TOPW Iron Condor Strategy
TOPW (Roundhill Investments - Top WeeklyPay ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
Top Win International Limited, based in Wan Chai, Hong Kong, primarily engages in the distribution, trade, and retail of luxury timepieces throughout the region. Established in 2001, the company's offerings also include leather goods and various accessories. Its clientele consists of business-to-business (B2B) customers, such as wholesale distributors, independent watch dealers, and various retail sellers. The firm operates as a subsidiary of Pride River Limited.
TOPW (Roundhill Investments - Top WeeklyPay ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $811.1M, a beta of 1.70 versus the broader market, a 52-week range of 31.88-56.5, average daily share volume of 79K, a public-listing history dating back to 2025, approximately 7 full-time employees. These structural characteristics shape how TOPW stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.70 indicates TOPW has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TOPW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on TOPW?
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 TOPW snapshot
As of June 30, 2026, spot at $33.70, ATM IV 16.80%, expected move 4.82%. The iron condor on TOPW 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 17-day expiry.
Why this iron condor structure on TOPW specifically: IV rank is unavailable in the current snapshot, so regime-based timing for TOPW is inferred from ATM IV at 16.80% alone, with a market-implied 1-standard-deviation move of approximately 4.82% (roughly $1.62 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TOPW expiries trade a higher absolute premium for lower per-day decay. Position sizing on TOPW should anchor to the underlying notional of $33.70 per share and to the trader's directional view on TOPW stock.
TOPW iron condor setup
The TOPW 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 TOPW near $33.70, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TOPW chain at a 17-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 TOPW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $35.00 | $0.49 |
| Buy 1 | Call | $37.00 | $0.13 |
| Sell 1 | Put | $32.00 | $0.48 |
| Buy 1 | Put | $30.00 | $0.11 |
TOPW iron condor risk and reward
- Net Premium / Debit
- +$72.50
- Max Profit (per contract)
- $72.50
- Max Loss (per contract)
- -$127.50
- Breakeven(s)
- $31.28, $35.73
- Risk / Reward Ratio
- 0.569
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.
TOPW iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TOPW. 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 | -100.0% | -$127.50 |
| $7.46 | -77.9% | -$127.50 |
| $14.91 | -55.8% | -$127.50 |
| $22.36 | -33.6% | -$127.50 |
| $29.81 | -11.5% | -$127.50 |
| $37.26 | +10.6% | -$127.50 |
| $44.71 | +32.7% | -$127.50 |
| $52.16 | +54.8% | -$127.50 |
| $59.61 | +76.9% | -$127.50 |
| $67.06 | +99.0% | -$127.50 |
When traders use iron condor on TOPW
Iron condors on TOPW are a delta-neutral premium-collection structure that profits if TOPW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TOPW thesis for this iron condor
The market-implied 1-standard-deviation range for TOPW extends from approximately $32.08 on the downside to $35.32 on the upside. A TOPW iron condor is a delta-neutral premium-collection structure that pays off when TOPW 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, TOPW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TOPW-specific events.
TOPW 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. TOPW positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TOPW alongside the broader basket even when TOPW-specific fundamentals are unchanged. Short-premium structures like a iron condor on TOPW carry tail risk when realized volatility exceeds the implied move; review historical TOPW earnings reactions and macro stress periods before sizing. Always rebuild the position from current TOPW chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TOPW?
- A iron condor on TOPW is the iron condor strategy applied to TOPW (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 TOPW stock trading near $33.70, the strikes shown on this page are snapped to the nearest listed TOPW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TOPW 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 TOPW iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 16.80%), the computed maximum profit is $72.50 per contract and the computed maximum loss is -$127.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TOPW iron condor?
- The breakeven for the TOPW iron condor priced on this page is roughly $31.28 and $35.73 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 TOPW market-implied 1-standard-deviation expected move is approximately 4.82%; 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 TOPW?
- Iron condors on TOPW are a delta-neutral premium-collection structure that profits if TOPW stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TOPW implied volatility affect this iron condor?
- Current TOPW ATM IV is 16.80%; IV rank context is unavailable in the current snapshot.