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 $22.7M, a beta of 1.36 versus the broader market, a 52-week range of 0.362-1.3, average daily share volume of 155K, a public-listing history dating back to 2006, approximately 149 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 1.36 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.
Current CTSO snapshot
As of June 29, 2026, spot at $0.37, ATM IV 17.50%, IV rank 0.00%, expected move 5.02%. The iron condor on CTSO 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 18-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 18-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 $0.37 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 near $0.37, the first option leg uses a $0.39 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 18-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 | $0.39 | N/A |
| Buy 1 | Call | $0.41 | N/A |
| Sell 1 | Put | $0.35 | N/A |
| Buy 1 | Put | $0.33 | 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 $0.35 on the downside to $0.39 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 trading near $0.37, the strikes shown on this page are snapped to the nearest listed CTSO chain strike and the premiums come straight from the end-of-day 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 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 CTSO market-implied 1-standard-deviation expected move 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.