SIGA Iron Condor Strategy
SIGA (SIGA Technologies, Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.
SIGA Technologies, Inc., a commercial-stage pharmaceutical company, focuses on the health security and infectious disease markets in the United States. Its lead product is TPOXX, an oral formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. SIGA Technologies, Inc. has a strategic partnership with Cipla Therapeutics to deliver sustained innovation and access to antibacterial drugs primarily against biothreats. The company was incorporated in 1995 and is headquartered in New York, New York.
SIGA (SIGA Technologies, Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $309.1M, a trailing P/E of 15.24, a beta of 0.85 versus the broader market, a 52-week range of 4.29-9.62, average daily share volume of 668K, a public-listing history dating back to 1997, approximately 46 full-time employees. These structural characteristics shape how SIGA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.85 places SIGA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SIGA pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on SIGA?
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 SIGA snapshot
As of May 15, 2026, spot at $4.24, ATM IV 22.20%, IV rank 0.00%, expected move 6.36%. The iron condor on SIGA 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 SIGA specifically: SIGA IV at 22.20% is on the cheap side of its 1-year range, which means a premium-selling SIGA iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.36% (roughly $0.27 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 SIGA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SIGA should anchor to the underlying notional of $4.24 per share and to the trader's directional view on SIGA stock.
SIGA iron condor setup
The SIGA 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 SIGA near $4.24, the first option leg uses a $4.45 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SIGA 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 SIGA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.45 | N/A |
| Buy 1 | Call | $4.66 | N/A |
| Sell 1 | Put | $4.03 | N/A |
| Buy 1 | Put | $3.82 | N/A |
SIGA 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.
SIGA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SIGA. 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 SIGA
Iron condors on SIGA are a delta-neutral premium-collection structure that profits if SIGA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SIGA thesis for this iron condor
The market-implied 1-standard-deviation range for SIGA extends from approximately $3.97 on the downside to $4.51 on the upside. A SIGA iron condor is a delta-neutral premium-collection structure that pays off when SIGA 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 SIGA IV rank near 0.00% 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 SIGA at 22.20%. As a Healthcare name, SIGA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SIGA-specific events.
SIGA 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. SIGA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SIGA alongside the broader basket even when SIGA-specific fundamentals are unchanged. Short-premium structures like a iron condor on SIGA carry tail risk when realized volatility exceeds the implied move; review historical SIGA earnings reactions and macro stress periods before sizing. Always rebuild the position from current SIGA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SIGA?
- A iron condor on SIGA is the iron condor strategy applied to SIGA (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 SIGA stock trading near $4.24, the strikes shown on this page are snapped to the nearest listed SIGA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SIGA 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 SIGA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 22.20%), 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 SIGA iron condor?
- The breakeven for the SIGA 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 SIGA market-implied 1-standard-deviation expected move is approximately 6.36%; 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 SIGA?
- Iron condors on SIGA are a delta-neutral premium-collection structure that profits if SIGA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SIGA implied volatility affect this iron condor?
- SIGA ATM IV is at 22.20% with IV rank near 0.00%, 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.