CNMD Iron Condor Strategy
CNMD (CONMED Corporation), in the Healthcare sector, (Medical - Devices industry), listed on NYSE.
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. It offers orthopedic surgery products, including TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and PopLok Knotless Suture Anchors, which provide unique clinical solutions to orthopedic surgeons for the repair of soft tissue injuries, as well as supporting products that enable surgeons to perform minimally invasive sports medicine surgeries. The company markets orthopedic surgery products under the Hall, CONMED Linvatec, Concept, and Shutt brands. It also offers general surgery products, such as clinical insufflation, smoke evacuation, electrosurgical, and endomechanical products; and endoscopic technologies, including diagnostic and therapeutic products for use in gastroenterology procedures, and products for the treatment of diseases of the biliary structures, as well as cardiac monitoring products comprising ECG and EEG electrodes, and cardiac defibrillation pads. The company markets its products directly to hospitals, surgery centers, and other healthcare institutions, as well as through medical specialty distributors. CONMED Corporation was incorporated in 1970 and is headquartered in Largo, Florida.
CNMD (CONMED Corporation) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $1.07B, a trailing P/E of 19.83, a beta of 0.94 versus the broader market, a 52-week range of 33.21-60.8, average daily share volume of 450K, a public-listing history dating back to 1987, approximately 4K full-time employees. These structural characteristics shape how CNMD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.94 places CNMD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CNMD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CNMD?
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 CNMD snapshot
As of May 15, 2026, spot at $35.54, ATM IV 55.20%, IV rank 49.83%, expected move 15.83%. The iron condor on CNMD 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 34-day expiry.
Why this iron condor structure on CNMD specifically: CNMD IV at 55.20% is mid-range versus its 1-year history, so the credit collected on a CNMD iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.83% (roughly $5.62 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CNMD expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNMD should anchor to the underlying notional of $35.54 per share and to the trader's directional view on CNMD stock.
CNMD iron condor setup
The CNMD 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 CNMD near $35.54, the first option leg uses a $37.32 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNMD chain at a 34-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 CNMD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $37.32 | N/A |
| Buy 1 | Call | $39.09 | N/A |
| Sell 1 | Put | $33.76 | N/A |
| Buy 1 | Put | $31.99 | N/A |
CNMD 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.
CNMD iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CNMD. 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 CNMD
Iron condors on CNMD are a delta-neutral premium-collection structure that profits if CNMD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CNMD thesis for this iron condor
The market-implied 1-standard-deviation range for CNMD extends from approximately $29.92 on the downside to $41.16 on the upside. A CNMD iron condor is a delta-neutral premium-collection structure that pays off when CNMD 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 CNMD IV rank near 49.83% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CNMD should anchor more to the directional view and the expected-move geometry. As a Healthcare name, CNMD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNMD-specific events.
CNMD 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. CNMD positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CNMD alongside the broader basket even when CNMD-specific fundamentals are unchanged. Short-premium structures like a iron condor on CNMD carry tail risk when realized volatility exceeds the implied move; review historical CNMD earnings reactions and macro stress periods before sizing. Always rebuild the position from current CNMD chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CNMD?
- A iron condor on CNMD is the iron condor strategy applied to CNMD (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 CNMD stock trading near $35.54, the strikes shown on this page are snapped to the nearest listed CNMD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CNMD 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 CNMD iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 55.20%), 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 CNMD iron condor?
- The breakeven for the CNMD iron condor priced on this page is no defined breakeven on the modeled curve 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 CNMD market-implied 1-standard-deviation expected move is approximately 15.83%; 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 CNMD?
- Iron condors on CNMD are a delta-neutral premium-collection structure that profits if CNMD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CNMD implied volatility affect this iron condor?
- CNMD ATM IV is at 55.20% with IV rank near 49.83%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.