SURG Iron Condor Strategy
SURG (SurgePays, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
SurgePays, Inc., a financial technology and telecommunications company, provides services to the underbanked community in the United States. Its blockchain platform utilizes a suite of financial and prepaid products to convert corner stores and bodegas into tech-hubs for underbanked neighborhoods. The company offers voice and SMS text messaging services to subsidized and direct retail prepaid customers, as well as to low-income consumers. It also offers subsidized mobile broadband services to consumers in California, Colorado, Florida, Illinois, Maryland, Mississippi, Missouri, Nevada, New Jersey, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas, as well as prepaid wireless plans. In addition, the company provides marketing business intelligence, plaintiff generation, and case load management solutions primarily to law firms in the mass tort industry. Further, it operates a bilingual operations center offering the Company with sales support, customer service, IT infrastructure design, graphic media, database programming, software development, revenue assurance, lead generation, and other various operational support services.
SURG (SurgePays, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $12.0M, a beta of 0.20 versus the broader market, a 52-week range of 0.46-3.45, average daily share volume of 349K, a public-listing history dating back to 2018, approximately 130 full-time employees. These structural characteristics shape how SURG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.20 indicates SURG 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 SURG?
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 SURG snapshot
As of May 15, 2026, spot at $0.52, ATM IV 26.90%, IV rank 2.56%, expected move 7.71%. The iron condor on SURG 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 SURG specifically: SURG IV at 26.90% is on the cheap side of its 1-year range, which means a premium-selling SURG iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.71% (roughly $0.04 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 SURG expiries trade a higher absolute premium for lower per-day decay. Position sizing on SURG should anchor to the underlying notional of $0.52 per share and to the trader's directional view on SURG stock.
SURG iron condor setup
The SURG 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 SURG near $0.52, the first option leg uses a $0.55 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SURG 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 SURG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $0.55 | N/A |
| Buy 1 | Call | $0.57 | N/A |
| Sell 1 | Put | $0.49 | N/A |
| Buy 1 | Put | $0.47 | N/A |
SURG 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.
SURG iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SURG. 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 SURG
Iron condors on SURG are a delta-neutral premium-collection structure that profits if SURG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SURG thesis for this iron condor
The market-implied 1-standard-deviation range for SURG extends from approximately $0.48 on the downside to $0.56 on the upside. A SURG iron condor is a delta-neutral premium-collection structure that pays off when SURG 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 SURG IV rank near 2.56% 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 SURG at 26.90%. As a Technology name, SURG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SURG-specific events.
SURG 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. SURG positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SURG alongside the broader basket even when SURG-specific fundamentals are unchanged. Short-premium structures like a iron condor on SURG carry tail risk when realized volatility exceeds the implied move; review historical SURG earnings reactions and macro stress periods before sizing. Always rebuild the position from current SURG chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SURG?
- A iron condor on SURG is the iron condor strategy applied to SURG (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 SURG stock trading near $0.52, the strikes shown on this page are snapped to the nearest listed SURG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SURG 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 SURG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 26.90%), 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 SURG iron condor?
- The breakeven for the SURG 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 SURG market-implied 1-standard-deviation expected move is approximately 7.71%; 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 SURG?
- Iron condors on SURG are a delta-neutral premium-collection structure that profits if SURG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SURG implied volatility affect this iron condor?
- SURG ATM IV is at 26.90% with IV rank near 2.56%, 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.