How are AUPH iron condor max profit and max loss calculated?

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the AUPH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 43.80%), the computed maximum profit is $84.50 per contract and the computed maximum loss is -$15.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AUPH iron condor?

The breakeven for the AUPH iron condor priced on this page is roughly $14.16 and $16.85 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AUPH market-implied 1-standard-deviation expected move is approximately 12.56%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AUPH implied volatility affect this iron condor?

AUPH ATM IV is at 43.80% with IV rank near 14.38%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

AUPH Iron Condor Strategy

AUPH (Aurinia Pharmaceuticals Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Aurinia Pharmaceuticals Inc., a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies to treat various diseases with unmet medical need in the United States and internationally. The company offers LUPKYNIS for the treatment of adult patients with active lupus nephritis. It has a collaboration and license agreement with Otsuka Pharmaceutical Co., Ltd. The company is headquartered in Victoria, Canada.

AUPH (Aurinia Pharmaceuticals Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.06B, a trailing P/E of 7.12, a beta of 1.45 versus the broader market, a 52-week range of 7.285-16.88, average daily share volume of 1.2M, a public-listing history dating back to 2014, approximately 130 full-time employees. These structural characteristics shape how AUPH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.45 indicates AUPH has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 7.12 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.

What is a iron condor on AUPH?

An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.

Current AUPH snapshot

As of May 15, 2026, spot at $15.28, ATM IV 43.80%, IV rank 14.38%, expected move 12.56%. The iron condor on AUPH below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.

Why this iron condor structure on AUPH specifically: AUPH IV at 43.80% is on the cheap side of its 1-year range, which means a premium-selling AUPH iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.56% (roughly $1.92 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AUPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on AUPH should anchor to the underlying notional of $15.28 per share and to the trader's directional view on AUPH stock.

AUPH iron condor setup

The AUPH iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AUPH near $15.28, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AUPH chain at a 63-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 AUPH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$16.00	$1.13
Buy 1	Call	$17.00	$0.63
Sell 1	Put	$15.00	$0.93
Buy 1	Put	$14.00	$0.58

AUPH iron condor risk and reward

Net Premium / Debit: +$84.50
Max Profit (per contract): $84.50
Max Loss (per contract): -$15.50
Breakeven(s): $14.16, $16.85
Risk / Reward Ratio: 5.452

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.

AUPH iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on AUPH. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$15.50
$3.39	-77.8%	-$15.50
$6.76	-55.7%	-$15.50
$10.14	-33.6%	-$15.50
$13.52	-11.5%	-$15.50
$16.90	+10.6%	-$5.19
$20.27	+32.7%	-$15.50
$23.65	+54.8%	-$15.50
$27.03	+76.9%	-$15.50
$30.41	+99.0%	-$15.50

When traders use iron condor on AUPH

Iron condors on AUPH are a delta-neutral premium-collection structure that profits if AUPH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

AUPH thesis for this iron condor

The market-implied 1-standard-deviation range for AUPH extends from approximately $13.36 on the downside to $17.20 on the upside. A AUPH iron condor is a delta-neutral premium-collection structure that pays off when AUPH stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current AUPH IV rank near 14.38% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on AUPH at 43.80%. As a Healthcare name, AUPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AUPH-specific events.

AUPH iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. AUPH positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AUPH alongside the broader basket even when AUPH-specific fundamentals are unchanged. Short-premium structures like a iron condor on AUPH carry tail risk when realized volatility exceeds the implied move; review historical AUPH earnings reactions and macro stress periods before sizing. Always rebuild the position from current AUPH chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on AUPH?: A iron condor on AUPH is the iron condor strategy applied to AUPH (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With AUPH stock trading near $15.28, the strikes shown on this page are snapped to the nearest listed AUPH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are AUPH iron condor max profit and max loss calculated?: Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the AUPH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 43.80%), the computed maximum profit is $84.50 per contract and the computed maximum loss is -$15.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AUPH iron condor?: The breakeven for the AUPH iron condor priced on this page is roughly $14.16 and $16.85 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AUPH market-implied 1-standard-deviation expected move is approximately 12.56%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a iron condor on AUPH?: Iron condors on AUPH are a delta-neutral premium-collection structure that profits if AUPH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current AUPH implied volatility affect this iron condor?: AUPH ATM IV is at 43.80% with IV rank near 14.38%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.