SPAI Iron Condor Strategy
SPAI (Safe Pro Group Inc. Common Stock), in the Industrials sector, (Aerospace & Defense industry), listed on NASDAQ.
Safe Pro Group Inc., established in 2021 and located in Aventura, Florida, adopted its current name in July 2022, previously operating as Cybernate Corp. The company's core business involves manufacturing and distributing personal protective equipment and ballistic protection systems across the United States. Their product line includes specialized gear for explosive ordnance disposal (EOD) and unexploded ordnance disposal (UXO), alongside vital body armor components such as ballistic vests, helmets, and protective blankets. Beyond physical protective wear, Safe Pro Group is deeply engaged in advanced aerial services and artificial intelligence. They offer drone-based managed services for the inspection of crucial infrastructure, including radio towers and electrical grids. The company also pioneers AI-driven tools designed for sophisticated detection, data analysis, and reporting, leveraging hyper-scalable, cloud-based processing of drone imagery.
SPAI (Safe Pro Group Inc. Common Stock) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $68.9M, a beta of 3.27 versus the broader market, a 52-week range of 2.39-9.16, average daily share volume of 321K, a public-listing history dating back to 2023, approximately 11 full-time employees. These structural characteristics shape how SPAI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.27 indicates SPAI 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 SPAI?
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 SPAI snapshot
As of June 29, 2026, spot at $4.23, ATM IV 141.70%, expected move 40.62%. The iron condor on SPAI 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 18-day expiry.
Why this iron condor structure on SPAI specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPAI is inferred from ATM IV at 141.70% alone, with a market-implied 1-standard-deviation move of approximately 40.62% (roughly $1.72 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SPAI expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPAI should anchor to the underlying notional of $4.23 per share and to the trader's directional view on SPAI stock.
SPAI iron condor setup
The SPAI 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 SPAI near $4.23, the first option leg uses a $4.44 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPAI chain at a 18-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 SPAI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.44 | N/A |
| Buy 1 | Call | $4.65 | N/A |
| Sell 1 | Put | $4.02 | N/A |
| Buy 1 | Put | $3.81 | N/A |
SPAI 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.
SPAI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SPAI. 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 SPAI
Iron condors on SPAI are a delta-neutral premium-collection structure that profits if SPAI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SPAI thesis for this iron condor
The market-implied 1-standard-deviation range for SPAI extends from approximately $2.51 on the downside to $5.95 on the upside. A SPAI iron condor is a delta-neutral premium-collection structure that pays off when SPAI 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 Industrials name, SPAI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPAI-specific events.
SPAI 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. SPAI positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPAI alongside the broader basket even when SPAI-specific fundamentals are unchanged. Short-premium structures like a iron condor on SPAI carry tail risk when realized volatility exceeds the implied move; review historical SPAI earnings reactions and macro stress periods before sizing. Always rebuild the position from current SPAI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SPAI?
- A iron condor on SPAI is the iron condor strategy applied to SPAI (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 SPAI stock trading near $4.23, the strikes shown on this page are snapped to the nearest listed SPAI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SPAI 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 SPAI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 141.70%), 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 SPAI iron condor?
- The breakeven for the SPAI 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 SPAI market-implied 1-standard-deviation expected move is approximately 40.62%; 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 SPAI?
- Iron condors on SPAI are a delta-neutral premium-collection structure that profits if SPAI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SPAI implied volatility affect this iron condor?
- Current SPAI ATM IV is 141.70%; IV rank context is unavailable in the current snapshot.