Iron Condor on Electra Battery Materials (ELBM)
An iron condor on Electra Battery Materials (ELBM) is a neutral / range-bound options strategy, anchored to ELBM's real 0.4475 USD price as of 2026-10-26. See how it works, an illustrative strike setup, and max profit/loss/breakeven below — not a live option quote.
Last updated 2026-10-26 · Source: end-of-day close (real price); strikes illustrative, educational only — not a live option quote
How does an iron condor on ELBM work?
An iron condor on Electra Battery Materials sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if ELBM stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.4475 USD (as of 2026-10-26).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.4699 USD and buy call ~0.4923 USD (call spread) |
| Sell | put illustratively ~0.4251 USD and buy put ~0.4027 USD (put spread) |
Strikes are illustrative percentages of the real price, not live option quotes. Pick actual strikes and expiries from a broker's option chain.
Max profit, max loss and breakeven
| Max profit | the net credit received, kept in full if ELBM settles between ~0.4251 USD and ~0.4699 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.0224 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect ELBM to trade in a range with falling or stable volatility into expiry.
Risks: Losses occur on a large move beyond either short strike; defined-risk but the max loss can exceed the credit collected.
Related research pages
More on ELBM
Frequently asked questions
What is an iron condor on ELBM?
An iron condor on ELBM combines a short call spread above the market and a short put spread below it, collecting a net credit that's kept in full if price stays inside both spreads.
How do you set up an iron condor for ELBM?
Sell a call spread roughly 0.4699 USD-0.4923 USD and a put spread roughly 0.4027 USD-0.4251 USD, bracketing the current 0.4475 USD price. Real strikes and widths should come from the live option chain.
What is the max profit and loss?
Max profit is the credit collected if ELBM stays between the short strikes; max loss is the spread width minus that credit if price breaks out either side.
When should you use an iron condor on ELBM?
Best when you expect ELBM to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.