BTSG Iron Condor Strategy
BTSG (BrightSpring Health Services, Inc. Common Stock), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.
BrightSpring Health Services, Inc. operates across the United States, offering a range of healthcare solutions directly within patients' homes and local communities. The company's extensive platform focuses on providing crucial pharmacy and medical provider services, including both clinical care and supportive assistance, to individuals covered by Medicare, Medicaid, and private insurance. Patients receive care from a dedicated team of clinical professionals and licensed pharmacists. Formerly known as Phoenix Parent Holdings Inc., the company officially adopted the name BrightSpring Health Services, Inc. in May 2021. Founded in 1974, its headquarters are located in Louisville, Kentucky.
BTSG (BrightSpring Health Services, Inc. Common Stock) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $11.71B, a trailing P/E of 41.82, a beta of 1.88 versus the broader market, a 52-week range of 22.155-73.75, average daily share volume of 3.4M, a public-listing history dating back to 2024, approximately 24K full-time employees. These structural characteristics shape how BTSG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.88 indicates BTSG 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 41.82 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a iron condor on BTSG?
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.
BTSG snapshot
As of August 14, 2026, spot at $61.46, ATM IV 42.10%, IV rank 28.89%, expected move 12.07%. The iron condor on BTSG below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on BTSG specifically: BTSG IV at 42.10% is on the cheap side of its 1-year range, which means a premium-selling BTSG iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.07% (roughly $7.42 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BTSG expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTSG should anchor to the underlying notional of $61.46 per share and to the trader's directional view on BTSG stock.
BTSG iron condor setup
The BTSG iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BTSG at $61.46 on that close, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTSG chain at a 35-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 BTSG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $65.00 | $1.85 |
| Buy 1 | Call | $70.00 | $1.00 |
| Sell 1 | Put | $60.00 | $2.40 |
| Buy 1 | Put | $55.00 | $0.90 |
BTSG iron condor risk and reward
- Net Premium / Debit
- +$235.00
- Max Profit (per contract)
- $235.00
- Max Loss (per contract)
- -$265.00
- Breakeven(s)
- $57.65, $67.35
- Risk / Reward Ratio
- 0.887
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.
BTSG iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BTSG. 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 | -100.0% | -$265.00 |
| $13.60 | -77.9% | -$265.00 |
| $27.19 | -55.8% | -$265.00 |
| $40.77 | -33.7% | -$265.00 |
| $54.36 | -11.5% | -$265.00 |
| $67.95 | +10.6% | -$60.02 |
| $81.54 | +32.7% | -$265.00 |
| $95.13 | +54.8% | -$265.00 |
| $108.71 | +76.9% | -$265.00 |
| $122.30 | +99.0% | -$265.00 |
When traders use iron condor on BTSG
Iron condors on BTSG are a delta-neutral premium-collection structure that profits if BTSG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BTSG thesis for this iron condor
The market-implied 1-standard-deviation range for BTSG extends from approximately $54.04 on the downside to $68.88 on the upside. A BTSG iron condor is a delta-neutral premium-collection structure that pays off when BTSG 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 BTSG IV rank near 28.89% 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 BTSG at 42.10%. As a Healthcare name, BTSG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTSG-specific events.
BTSG 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. BTSG positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTSG alongside the broader basket even when BTSG-specific fundamentals are unchanged. Short-premium structures like a iron condor on BTSG carry tail risk when realized volatility exceeds the implied move; review historical BTSG earnings reactions and macro stress periods before sizing. Always rebuild the position from current BTSG chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BTSG?
- A iron condor on BTSG is the iron condor strategy applied to BTSG (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 BTSG stock at $61.46 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BTSG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are BTSG 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 BTSG iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 42.10%), the computed maximum profit is $235.00 per contract and the computed maximum loss is -$265.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BTSG iron condor?
- The breakeven for the BTSG iron condor priced on this page is roughly $57.65 and $67.35 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BTSG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.07%; 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 BTSG?
- Iron condors on BTSG are a delta-neutral premium-collection structure that profits if BTSG stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BTSG implied volatility affect this iron condor?
- BTSG ATM IV is at 42.10% with IV rank near 28.89%, 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.