WRAP Iron Condor Strategy
WRAP (Wrap Technologies, Inc.), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NASDAQ.
Wrap Technologies, Inc., a public safety technology and services company, develops policing solutions to law enforcement and security personnel. The company develops BolaWrap 150, a hand-held remote restraint device that discharges a Kevlar cord to restrain noncompliant individuals from a range of 10-25 feet. It operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company was founded in 2016 and is based in Tempe, Arizona.
WRAP (Wrap Technologies, Inc.) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $79.9M, a beta of 1.41 versus the broader market, a 52-week range of 1.2-3.23, average daily share volume of 313K, a public-listing history dating back to 2018, approximately 19 full-time employees. These structural characteristics shape how WRAP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.41 indicates WRAP 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 WRAP?
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 WRAP snapshot
As of May 15, 2026, spot at $1.48, ATM IV 124.90%, IV rank 31.59%, expected move 35.81%. The iron condor on WRAP 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 WRAP specifically: WRAP IV at 124.90% is mid-range versus its 1-year history, so the credit collected on a WRAP iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 35.81% (roughly $0.53 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 WRAP expiries trade a higher absolute premium for lower per-day decay. Position sizing on WRAP should anchor to the underlying notional of $1.48 per share and to the trader's directional view on WRAP stock.
WRAP iron condor setup
The WRAP 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 WRAP near $1.48, the first option leg uses a $1.55 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WRAP 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 WRAP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.55 | N/A |
| Buy 1 | Call | $1.63 | N/A |
| Sell 1 | Put | $1.41 | N/A |
| Buy 1 | Put | $1.33 | N/A |
WRAP 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.
WRAP iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WRAP. 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 WRAP
Iron condors on WRAP are a delta-neutral premium-collection structure that profits if WRAP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WRAP thesis for this iron condor
The market-implied 1-standard-deviation range for WRAP extends from approximately $0.95 on the downside to $2.01 on the upside. A WRAP iron condor is a delta-neutral premium-collection structure that pays off when WRAP 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 WRAP IV rank near 31.59% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on WRAP should anchor more to the directional view and the expected-move geometry. As a Technology name, WRAP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WRAP-specific events.
WRAP 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. WRAP positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WRAP alongside the broader basket even when WRAP-specific fundamentals are unchanged. Short-premium structures like a iron condor on WRAP carry tail risk when realized volatility exceeds the implied move; review historical WRAP earnings reactions and macro stress periods before sizing. Always rebuild the position from current WRAP chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WRAP?
- A iron condor on WRAP is the iron condor strategy applied to WRAP (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 WRAP stock trading near $1.48, the strikes shown on this page are snapped to the nearest listed WRAP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WRAP 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 WRAP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 124.90%), 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 WRAP iron condor?
- The breakeven for the WRAP 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 WRAP market-implied 1-standard-deviation expected move is approximately 35.81%; 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 WRAP?
- Iron condors on WRAP are a delta-neutral premium-collection structure that profits if WRAP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WRAP implied volatility affect this iron condor?
- WRAP ATM IV is at 124.90% with IV rank near 31.59%, 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.