UCTT Iron Condor Strategy
UCTT (Ultra Clean Holdings, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.
Ultra Clean Holdings, Inc. specializes in providing essential subsystems, intricate components, precision parts, and rigorous ultra-high purity cleaning and sophisticated analytical verification services. The company primarily caters to the global semiconductor sector, operating across the U.S. and internationally. Their extensive product portfolio includes ultra-clean valves, high-purity and industrial process connectors, pneumatic actuators, manifolds, safety solutions, hoses, pressure gauges, and heaters for gas lines and components. They also supply specialized chemical delivery modules engineered to transport gases and reactive chemicals in liquid or gaseous forms from a central point to reaction chambers. Furthermore, they offer comprehensive gas delivery systems, encompassing weldments, filters, precise mass flow controllers, regulators, pressure transducers, various valves, component heaters, and integrated electronic or pneumatic control systems. Ultra Clean Holdings also provides a range of industrial and automation production machinery, alongside fluid delivery systems that incorporate multiple chemical delivery units, PFA tubing, filters, flow controllers, regulators, component heaters, and integrated electronic/pneumatic controls.
UCTT (Ultra Clean Holdings, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $5.33B, a beta of 1.95 versus the broader market, a 52-week range of 21.28-125, average daily share volume of 1.2M, a public-listing history dating back to 2004, approximately 7K full-time employees. These structural characteristics shape how UCTT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.95 indicates UCTT 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 UCTT?
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 UCTT snapshot
As of June 30, 2026, spot at $143.71, ATM IV 104.50%, IV rank 65.83%, expected move 29.96%. The iron condor on UCTT 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 UCTT specifically: UCTT IV at 104.50% is mid-range versus its 1-year history, so the credit collected on a UCTT iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 29.96% (roughly $43.05 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 UCTT expiries trade a higher absolute premium for lower per-day decay. Position sizing on UCTT should anchor to the underlying notional of $143.71 per share and to the trader's directional view on UCTT stock.
UCTT iron condor setup
The UCTT 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 UCTT near $143.71, the first option leg uses a $150.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UCTT 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 UCTT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $150.00 | $10.35 |
| Buy 1 | Call | $160.00 | $6.95 |
| Sell 1 | Put | $135.00 | $8.70 |
| Buy 1 | Put | $130.00 | $6.70 |
UCTT iron condor risk and reward
- Net Premium / Debit
- +$540.00
- Max Profit (per contract)
- $540.00
- Max Loss (per contract)
- -$460.00
- Breakeven(s)
- $155.40
- Risk / Reward Ratio
- 1.174
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.
UCTT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on UCTT. 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% | +$40.00 |
| $31.78 | -77.9% | +$40.00 |
| $63.56 | -55.8% | +$40.00 |
| $95.33 | -33.7% | +$40.00 |
| $127.11 | -11.6% | +$40.00 |
| $158.88 | +10.6% | -$347.98 |
| $190.65 | +32.7% | -$460.00 |
| $222.43 | +54.8% | -$460.00 |
| $254.20 | +76.9% | -$460.00 |
| $285.98 | +99.0% | -$460.00 |
When traders use iron condor on UCTT
Iron condors on UCTT are a delta-neutral premium-collection structure that profits if UCTT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
UCTT thesis for this iron condor
The market-implied 1-standard-deviation range for UCTT extends from approximately $100.66 on the downside to $186.76 on the upside. A UCTT iron condor is a delta-neutral premium-collection structure that pays off when UCTT 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 UCTT IV rank near 65.83% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on UCTT should anchor more to the directional view and the expected-move geometry. As a Technology name, UCTT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UCTT-specific events.
UCTT 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. UCTT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UCTT alongside the broader basket even when UCTT-specific fundamentals are unchanged. Short-premium structures like a iron condor on UCTT carry tail risk when realized volatility exceeds the implied move; review historical UCTT earnings reactions and macro stress periods before sizing. Always rebuild the position from current UCTT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on UCTT?
- A iron condor on UCTT is the iron condor strategy applied to UCTT (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 UCTT stock trading near $143.71, the strikes shown on this page are snapped to the nearest listed UCTT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UCTT 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 UCTT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 104.50%), the computed maximum profit is $540.00 per contract and the computed maximum loss is -$460.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UCTT iron condor?
- The breakeven for the UCTT iron condor priced on this page is roughly $155.40 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 UCTT market-implied 1-standard-deviation expected move is approximately 29.96%; 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 UCTT?
- Iron condors on UCTT are a delta-neutral premium-collection structure that profits if UCTT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current UCTT implied volatility affect this iron condor?
- UCTT ATM IV is at 104.50% with IV rank near 65.83%, 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.