REAX Iron Condor Strategy
REAX (The Real Brokerage Inc.), in the Real Estate sector, (Real Estate - Services industry), listed on NASDAQ.
Operating with its various subsidiaries, The Real Brokerage Inc. functions as a technology-driven real estate brokerage enterprise. The company delivers comprehensive real estate agency solutions through an expansive network of agents. It equips its agents with a cutting-edge, mobile-optimized technological platform for managing their business activities, alongside offering favorable contractual terms and avenues for generating wealth. Its operations span 42 states across the United States, the District of Columbia, and Canada. The Real Brokerage Inc.'s corporate headquarters are located in Toronto, Canada.
REAX (The Real Brokerage Inc.) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $507.8M, a beta of 0.77 versus the broader market, a 52-week range of 1.55-5.405, average daily share volume of 3.8M, a public-listing history dating back to 2021, approximately 435 full-time employees. These structural characteristics shape how REAX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.77 places REAX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on REAX?
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.
REAX snapshot
As of August 14, 2026, spot at $2.42, ATM IV 164.30%, IV rank 32.04%, expected move 47.10%. The iron condor on REAX below is built from the 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 REAX specifically: REAX IV at 164.30% is mid-range versus its 1-year history, so the credit collected on a REAX iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 47.10% (roughly $1.14 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 REAX expiries trade a higher absolute premium for lower per-day decay. Position sizing on REAX should anchor to the underlying notional of $2.42 per share and to the trader's directional view on REAX stock.
REAX iron condor setup
The REAX 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 REAX at $2.42 on that close, the first option leg uses a $2.54 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed REAX 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 REAX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.54 | N/A |
| Buy 1 | Call | $2.66 | N/A |
| Sell 1 | Put | $2.30 | N/A |
| Buy 1 | Put | $2.18 | N/A |
REAX 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.
REAX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on REAX. 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 REAX
Iron condors on REAX are a delta-neutral premium-collection structure that profits if REAX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
REAX thesis for this iron condor
The market-implied 1-standard-deviation range for REAX extends from approximately $1.28 on the downside to $3.56 on the upside. A REAX iron condor is a delta-neutral premium-collection structure that pays off when REAX 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 REAX IV rank near 32.04% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on REAX should anchor more to the directional view and the expected-move geometry. As a Real Estate name, REAX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to REAX-specific events.
REAX 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. REAX positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move REAX alongside the broader basket even when REAX-specific fundamentals are unchanged. Short-premium structures like a iron condor on REAX carry tail risk when realized volatility exceeds the implied move; review historical REAX earnings reactions and macro stress periods before sizing. Always rebuild the position from current REAX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on REAX?
- A iron condor on REAX is the iron condor strategy applied to REAX (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 REAX stock at $2.42 on the most recent close, the strikes shown on this page are snapped to the nearest listed REAX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are REAX 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 REAX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 164.30%), 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 REAX iron condor?
- The breakeven for the REAX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 REAX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 47.10%; 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 REAX?
- Iron condors on REAX are a delta-neutral premium-collection structure that profits if REAX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current REAX implied volatility affect this iron condor?
- REAX ATM IV is at 164.30% with IV rank near 32.04%, 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.