TTWO Iron Condor — Dec 18, 2026
Trade Setup
Current Stock Price
$430.00
Entry Price
$430.00
Target Price
$215.00
Stop Loss
$860.00
Expiration
Dec 18, 2026
Suggested Contracts
1
Strike Details
Sell 185P / Buy 175P / Sell 240C / Buy 250C
Risk / Reward
Max Loss
$570.00
Max Profit
$430.00
Analysis
TTWO (Take-Two Interactive Software, Inc. - Common Stock) presents a iron condor opportunity with very elevated implied volatility. IV Rank 88. IV 5657.0% trades 2758.0pp above 30-day HV (2899.0%). This setup favors net premium sellers.
Sell the $185 put and the $240 call (both ~15-30 delta), each protected by a long wing. The position profits if TTWO closes between the breakevens at expiration. Underlying ~$210.00, 53 DTE. Max profit $430 per contract, max loss $570, 75.4% return on risk, 54% POP. Breakevens at $180.70 and $244.30.
Management: take profit at ~50% of max profit ($215). Cut at 2x credit ($860 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: TTWO @ ~$210.00 Expiration: Dec 18, 2026 (53 DTE) Net credit (entry): ~$430.00 per spread Legs:
- Sell TTWO Dec 18, 2026 $185 Put (delta -0.28, mid $7.45)
- Buy TTWO Dec 18, 2026 $175 Put (delta -0.19, mid $4.60)
- Sell TTWO Dec 18, 2026 $240 Call (delta 0.25, mid $5.85)
- Buy TTWO Dec 18, 2026 $250 Call (delta 0.20, mid $4.40)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~5.9% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($215). Cut loss if position reaches 2x credit received ($860 loss). Roll if tested with > 14 DTE remaining.