SPCM Iron Condor Strategy
SPCM (Tradr 2X Long SpaceX Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The Tradr 2X Long SpaceX Daily ETF seeks daily investment results, before fees and expenses, that correspond to two times (200%) the daily performance of the common shares of Space Exploration Technologies Corp.
SPCM (Tradr 2X Long SpaceX Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $16.3M, a trailing P/E of 10.81, a beta of 0.00 versus the broader market, a 52-week range of 9.04-46.71, average daily share volume of 1.0M, a public-listing history dating back to 2026. These structural characteristics shape how SPCM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates SPCM has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 10.81 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a iron condor on SPCM?
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.
SPCM snapshot
As of August 14, 2026, spot at $15.39, ATM IV 129.60%, expected move 37.16%. The iron condor on SPCM below is built from the August 14, 2026 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 SPCM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPCM is inferred from ATM IV at 129.60% alone, with a market-implied 1-standard-deviation move of approximately 37.16% (roughly $5.72 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 SPCM expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPCM should anchor to the underlying notional of $15.39 per share and to the trader's directional view on SPCM stock.
SPCM iron condor setup
The SPCM iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SPCM at $15.39 on that close, 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 SPCM 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 SPCM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $16.00 | $2.15 |
| Buy 1 | Call | $17.00 | $1.75 |
| Sell 1 | Put | $15.00 | $2.30 |
| Buy 1 | Put | $14.00 | $1.78 |
SPCM iron condor risk and reward
- Net Premium / Debit
- +$92.50
- Max Profit (per contract)
- $92.50
- Max Loss (per contract)
- -$7.50
- Breakeven(s)
- $14.07, $16.93
- Risk / Reward Ratio
- 12.333
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.
SPCM iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SPCM. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$7.50 |
| $3.41 | -77.8% | -$7.50 |
| $6.81 | -55.7% | -$7.50 |
| $10.22 | -33.6% | -$7.50 |
| $13.62 | -11.5% | -$7.50 |
| $17.02 | +10.6% | -$7.50 |
| $20.42 | +32.7% | -$7.50 |
| $23.82 | +54.8% | -$7.50 |
| $27.22 | +76.9% | -$7.50 |
| $30.63 | +99.0% | -$7.50 |
When traders use iron condor on SPCM
Iron condors on SPCM are a delta-neutral premium-collection structure that profits if SPCM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SPCM thesis for this iron condor
The market-implied 1-standard-deviation range for SPCM extends from approximately $9.67 on the downside to $21.11 on the upside. A SPCM iron condor is a delta-neutral premium-collection structure that pays off when SPCM 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 Financial Services name, SPCM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPCM-specific events.
SPCM 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. SPCM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPCM alongside the broader basket even when SPCM-specific fundamentals are unchanged. Short-premium structures like a iron condor on SPCM carry tail risk when realized volatility exceeds the implied move; review historical SPCM earnings reactions and macro stress periods before sizing. Always rebuild the position from current SPCM chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SPCM?
- A iron condor on SPCM is the iron condor strategy applied to SPCM (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 SPCM stock at $15.39 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPCM chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SPCM 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 SPCM iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 129.60%), the computed maximum profit is $92.50 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SPCM iron condor?
- The breakeven for the SPCM iron condor priced on this page is roughly $14.07 and $16.93 at expiration, derived from the August 14, 2026 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 SPCM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.16%; 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 SPCM?
- Iron condors on SPCM are a delta-neutral premium-collection structure that profits if SPCM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SPCM implied volatility affect this iron condor?
- Current SPCM ATM IV is 129.60%; IV rank context is unavailable in the current snapshot.