DRAM Iron Condor — Aug 21, 2026

DRAM (Roundhill Memory ETF) presents a iron condor opportunity with very elevated implied volatility. IV Rank 85. This setup favors net premium sellers.

Sell the $45 put and the $60 call (both ~15-30 delta), each protected by a long wing. The position profits if DRAM closes between the breakevens at expiration. Underlying ~$50.37, 21 DTE. Max profit $203 per contract, max loss $298, 68.1% return on risk, 52% POP. Breakevens at $42.98 and $62.02.

Management: take profit at ~50% of max profit ($101). Cut at 2x credit ($405 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: DRAM @ ~$50.37 Expiration: Aug 21, 2026 (21 DTE) Net credit (entry): ~$202.50 per spread Legs:

• Sell DRAM Aug 21, 2026 $45 Put (delta -0.30, mid $2.48)
• Buy DRAM Aug 21, 2026 $40 Put (delta -0.16, mid $1.20)
• Sell DRAM Aug 21, 2026 $60 Call (delta 0.26, mid $1.80)
• Buy DRAM Aug 21, 2026 $65 Call (delta 0.17, mid $1.07)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~3.9% of mid) before sending.

Take profit at 50% of max profit ($101). Cut loss if position reaches 2x credit received ($405 loss). Roll if tested with > 14 DTE remaining.