RCLR Iron Condor Strategy
RCLR (Reckoner BBB-B CLO Reinvesting ETF), in the Financial Services sector, (Asset Management - Bonds industry), listed on AMEX.
This exchange-traded fund (ETF) endeavors to achieve strong overall returns by primarily allocating its investments to specific segments of collateralized loan obligations (CLOs) that hold credit ratings ranging from BBB down to B. It employs a dynamic reinvestment strategy, which is designed to proactively manage the credit risks and generate consistent income streams from its holdings within the CLO market.
RCLR (Reckoner BBB-B CLO Reinvesting ETF) trades in the Financial Services sector, specifically Asset Management - Bonds, with a market capitalization of approximately $15.2M, a beta of 0.07 versus the broader market, a 52-week range of 48.14-50.62, average daily share volume of 1K, a public-listing history dating back to 2026. These structural characteristics shape how RCLR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.07 indicates RCLR 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 RCLR?
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 RCLR snapshot
As of June 29, 2026, spot at $50.46, ATM IV 30.00%, expected move 8.60%. The iron condor on RCLR 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 53-day expiry.
Why this iron condor structure on RCLR specifically: IV rank is unavailable in the current snapshot, so regime-based timing for RCLR is inferred from ATM IV at 30.00% alone, with a market-implied 1-standard-deviation move of approximately 8.60% (roughly $4.34 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RCLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on RCLR should anchor to the underlying notional of $50.46 per share and to the trader's directional view on RCLR stock.
RCLR iron condor setup
The RCLR 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 RCLR near $50.46, the first option leg uses a $53.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RCLR chain at a 53-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 RCLR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $53.00 | $0.76 |
| Buy 1 | Call | $56.00 | $0.22 |
| Sell 1 | Put | $48.00 | $0.57 |
| Buy 1 | Put | $45.00 | $0.11 |
RCLR iron condor risk and reward
- Net Premium / Debit
- +$100.00
- Max Profit (per contract)
- $100.00
- Max Loss (per contract)
- -$200.00
- Breakeven(s)
- $47.00, $54.00
- Risk / Reward Ratio
- 0.500
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.
RCLR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RCLR. 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% | -$200.00 |
| $11.17 | -77.9% | -$200.00 |
| $22.32 | -55.8% | -$200.00 |
| $33.48 | -33.7% | -$200.00 |
| $44.63 | -11.5% | -$200.00 |
| $55.79 | +10.6% | -$178.94 |
| $66.95 | +32.7% | -$200.00 |
| $78.10 | +54.8% | -$200.00 |
| $89.26 | +76.9% | -$200.00 |
| $100.41 | +99.0% | -$200.00 |
When traders use iron condor on RCLR
Iron condors on RCLR are a delta-neutral premium-collection structure that profits if RCLR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RCLR thesis for this iron condor
The market-implied 1-standard-deviation range for RCLR extends from approximately $46.12 on the downside to $54.80 on the upside. A RCLR iron condor is a delta-neutral premium-collection structure that pays off when RCLR 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. As a Financial Services name, RCLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RCLR-specific events.
RCLR 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. RCLR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RCLR alongside the broader basket even when RCLR-specific fundamentals are unchanged. Short-premium structures like a iron condor on RCLR carry tail risk when realized volatility exceeds the implied move; review historical RCLR earnings reactions and macro stress periods before sizing. Always rebuild the position from current RCLR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RCLR?
- A iron condor on RCLR is the iron condor strategy applied to RCLR (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 RCLR stock trading near $50.46, the strikes shown on this page are snapped to the nearest listed RCLR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RCLR 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 RCLR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 30.00%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$200.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RCLR iron condor?
- The breakeven for the RCLR iron condor priced on this page is roughly $47.00 and $54.00 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 RCLR market-implied 1-standard-deviation expected move is approximately 8.60%; 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 RCLR?
- Iron condors on RCLR are a delta-neutral premium-collection structure that profits if RCLR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RCLR implied volatility affect this iron condor?
- Current RCLR ATM IV is 30.00%; IV rank context is unavailable in the current snapshot.