WWR Iron Condor Strategy
WWR (Westwater Resources, Inc.), in the Basic Materials sector, (Industrial Materials industry), listed on AMEX.
Westwater Resources, Inc. operates as an energy materials developer. The company holds interests in Coosa graphite project covering an area of approximately 41,965 acres situated in Coosa County, Alabama. The company was formerly known as Uranium Resources, Inc. and changed its name to Westwater Resources, Inc. in August 2017. Westwater Resources, Inc. was incorporated in 1977 and is based in Centennial, Colorado.
WWR (Westwater Resources, Inc.) trades in the Basic Materials sector, specifically Industrial Materials, with a market capitalization of approximately $54.3M, a beta of 1.64 versus the broader market, a 52-week range of 0.45-3.75, average daily share volume of 984K, a public-listing history dating back to 1998, approximately 21 full-time employees. These structural characteristics shape how WWR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.64 indicates WWR 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 WWR?
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 WWR snapshot
As of May 15, 2026, spot at $0.60, ATM IV 242.60%, IV rank 58.24%, expected move 69.55%. The iron condor on WWR 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 WWR specifically: WWR IV at 242.60% is mid-range versus its 1-year history, so the credit collected on a WWR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 69.55% (roughly $0.42 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 WWR expiries trade a higher absolute premium for lower per-day decay. Position sizing on WWR should anchor to the underlying notional of $0.60 per share and to the trader's directional view on WWR stock.
WWR iron condor setup
The WWR 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 WWR near $0.60, the first option leg uses a $0.63 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WWR 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 WWR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $0.63 | N/A |
| Buy 1 | Call | $0.66 | N/A |
| Sell 1 | Put | $0.57 | N/A |
| Buy 1 | Put | $0.54 | N/A |
WWR 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.
WWR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WWR. 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 WWR
Iron condors on WWR are a delta-neutral premium-collection structure that profits if WWR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WWR thesis for this iron condor
The market-implied 1-standard-deviation range for WWR extends from approximately $0.18 on the downside to $1.02 on the upside. A WWR iron condor is a delta-neutral premium-collection structure that pays off when WWR 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 WWR IV rank near 58.24% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on WWR should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, WWR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WWR-specific events.
WWR 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. WWR positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WWR alongside the broader basket even when WWR-specific fundamentals are unchanged. Short-premium structures like a iron condor on WWR carry tail risk when realized volatility exceeds the implied move; review historical WWR earnings reactions and macro stress periods before sizing. Always rebuild the position from current WWR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WWR?
- A iron condor on WWR is the iron condor strategy applied to WWR (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 WWR stock trading near $0.60, the strikes shown on this page are snapped to the nearest listed WWR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WWR 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 WWR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 242.60%), 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 WWR iron condor?
- The breakeven for the WWR 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 WWR market-implied 1-standard-deviation expected move is approximately 69.55%; 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 WWR?
- Iron condors on WWR are a delta-neutral premium-collection structure that profits if WWR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WWR implied volatility affect this iron condor?
- WWR ATM IV is at 242.60% with IV rank near 58.24%, 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.