RAM Iron Condor Strategy
RAM (Roundhill T-REX 2X Long DRAM Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
RAM seeking daily leveraged exposure is very different from most other exchange-traded funds. As a result, RAM may be riskier than alternatives that do not use leverage. The ETF's investment objective is to magnify (200%) the daily performance of the shares of the Issuers own Memory ETF, ticker: DRAM. The return for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance of DRAM for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day's compounded return over the period, which will very likely differ from 200% of the return of DRAM for that period. Longer holding periods, higher volatility of DRAM, and leverage increase the impact of compounding on an investor's returns.
RAM (Roundhill T-REX 2X Long DRAM Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $457.5M, a beta of 0.00 versus the broader market, a 52-week range of 8.29-33.11, average daily share volume of 16.7M, a public-listing history dating back to 2026. These structural characteristics shape how RAM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates RAM 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 RAM?
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.
RAM snapshot
As of August 14, 2026, spot at $13.11, ATM IV 132.50%, IV rank 51.14%, expected move 37.99%. The iron condor on RAM 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 35-day expiry.
Why this iron condor structure on RAM specifically: RAM IV at 132.50% is mid-range versus its 1-year history, so the credit collected on a RAM iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 37.99% (roughly $4.98 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 RAM expiries trade a higher absolute premium for lower per-day decay. Position sizing on RAM should anchor to the underlying notional of $13.11 per share and to the trader's directional view on RAM stock.
RAM iron condor setup
The RAM 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 RAM at $13.11 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RAM 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 RAM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $14.00 | $1.78 |
| Buy 1 | Call | $14.00 | $1.78 |
| Sell 1 | Put | $12.00 | $1.53 |
| Buy 1 | Put | $12.00 | $1.53 |
RAM 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.
RAM iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RAM. 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 | -99.9% | $0.00 |
| $2.91 | -77.8% | $0.00 |
| $5.81 | -55.7% | $0.00 |
| $8.70 | -33.6% | $0.00 |
| $11.60 | -11.5% | $0.00 |
| $14.50 | +10.6% | $0.00 |
| $17.40 | +32.7% | $0.00 |
| $20.29 | +54.8% | $0.00 |
| $23.19 | +76.9% | $0.00 |
| $26.09 | +99.0% | $0.00 |
When traders use iron condor on RAM
Iron condors on RAM are a delta-neutral premium-collection structure that profits if RAM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RAM thesis for this iron condor
The market-implied 1-standard-deviation range for RAM extends from approximately $8.13 on the downside to $18.09 on the upside. A RAM iron condor is a delta-neutral premium-collection structure that pays off when RAM 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 RAM IV rank near 51.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on RAM should anchor more to the directional view and the expected-move geometry. As a Financial Services name, RAM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RAM-specific events.
RAM 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. RAM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RAM alongside the broader basket even when RAM-specific fundamentals are unchanged. Short-premium structures like a iron condor on RAM carry tail risk when realized volatility exceeds the implied move; review historical RAM earnings reactions and macro stress periods before sizing. Always rebuild the position from current RAM chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RAM?
- A iron condor on RAM is the iron condor strategy applied to RAM (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 RAM stock at $13.11 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed RAM chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are RAM 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 RAM iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 132.50%), 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 RAM iron condor?
- The breakeven for the RAM 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 RAM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.99%; 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 RAM?
- Iron condors on RAM are a delta-neutral premium-collection structure that profits if RAM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RAM implied volatility affect this iron condor?
- RAM ATM IV is at 132.50% with IV rank near 51.14%, 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.