STKS Iron Condor Strategy
STKS (The ONE Group Hospitality, Inc.), in the Consumer Cyclical sector, (Restaurants industry), listed on NASDAQ.
The ONE Group Hospitality, Inc. is a global hospitality firm primarily involved in the development, ownership, operation, management, and licensing of restaurants and lounges. The company conducts its business through its distinct STK, Kona Grill, and ONE Hospitality segments. Beyond its own branded establishments, it provides comprehensive, turn-key food and beverage management and advisory solutions for diverse hospitality venues, including hotels, casinos, and other sites. These integrated services encompass the development, management, and operation of various outlets like restaurants, bars, rooftop spaces, pool areas, banqueting facilities, catering, private dining rooms, room service, and mini-bars. The company's main restaurant brands are STK and Kona Grill. As of December 31, 2021, The ONE Group's extensive portfolio included 60 owned, operated, managed, or licensed venues globally.
STKS (The ONE Group Hospitality, Inc.) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $56.5M, a beta of 1.34 versus the broader market, a 52-week range of 1.65-3.38, average daily share volume of 28K, a public-listing history dating back to 2014, approximately 10K full-time employees. These structural characteristics shape how STKS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.34 indicates STKS 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 STKS?
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.
STKS snapshot
As of August 14, 2026, spot at $1.85, ATM IV 262.90%, IV rank 54.34%, expected move 75.37%. The iron condor on STKS below is built from the 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 STKS specifically: STKS IV at 262.90% is mid-range versus its 1-year history, so the credit collected on a STKS iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 75.37% (roughly $1.39 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 STKS expiries trade a higher absolute premium for lower per-day decay. Position sizing on STKS should anchor to the underlying notional of $1.85 per share and to the trader's directional view on STKS stock.
STKS iron condor setup
The STKS 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 STKS at $1.85 on that close, the first option leg uses a $1.94 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed STKS 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 STKS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.94 | N/A |
| Buy 1 | Call | $2.04 | N/A |
| Sell 1 | Put | $1.76 | N/A |
| Buy 1 | Put | $1.67 | N/A |
STKS 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.
STKS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on STKS. 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 STKS
Iron condors on STKS are a delta-neutral premium-collection structure that profits if STKS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
STKS thesis for this iron condor
The market-implied 1-standard-deviation range for STKS extends from approximately $0.46 on the downside to $3.24 on the upside. A STKS iron condor is a delta-neutral premium-collection structure that pays off when STKS 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 STKS IV rank near 54.34% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on STKS should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, STKS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to STKS-specific events.
STKS 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. STKS positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move STKS alongside the broader basket even when STKS-specific fundamentals are unchanged. Short-premium structures like a iron condor on STKS carry tail risk when realized volatility exceeds the implied move; review historical STKS earnings reactions and macro stress periods before sizing. Always rebuild the position from current STKS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on STKS?
- A iron condor on STKS is the iron condor strategy applied to STKS (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 STKS stock at $1.85 on the most recent close, the strikes shown on this page are snapped to the nearest listed STKS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are STKS 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 STKS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 262.90%), 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 STKS iron condor?
- The breakeven for the STKS iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 STKS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 75.37%; 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 STKS?
- Iron condors on STKS are a delta-neutral premium-collection structure that profits if STKS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current STKS implied volatility affect this iron condor?
- STKS ATM IV is at 262.90% with IV rank near 54.34%, 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.