SRTA Iron Condor Strategy
SRTA (Strata Critical Medical, Inc.), in the Industrials sector, (Airlines, Airports & Air Services industry), listed on NASDAQ.
Strata Critical Medical, Inc. provides time critical logistics solutions and specialized medical services to healthcare providers across the United States. The company operates as both an air and ground transporter of human organs for transplant. The company was formerly known as Blade Air Mobility, Inc. and change its name to Strata Critical Medical, Inc. in August 2025. The company was founded in 2014 and is headquartered in New York, New York.
SRTA (Strata Critical Medical, Inc.) trades in the Industrials sector, specifically Airlines, Airports & Air Services, with a market capitalization of approximately $469.8M, a trailing P/E of 9.86, a beta of 2.15 versus the broader market, a 52-week range of 3.31-6.02, average daily share volume of 817K, a public-listing history dating back to 2019, approximately 310 full-time employees. These structural characteristics shape how SRTA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.15 indicates SRTA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 9.86 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 SRTA?
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 SRTA snapshot
As of May 15, 2026, spot at $5.25, ATM IV 69.50%, IV rank 36.06%, expected move 19.93%. The iron condor on SRTA 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 SRTA specifically: SRTA IV at 69.50% is mid-range versus its 1-year history, so the credit collected on a SRTA iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 19.93% (roughly $1.05 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 SRTA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SRTA should anchor to the underlying notional of $5.25 per share and to the trader's directional view on SRTA stock.
SRTA iron condor setup
The SRTA 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 SRTA near $5.25, the first option leg uses a $5.51 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SRTA 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 SRTA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.51 | N/A |
| Buy 1 | Call | $5.78 | N/A |
| Sell 1 | Put | $4.99 | N/A |
| Buy 1 | Put | $4.73 | N/A |
SRTA 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.
SRTA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SRTA. 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 SRTA
Iron condors on SRTA are a delta-neutral premium-collection structure that profits if SRTA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SRTA thesis for this iron condor
The market-implied 1-standard-deviation range for SRTA extends from approximately $4.20 on the downside to $6.30 on the upside. A SRTA iron condor is a delta-neutral premium-collection structure that pays off when SRTA 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 SRTA IV rank near 36.06% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on SRTA should anchor more to the directional view and the expected-move geometry. As a Industrials name, SRTA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SRTA-specific events.
SRTA 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. SRTA positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SRTA alongside the broader basket even when SRTA-specific fundamentals are unchanged. Short-premium structures like a iron condor on SRTA carry tail risk when realized volatility exceeds the implied move; review historical SRTA earnings reactions and macro stress periods before sizing. Always rebuild the position from current SRTA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SRTA?
- A iron condor on SRTA is the iron condor strategy applied to SRTA (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 SRTA stock trading near $5.25, the strikes shown on this page are snapped to the nearest listed SRTA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SRTA 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 SRTA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 69.50%), 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 SRTA iron condor?
- The breakeven for the SRTA 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 SRTA market-implied 1-standard-deviation expected move is approximately 19.93%; 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 SRTA?
- Iron condors on SRTA are a delta-neutral premium-collection structure that profits if SRTA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SRTA implied volatility affect this iron condor?
- SRTA ATM IV is at 69.50% with IV rank near 36.06%, 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.