VTOL Iron Condor Strategy
VTOL (Bristow Group Inc.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
Bristow Group Inc. provides aviation services to integrated, national, and independent offshore energy companies in the United States. It also offers commercial search and rescue services; and other helicopter and fixed wing transportation services. As of March 31, 2022, the company had a fleet of 229 aircrafts, of which 213 were helicopters. It also has operations in Australia, Brazil, Canada, Chile, the Dutch Caribbean, Guyana, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, and the United Kingdom. The company was founded 1948 and is headquartered in Houston, Texas.
VTOL (Bristow Group Inc.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $1.25B, a trailing P/E of 10.73, a beta of 1.30 versus the broader market, a 52-week range of 28.03-50.38, average daily share volume of 227K, a public-listing history dating back to 2013, approximately 3K full-time employees. These structural characteristics shape how VTOL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.30 places VTOL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 10.73 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. VTOL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on VTOL?
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 VTOL snapshot
As of May 15, 2026, spot at $42.25, ATM IV 149.40%, IV rank 47.98%, expected move 42.83%. The iron condor on VTOL 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 VTOL specifically: VTOL IV at 149.40% is mid-range versus its 1-year history, so the credit collected on a VTOL iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 42.83% (roughly $18.10 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 VTOL expiries trade a higher absolute premium for lower per-day decay. Position sizing on VTOL should anchor to the underlying notional of $42.25 per share and to the trader's directional view on VTOL stock.
VTOL iron condor setup
The VTOL 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 VTOL near $42.25, the first option leg uses a $44.36 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VTOL 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 VTOL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $44.36 | N/A |
| Buy 1 | Call | $46.48 | N/A |
| Sell 1 | Put | $40.14 | N/A |
| Buy 1 | Put | $38.03 | N/A |
VTOL 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.
VTOL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on VTOL. 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 VTOL
Iron condors on VTOL are a delta-neutral premium-collection structure that profits if VTOL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
VTOL thesis for this iron condor
The market-implied 1-standard-deviation range for VTOL extends from approximately $24.15 on the downside to $60.35 on the upside. A VTOL iron condor is a delta-neutral premium-collection structure that pays off when VTOL 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 VTOL IV rank near 47.98% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on VTOL should anchor more to the directional view and the expected-move geometry. As a Energy name, VTOL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VTOL-specific events.
VTOL 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. VTOL positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VTOL alongside the broader basket even when VTOL-specific fundamentals are unchanged. Short-premium structures like a iron condor on VTOL carry tail risk when realized volatility exceeds the implied move; review historical VTOL earnings reactions and macro stress periods before sizing. Always rebuild the position from current VTOL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on VTOL?
- A iron condor on VTOL is the iron condor strategy applied to VTOL (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 VTOL stock trading near $42.25, the strikes shown on this page are snapped to the nearest listed VTOL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VTOL 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 VTOL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 149.40%), 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 VTOL iron condor?
- The breakeven for the VTOL 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 VTOL market-implied 1-standard-deviation expected move is approximately 42.83%; 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 VTOL?
- Iron condors on VTOL are a delta-neutral premium-collection structure that profits if VTOL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current VTOL implied volatility affect this iron condor?
- VTOL ATM IV is at 149.40% with IV rank near 47.98%, 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.