RCON Iron Condor Strategy
RCON (Recon Technology, Ltd.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NASDAQ.
Recon Technology, Ltd. (RCON) is a company that delivers a comprehensive suite of hardware, software, and field-based services to enterprises operating within China's petroleum exploration and production sector. The company's hardware portfolio encompasses various tools and equipment essential for oilfield production, management, and logistics. Key offerings include specialized equipment for oil and gas production and transport, such as heating furnaces and burners. Recon also provides advanced techniques and components like fracturing and production packers, solutions for sand prevention in wells, water location and plugging, fissure shaping, and fracture acidizing. Additionally, it offers electronic breakdown services to address blockages and freezing issues. Furthermore, Recon engineers and markets advanced industrial automation and information management solutions.
RCON (Recon Technology, Ltd.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $12.6M, a beta of 1.48 versus the broader market, a 52-week range of 0.38-7.16, average daily share volume of 79K, a public-listing history dating back to 2009, approximately 184 full-time employees. These structural characteristics shape how RCON stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.48 indicates RCON 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 RCON?
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 RCON snapshot
As of June 30, 2026, spot at $0.41, ATM IV 29.30%, IV rank 2.46%, expected move 8.40%. The iron condor on RCON 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 17-day expiry.
Why this iron condor structure on RCON specifically: RCON IV at 29.30% is on the cheap side of its 1-year range, which means a premium-selling RCON iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.40% (roughly $0.03 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RCON expiries trade a higher absolute premium for lower per-day decay. Position sizing on RCON should anchor to the underlying notional of $0.41 per share and to the trader's directional view on RCON stock.
RCON iron condor setup
The RCON 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 RCON near $0.41, the first option leg uses a $0.43 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RCON chain at a 17-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 RCON shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $0.43 | N/A |
| Buy 1 | Call | $0.45 | N/A |
| Sell 1 | Put | $0.39 | N/A |
| Buy 1 | Put | $0.37 | N/A |
RCON 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.
RCON iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RCON. 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 RCON
Iron condors on RCON are a delta-neutral premium-collection structure that profits if RCON stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RCON thesis for this iron condor
The market-implied 1-standard-deviation range for RCON extends from approximately $0.38 on the downside to $0.44 on the upside. A RCON iron condor is a delta-neutral premium-collection structure that pays off when RCON 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 RCON IV rank near 2.46% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on RCON at 29.30%. As a Energy name, RCON options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RCON-specific events.
RCON 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. RCON positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RCON alongside the broader basket even when RCON-specific fundamentals are unchanged. Short-premium structures like a iron condor on RCON carry tail risk when realized volatility exceeds the implied move; review historical RCON earnings reactions and macro stress periods before sizing. Always rebuild the position from current RCON chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RCON?
- A iron condor on RCON is the iron condor strategy applied to RCON (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 RCON stock trading near $0.41, the strikes shown on this page are snapped to the nearest listed RCON chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RCON 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 RCON iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 29.30%), 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 RCON iron condor?
- The breakeven for the RCON 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 RCON market-implied 1-standard-deviation expected move is approximately 8.40%; 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 RCON?
- Iron condors on RCON are a delta-neutral premium-collection structure that profits if RCON stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RCON implied volatility affect this iron condor?
- RCON ATM IV is at 29.30% with IV rank near 2.46%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.