VERX Iron Condor Strategy
VERX (Vertex, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Vertex, Inc. provides tax technology solutions for corporations in retail, communication, leasing, and manufacturing industries in the United States and internationally. It offers tax determination, compliance and reporting, tax data management, document management, pre-built integration, and industry-specific solutions. The company sells its software products through software license and software as a service subscriptions. It also provides implementation and training services in connection with its software license and cloud subscriptions, transaction tax returns outsourcing, and other tax-related services. Vertex, Inc. was founded in 1978 and is headquartered in King of Prussia, Pennsylvania.
VERX (Vertex, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $2.06B, a beta of 0.80 versus the broader market, a 52-week range of 10.59-42.44, average daily share volume of 1.8M, a public-listing history dating back to 2020, approximately 2K full-time employees. These structural characteristics shape how VERX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.80 places VERX 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 VERX?
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 VERX snapshot
As of May 15, 2026, spot at $12.90, ATM IV 66.50%, IV rank 31.02%, expected move 19.06%. The iron condor on VERX 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 VERX specifically: VERX IV at 66.50% is mid-range versus its 1-year history, so the credit collected on a VERX iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 19.06% (roughly $2.46 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 VERX expiries trade a higher absolute premium for lower per-day decay. Position sizing on VERX should anchor to the underlying notional of $12.90 per share and to the trader's directional view on VERX stock.
VERX iron condor setup
The VERX 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 VERX near $12.90, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VERX 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 VERX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $14.00 | $0.65 |
| Buy 1 | Call | $14.00 | $0.65 |
| Sell 1 | Put | $12.00 | $0.60 |
| Buy 1 | Put | $12.00 | $0.60 |
VERX iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
VERX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on VERX. 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 | -99.9% | $0.00 |
| $2.86 | -77.8% | $0.00 |
| $5.71 | -55.7% | $0.00 |
| $8.56 | -33.6% | $0.00 |
| $11.41 | -11.5% | $0.00 |
| $14.27 | +10.6% | $0.00 |
| $17.12 | +32.7% | $0.00 |
| $19.97 | +54.8% | $0.00 |
| $22.82 | +76.9% | $0.00 |
| $25.67 | +99.0% | $0.00 |
When traders use iron condor on VERX
Iron condors on VERX are a delta-neutral premium-collection structure that profits if VERX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
VERX thesis for this iron condor
The market-implied 1-standard-deviation range for VERX extends from approximately $10.44 on the downside to $15.36 on the upside. A VERX iron condor is a delta-neutral premium-collection structure that pays off when VERX 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 VERX IV rank near 31.02% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on VERX should anchor more to the directional view and the expected-move geometry. As a Technology name, VERX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VERX-specific events.
VERX 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. VERX positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VERX alongside the broader basket even when VERX-specific fundamentals are unchanged. Short-premium structures like a iron condor on VERX carry tail risk when realized volatility exceeds the implied move; review historical VERX earnings reactions and macro stress periods before sizing. Always rebuild the position from current VERX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on VERX?
- A iron condor on VERX is the iron condor strategy applied to VERX (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 VERX stock trading near $12.90, the strikes shown on this page are snapped to the nearest listed VERX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VERX 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 VERX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 66.50%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a VERX iron condor?
- The breakeven for the VERX 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 VERX market-implied 1-standard-deviation expected move is approximately 19.06%; 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 VERX?
- Iron condors on VERX are a delta-neutral premium-collection structure that profits if VERX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current VERX implied volatility affect this iron condor?
- VERX ATM IV is at 66.50% with IV rank near 31.02%, 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.