IREN Short Put — Sep 18, 2026
Trade Setup
Current Stock Price
$146.50
Entry Price
$146.50
Target Price
$73.25
Stop Loss
$293.00
Expiration
Sep 18, 2026
Suggested Contracts
1
Strike Details
Sell 30P
Risk / Reward
Max Loss
$2853.50
Max Profit
$146.50
Analysis
IREN (IREN Limited - Ordinary Shares) presents a short put opportunity with moderately elevated implied volatility. IV Rank 43. This setup favors net premium sellers.
Sell the $30 put for $1.47 credit. Naked single-leg exposure; collect premium from time decay if IREN stays above the strike. Underlying ~$39.78, 39 DTE. Max profit $147 per contract, max loss $2854, 5.1% return on risk, 84% POP. Breakeven at $28.54.
Management: take profit at ~50% of max profit ($73). Cut at 2x credit ($293 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.
Setup Instructions
Underlying: IREN @ ~$39.78 Expiration: Sep 18, 2026 (39 DTE) Net credit (entry): ~$146.50 per spread Legs:
- Sell IREN Sep 18, 2026 $30 Put (delta -0.16, mid $1.47)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~3.4% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($73). Cut loss if position reaches 2x credit received ($293 loss). Roll if tested with > 14 DTE remaining.