Iron Condor on SOS (SOS)
An iron condor on SOS (SOS) is a neutral / range-bound options strategy, anchored to SOS's real 0.764 USD price as of 2026-09-11. See how it works, an illustrative strike setup, and max profit/loss/breakeven below — not a live option quote.
Last updated 2026-09-11 · Source: FMP end-of-day close (real price); strikes illustrative, educational only — not a live option quote
How does an iron condor on SOS work?
An iron condor on SOS sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if SOS stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.764 USD (as of 2026-09-11).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.8022 USD and buy call ~0.8404 USD (call spread) |
| Sell | put illustratively ~0.7258 USD and buy put ~0.6876 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 SOS settles between ~0.7258 USD and ~0.8022 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.0382 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect SOS 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
Frequently asked questions
What is an iron condor on SOS?
An iron condor on SOS 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 SOS?
Sell a call spread roughly 0.8022 USD-0.8404 USD and a put spread roughly 0.6876 USD-0.7258 USD, bracketing the current 0.764 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 SOS 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 SOS?
Best when you expect SOS to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.