COR Iron Condor Strategy
COR (Cencora, Inc.), in the Healthcare sector, (Medical - Distribution industry), listed on NYSE.
Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally. The company's U.S. Healthcare Solutions segment distributes generic and injectable pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; distributes plasma and other blood products, vaccines, and other specialty pharmaceutical products; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and other services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; sales force services to manufacturers; and offers other services to physicians who specialize in various disease states, such as oncology, as well as to other healthcare providers, including hospitals and dialysis clinics. Its International Healthcare Solutions segment provides international pharmaceutical wholesale and related service, and global commercialization services; distributes pharmaceuticals, other healthcare products, and related services to pharmacies, doctors, health centers, and hospitals; and offers specialty transportation and logistics services for the biopharmaceutical industry. The company was formerly known as AmerisourceBergen Corporation and changed its name to Cencora, Inc. in August 2023. Cencora, Inc. was founded in 1871 and is headquartered in Conshohocken, Pennsylvania.
COR (Cencora, Inc.) trades in the Healthcare sector, specifically Medical - Distribution, with a market capitalization of approximately $49.75B, a trailing P/E of 19.52, a beta of 0.65 versus the broader market, a 52-week range of 244.82-377.54, average daily share volume of 1.6M, a public-listing history dating back to 1995, approximately 47K full-time employees. These structural characteristics shape how COR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.65 indicates COR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. COR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on COR?
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 COR snapshot
As of May 15, 2026, spot at $259.03, ATM IV 26.70%, IV rank 27.67%, expected move 7.65%. The iron condor on COR 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 COR specifically: COR IV at 26.70% is on the cheap side of its 1-year range, which means a premium-selling COR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.65% (roughly $19.83 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 COR expiries trade a higher absolute premium for lower per-day decay. Position sizing on COR should anchor to the underlying notional of $259.03 per share and to the trader's directional view on COR stock.
COR iron condor setup
The COR 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 COR near $259.03, the first option leg uses a $270.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COR 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 COR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $270.00 | $4.45 |
| Buy 1 | Call | $280.00 | $2.00 |
| Sell 1 | Put | $250.00 | $4.35 |
| Buy 1 | Put | $230.00 | $1.05 |
COR iron condor risk and reward
- Net Premium / Debit
- +$575.00
- Max Profit (per contract)
- $575.00
- Max Loss (per contract)
- -$1,425.00
- Breakeven(s)
- $244.25, $275.75
- Risk / Reward Ratio
- 0.404
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.
COR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on COR. 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% | -$1,425.00 |
| $57.28 | -77.9% | -$1,425.00 |
| $114.55 | -55.8% | -$1,425.00 |
| $171.83 | -33.7% | -$1,425.00 |
| $229.10 | -11.6% | -$1,425.00 |
| $286.37 | +10.6% | -$425.00 |
| $343.64 | +32.7% | -$425.00 |
| $400.91 | +54.8% | -$425.00 |
| $458.18 | +76.9% | -$425.00 |
| $515.46 | +99.0% | -$425.00 |
When traders use iron condor on COR
Iron condors on COR are a delta-neutral premium-collection structure that profits if COR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
COR thesis for this iron condor
The market-implied 1-standard-deviation range for COR extends from approximately $239.20 on the downside to $278.86 on the upside. A COR iron condor is a delta-neutral premium-collection structure that pays off when COR 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 COR IV rank near 27.67% 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 COR at 26.70%. As a Healthcare name, COR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COR-specific events.
COR 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. COR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COR alongside the broader basket even when COR-specific fundamentals are unchanged. Short-premium structures like a iron condor on COR carry tail risk when realized volatility exceeds the implied move; review historical COR earnings reactions and macro stress periods before sizing. Always rebuild the position from current COR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on COR?
- A iron condor on COR is the iron condor strategy applied to COR (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 COR stock trading near $259.03, the strikes shown on this page are snapped to the nearest listed COR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are COR 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 COR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 26.70%), the computed maximum profit is $575.00 per contract and the computed maximum loss is -$1,425.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COR iron condor?
- The breakeven for the COR iron condor priced on this page is roughly $244.25 and $275.75 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 COR market-implied 1-standard-deviation expected move is approximately 7.65%; 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 COR?
- Iron condors on COR are a delta-neutral premium-collection structure that profits if COR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current COR implied volatility affect this iron condor?
- COR ATM IV is at 26.70% with IV rank near 27.67%, 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.