical PEW earnings reactions and macro stress periods before sizing. Always rebuild the position from current PEW chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PEW?
- A iron condor on PEW is the iron condor strategy applied to PEW (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 PEW stock trading near $2.88, the strikes shown on this page are snapped to the nearest listed PEW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PEW 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 PEW iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 127.90%), 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 PEW iron condor?
- The breakeven for the PEW 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 PEW market-implied 1-standard-deviation expected move is approximately 36.67%; 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 PEW?
- Iron condors on PEW are a delta-neutral premium-collection structure that profits if PEW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PEW implied volatility affect this iron condor?
- PEW ATM IV is at 127.90% with IV rank near 33.17%, 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.