TTEK Iron Condor Strategy
TTEK (Tetra Tech, Inc.), in the Industrials sector, (Engineering & Construction industry), listed on NASDAQ.
Tetra Tech, Inc. provides consulting and engineering services worldwide. The company operates through two segments Government Services Group (GSG) and Commercial/International Services Group (CIG). The GSG segment offers early data collection and monitoring, data analysis and information management, science and engineering applied research, engineering design, project management, and operations and maintenance services; and climate change and energy management consulting, as well as greenhouse gas inventory assessment, certification, reduction, and management services. This segment serves federal, state, and local governments, and development agencies in water resources analysis and water management, environmental monitoring, data analytics, government consulting, waste management, and a range of civil infrastructure master planning and engineering design markets. The CIG segment provides early data collection and monitoring, data analysis and information management, feasibility studies and assessments, science and engineering applied research, engineering design, project management, and operations and maintenance services. This segment serves natural resources, energy, and utilities markets, as well as sustainable infrastructure master planning and engineering design markets.
TTEK (Tetra Tech, Inc.) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $7.02B, a trailing P/E of 15.98, a beta of 1.00 versus the broader market, a 52-week range of 26.45-43.14, average daily share volume of 2.9M, a public-listing history dating back to 1991, approximately 30K full-time employees. These structural characteristics shape how TTEK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.00 places TTEK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. TTEK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on TTEK?
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 TTEK snapshot
As of May 15, 2026, spot at $26.12, ATM IV 44.40%, IV rank 6.17%, expected move 12.73%. The iron condor on TTEK 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 TTEK specifically: TTEK IV at 44.40% is on the cheap side of its 1-year range, which means a premium-selling TTEK iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.73% (roughly $3.32 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 TTEK expiries trade a higher absolute premium for lower per-day decay. Position sizing on TTEK should anchor to the underlying notional of $26.12 per share and to the trader's directional view on TTEK stock.
TTEK iron condor setup
The TTEK 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 TTEK near $26.12, the first option leg uses a $27.43 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TTEK 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 TTEK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $27.43 | N/A |
| Buy 1 | Call | $28.73 | N/A |
| Sell 1 | Put | $24.81 | N/A |
| Buy 1 | Put | $23.51 | N/A |
TTEK 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.
TTEK iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TTEK. 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 TTEK
Iron condors on TTEK are a delta-neutral premium-collection structure that profits if TTEK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TTEK thesis for this iron condor
The market-implied 1-standard-deviation range for TTEK extends from approximately $22.80 on the downside to $29.44 on the upside. A TTEK iron condor is a delta-neutral premium-collection structure that pays off when TTEK 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 TTEK IV rank near 6.17% 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 TTEK at 44.40%. As a Industrials name, TTEK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TTEK-specific events.
TTEK 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. TTEK positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TTEK alongside the broader basket even when TTEK-specific fundamentals are unchanged. Short-premium structures like a iron condor on TTEK carry tail risk when realized volatility exceeds the implied move; review historical TTEK earnings reactions and macro stress periods before sizing. Always rebuild the position from current TTEK chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TTEK?
- A iron condor on TTEK is the iron condor strategy applied to TTEK (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 TTEK stock trading near $26.12, the strikes shown on this page are snapped to the nearest listed TTEK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TTEK 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 TTEK iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 44.40%), 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 TTEK iron condor?
- The breakeven for the TTEK 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 TTEK market-implied 1-standard-deviation expected move is approximately 12.73%; 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 TTEK?
- Iron condors on TTEK are a delta-neutral premium-collection structure that profits if TTEK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TTEK implied volatility affect this iron condor?
- TTEK ATM IV is at 44.40% with IV rank near 6.17%, 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.