Iron Condor on SUMA Acquisition Corporation Rights (SUMAR)
An iron condor on SUMA Acquisition Corporation Rights (SUMAR) is a neutral / range-bound options strategy, anchored to SUMAR's real 0.215 USD price as of 2026-10-22. See how it works, an illustrative strike setup, and max profit/loss/breakeven below — not a live option quote.
Last updated 2026-10-22 · Source: end-of-day close (real price); strikes illustrative, educational only — not a live option quote
How does an iron condor on SUMAR work?
An iron condor on SUMA Acquisition Corporation Rights sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if SUMAR stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.215 USD (as of 2026-10-22).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.2258 USD and buy call ~0.2365 USD (call spread) |
| Sell | put illustratively ~0.2042 USD and buy put ~0.1935 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 SUMAR settles between ~0.2042 USD and ~0.2258 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.0107 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect SUMAR 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 SUMAR
Frequently asked questions
What is an iron condor on SUMAR?
An iron condor on SUMAR 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 SUMAR?
Sell a call spread roughly 0.2258 USD-0.2365 USD and a put spread roughly 0.1935 USD-0.2042 USD, bracketing the current 0.215 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 SUMAR 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 SUMAR?
Best when you expect SUMAR to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.