CTSO Iron Condor Strategy
CTSO (Cytosorbents Corporation), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Cytosorbents Corporation specializes in creating and bringing to market innovative medical devices. Their core expertise lies in a unique blood purification platform, built upon a proprietary adsorbent and porous polymer technology. The company's leading product, CytoSorb, is an extracorporeal filter designed to remove cytokines from the blood. It serves as a complementary treatment in various critical care scenarios, including sepsis, managing complications during and after heart bypass surgery, and improving the viability of donor organs for transplantation. Beyond CytoSorb, Cytosorbents offers a portfolio of specialized devices. These include VetResQ, used to assist in treating critical conditions like sepsis and pancreatitis in animals; CytoSorb-XL, another device targeting sepsis and other severe illnesses; HemoDefend, a platform for purifying blood supplies by removing contaminants that cause transfusion reactions and diseases, as well as anti-A and anti-B antibodies from blood products; K+ontrol, designed for patients with severe, life-threatening hyperkalemia; and ContrastSorb, which extracts intravenous contrast agents following imaging procedures (like CT scans, angiograms, or interventional radiology) to mitigate the risk of contrast-induced kidney damage.
CTSO (Cytosorbents Corporation) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $23.3M, a beta of 1.35 versus the broader market, a 52-week range of 0.35-1.188, average daily share volume of 131K, a public-listing history dating back to 2006, approximately 129 full-time employees. These structural characteristics shape how CTSO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.35 indicates CTSO has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on CTSO?
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.
CTSO snapshot
As of August 14, 2026, spot at $0.38, ATM IV 17.50%, IV rank 0.00%, expected move 5.02%. The iron condor on CTSO 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 CTSO specifically: CTSO IV at 17.50% is on the cheap side of its 1-year range, which means a premium-selling CTSO iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.02% (roughly $0.02 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 CTSO expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTSO should anchor to the underlying notional of $0.38 per share and to the trader's directional view on CTSO stock.
CTSO iron condor setup
The CTSO 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 CTSO at $0.38 on that close, the first option leg uses a $0.40 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTSO 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 CTSO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $0.40 | N/A |
| Buy 1 | Call | $0.42 | N/A |
| Sell 1 | Put | $0.36 | N/A |
| Buy 1 | Put | $0.34 | N/A |
CTSO 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.
CTSO iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CTSO. 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 CTSO
Iron condors on CTSO are a delta-neutral premium-collection structure that profits if CTSO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CTSO thesis for this iron condor
The market-implied 1-standard-deviation range for CTSO extends from approximately $0.36 on the downside to $0.40 on the upside. A CTSO iron condor is a delta-neutral premium-collection structure that pays off when CTSO 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 CTSO IV rank near 0.00% 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 CTSO at 17.50%. As a Healthcare name, CTSO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTSO-specific events.
CTSO 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. CTSO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CTSO alongside the broader basket even when CTSO-specific fundamentals are unchanged. Short-premium structures like a iron condor on CTSO carry tail risk when realized volatility exceeds the implied move; review historical CTSO earnings reactions and macro stress periods before sizing. Always rebuild the position from current CTSO chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CTSO?
- A iron condor on CTSO is the iron condor strategy applied to CTSO (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 CTSO stock at $0.38 on the most recent close, the strikes shown on this page are snapped to the nearest listed CTSO chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CTSO 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 CTSO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 17.50%), 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 CTSO iron condor?
- The breakeven for the CTSO 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 CTSO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.02%; 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 CTSO?
- Iron condors on CTSO are a delta-neutral premium-collection structure that profits if CTSO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CTSO implied volatility affect this iron condor?
- CTSO ATM IV is at 17.50% with IV rank near 0.00%, 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.