CBLL Iron Condor Strategy
CBLL (CeriBell, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
CeriBell, Inc. specializes in pioneering artificial intelligence (AI)-powered electroencephalography (EEG) solutions designed for the immediate diagnosis and treatment of neurological conditions directly at the patient's bedside. The company's primary offering is the Ceribell System, an innovative, on-site EEG platform engineered to fulfill crucial, previously unmet requirements for patients in urgent medical environments. Beyond the core system, CeriBell also provides single-use EEG headbands and compact, battery-powered recording devices. Originally established in 2014 as Brain Stethoscope, Inc., the company underwent a name change to CeriBell, Inc. in August 2015. Its headquarters are located in Sunnyvale, California.
CBLL (CeriBell, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $869.3M, a beta of 0.81 versus the broader market, a 52-week range of 10.85-24.33, average daily share volume of 329K, a public-listing history dating back to 2024, approximately 327 full-time employees. These structural characteristics shape how CBLL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.81 places CBLL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on CBLL?
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.
CBLL snapshot
As of August 14, 2026, spot at $23.43, ATM IV 76.00%, IV rank 14.62%, expected move 21.79%. The iron condor on CBLL below is built from the 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 CBLL specifically: CBLL IV at 76.00% is on the cheap side of its 1-year range, which means a premium-selling CBLL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.79% (roughly $5.11 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 CBLL expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBLL should anchor to the underlying notional of $23.43 per share and to the trader's directional view on CBLL stock.
CBLL iron condor setup
The CBLL 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 CBLL at $23.43 on that close, the first option leg uses a $24.60 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBLL 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 CBLL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $24.60 | N/A |
| Buy 1 | Call | $25.77 | N/A |
| Sell 1 | Put | $22.26 | N/A |
| Buy 1 | Put | $21.09 | N/A |
CBLL iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
CBLL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CBLL. 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.
When traders use iron condor on CBLL
Iron condors on CBLL are a delta-neutral premium-collection structure that profits if CBLL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CBLL thesis for this iron condor
The market-implied 1-standard-deviation range for CBLL extends from approximately $18.32 on the downside to $28.54 on the upside. A CBLL iron condor is a delta-neutral premium-collection structure that pays off when CBLL 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 CBLL IV rank near 14.62% 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 CBLL at 76.00%. As a Healthcare name, CBLL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBLL-specific events.
CBLL 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. CBLL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBLL alongside the broader basket even when CBLL-specific fundamentals are unchanged. Short-premium structures like a iron condor on CBLL carry tail risk when realized volatility exceeds the implied move; review historical CBLL earnings reactions and macro stress periods before sizing. Always rebuild the position from current CBLL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CBLL?
- A iron condor on CBLL is the iron condor strategy applied to CBLL (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 CBLL stock at $23.43 on the most recent close, the strikes shown on this page are snapped to the nearest listed CBLL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CBLL 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 CBLL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 76.00%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CBLL iron condor?
- The breakeven for the CBLL iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 CBLL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.79%; 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 CBLL?
- Iron condors on CBLL are a delta-neutral premium-collection structure that profits if CBLL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CBLL implied volatility affect this iron condor?
- CBLL ATM IV is at 76.00% with IV rank near 14.62%, 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.