WRAP Iron Condor Strategy
WRAP (Wrap Technologies, Inc.), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NASDAQ.
Wrap Technologies, Inc. is an enterprise dedicated to public safety technology and services, engineering advanced solutions for security personnel and law enforcement agencies. Its flagship offering is the BolaWrap 150, a portable, remote restraint tool designed to de-escalate situations. This innovative device propels a Kevlar cord, enabling officers to safely manage uncooperative individuals from distances ranging between 10 and 25 feet. Established in 2016 and based in Tempe, Arizona, Wrap Technologies maintains a broad international footprint, serving markets across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region.
WRAP (Wrap Technologies, Inc.) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $96.4M, a beta of 1.33 versus the broader market, a 52-week range of 1.04-3.23, average daily share volume of 1.3M, a public-listing history dating back to 2018, approximately 25 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 1.33 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.
WRAP snapshot
As of August 14, 2026, spot at $1.88, ATM IV 104.50%, IV rank 25.39%, expected move 29.96%. The iron condor on WRAP below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on WRAP specifically: WRAP IV at 104.50% is on the cheap side of its 1-year range, which means a premium-selling WRAP iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 29.96% (roughly $0.56 on the underlying). The 35-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 $1.88 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 at $1.88 on that close, the first option leg uses a $1.97 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 35-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 | $1.97 | N/A |
| Buy 1 | Call | $2.07 | N/A |
| Sell 1 | Put | $1.79 | N/A |
| Buy 1 | Put | $1.69 | 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 $1.32 on the downside to $2.44 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 25.39% 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 WRAP at 104.50%. 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 at $1.88 on the most recent close, the strikes shown on this page are snapped to the nearest listed WRAP chain strike and the premiums come straight from that session's 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 104.50%), 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 the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The WRAP market-implied 1-standard-deviation expected move in the same options snapshot 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 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 104.50% with IV rank near 25.39%, 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.