SOC Iron Condor Strategy

SOC (Sable Offshore Corp.), in the Energy sector, (Oil & Gas Drilling industry), listed on NYSE.

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across approximately 76,000 acres. The company was formerly known as Flame Acquisition Corp. and changed its name to Sable Offshore Corp. in February 2024. Sable Offshore Corp. was incorporated in 2020 and is based in Houston, Texas.

SOC (Sable Offshore Corp.) trades in the Energy sector, specifically Oil & Gas Drilling, with a market capitalization of approximately $1.31B, a beta of -0.23 versus the broader market, a 52-week range of 3.72-35, average daily share volume of 5.4M, a public-listing history dating back to 2021, approximately 161 full-time employees. These structural characteristics shape how SOC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.23 indicates SOC 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 SOC?

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 SOC snapshot

As of May 15, 2026, spot at $15.13, ATM IV 119.78%, IV rank 29.44%, expected move 34.34%. The iron condor on SOC 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 28-day expiry.

Why this iron condor structure on SOC specifically: SOC IV at 119.78% is on the cheap side of its 1-year range, which means a premium-selling SOC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 34.34% (roughly $5.20 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SOC expiries trade a higher absolute premium for lower per-day decay. Position sizing on SOC should anchor to the underlying notional of $15.13 per share and to the trader's directional view on SOC stock.

SOC iron condor setup

The SOC 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 SOC near $15.13, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SOC chain at a 28-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 SOC shares for the stock leg in covered calls and collars).

SOC iron condor risk and reward

Net Premium / Debit

+$87.00

Max Profit (per contract)

$87.00

Max Loss (per contract)

-$13.00

Breakeven(s)

$13.63

Risk / Reward Ratio

6.692

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.

SOC iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on SOC. 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 SOC

Iron condors on SOC are a delta-neutral premium-collection structure that profits if SOC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

SOC thesis for this iron condor

The market-implied 1-standard-deviation range for SOC extends from approximately $9.93 on the downside to $20.33 on the upside. A SOC iron condor is a delta-neutral premium-collection structure that pays off when SOC 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 SOC IV rank near 29.44% 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 SOC at 119.78%. As a Energy name, SOC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SOC-specific events.

SOC 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. SOC positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SOC alongside the broader basket even when SOC-specific fundamentals are unchanged. Short-premium structures like a iron condor on SOC carry tail risk when realized volatility exceeds the implied move; review historical SOC earnings reactions and macro stress periods before sizing. Always rebuild the position from current SOC chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on SOC?

A iron condor on SOC is the iron condor strategy applied to SOC (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 SOC stock trading near $15.13, the strikes shown on this page are snapped to the nearest listed SOC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.

How are SOC 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 SOC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 119.78%), the computed maximum profit is $87.00 per contract and the computed maximum loss is -$13.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SOC iron condor?

The breakeven for the SOC iron condor priced on this page is roughly $13.63 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 SOC market-implied 1-standard-deviation expected move is approximately 34.34%; 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 SOC?

Iron condors on SOC are a delta-neutral premium-collection structure that profits if SOC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

How does current SOC implied volatility affect this iron condor?

SOC ATM IV is at 119.78% with IV rank near 29.44%, 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.

Related SOC analysis

• Iron Condor strategy reference
• SOC options overview
• SOC P&L curve (full chain)
• SOC options chain
• SOC volatility skew