TLS Iron Condor Strategy
TLS (Telos Corporation), in the Technology sector, (Information Technology Services industry), listed on NASDAQ.
Telos Corporation, together with its subsidiaries, provides information technology (IT) solutions and services worldwide. It provides Xacta, a premier platform for enterprise cyber risk management and security compliance automation solutions to large commercial and government enterprises; and Telos Ghost, a solution to eliminate cyber-attack surfaces by obfuscating and encrypting data, masking user identity and location, and hiding network resources, as well as provides security and privacy for intelligence gathering, cyber threat protection, securing critical infrastructure, and protecting communications and applications. The company also offers Telos Automated Message Handling System, a web-based organizational message distribution and management platform for mission-critical communications used by military field operatives; and Telos ID that provides identity trust and digital services through IDTrust360, an enterprise-class digital identity risk platform for extending cloud identity services for mobile and enterprise and custom digital identity services that reduces threats through the integration of advanced technologies that fuse biometrics, credentials, and other identity-centric data used for continuously monitor trust. In addition, it provides secure network services, including secure mobility solutions for business and government that enable remote work and minimize operational and security concern across and beyond the enterprises; and network management and defense services for operating, administrating, and defending complex enterprise networks and defensive cyber operations. It serves to the United States federal government, large commercial businesses, state and local governments, and international customers. The company was founded in 1968 and is headquartered in Ashburn, Virginia.
TLS (Telos Corporation) trades in the Technology sector, specifically Information Technology Services, with a market capitalization of approximately $312.7M, a beta of 0.94 versus the broader market, a 52-week range of 2.37-8.36, average daily share volume of 755K, a public-listing history dating back to 2020, approximately 504 full-time employees. These structural characteristics shape how TLS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.94 places TLS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on TLS?
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 TLS snapshot
As of May 15, 2026, spot at $4.21, ATM IV 68.70%, IV rank 10.53%, expected move 19.70%. The iron condor on TLS 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 TLS specifically: TLS IV at 68.70% is on the cheap side of its 1-year range, which means a premium-selling TLS iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 19.70% (roughly $0.83 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 TLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on TLS should anchor to the underlying notional of $4.21 per share and to the trader's directional view on TLS stock.
TLS iron condor setup
The TLS 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 TLS near $4.21, the first option leg uses a $4.42 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TLS 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 TLS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.42 | N/A |
| Buy 1 | Call | $4.63 | N/A |
| Sell 1 | Put | $4.00 | N/A |
| Buy 1 | Put | $3.79 | N/A |
TLS 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.
TLS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TLS. 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 TLS
Iron condors on TLS are a delta-neutral premium-collection structure that profits if TLS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TLS thesis for this iron condor
The market-implied 1-standard-deviation range for TLS extends from approximately $3.38 on the downside to $5.04 on the upside. A TLS iron condor is a delta-neutral premium-collection structure that pays off when TLS 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 TLS IV rank near 10.53% 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 TLS at 68.70%. As a Technology name, TLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TLS-specific events.
TLS 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. TLS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TLS alongside the broader basket even when TLS-specific fundamentals are unchanged. Short-premium structures like a iron condor on TLS carry tail risk when realized volatility exceeds the implied move; review historical TLS earnings reactions and macro stress periods before sizing. Always rebuild the position from current TLS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TLS?
- A iron condor on TLS is the iron condor strategy applied to TLS (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 TLS stock trading near $4.21, the strikes shown on this page are snapped to the nearest listed TLS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TLS 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 TLS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 68.70%), 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 TLS iron condor?
- The breakeven for the TLS 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 TLS market-implied 1-standard-deviation expected move is approximately 19.70%; 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 TLS?
- Iron condors on TLS are a delta-neutral premium-collection structure that profits if TLS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TLS implied volatility affect this iron condor?
- TLS ATM IV is at 68.70% with IV rank near 10.53%, 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.