CVRX Iron Condor Strategy
CVRX (CVRx, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
CVRx, Inc. is a commercial-stage medical technology company focused on innovating, producing, and bringing to market neuromodulation solutions designed for individuals battling cardiovascular diseases. Its principal offering, Barostim, is an advanced neuromodulation device specifically indicated to ameliorate symptoms for patients diagnosed with heart failure characterized by reduced ejection fraction, often referred to as systolic heart failure. The company employs a diverse distribution strategy, leveraging its internal sales force, alongside sales agents and independent distributors, to reach markets across the United States, Germany, the wider European continent, and other global territories. Incorporated in 2000, CVRx, Inc. is headquartered in Minneapolis, Minnesota.
CVRX (CVRx, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $155.5M, a beta of 0.77 versus the broader market, a 52-week range of 4.37-11.3, average daily share volume of 310K, a public-listing history dating back to 2021, approximately 206 full-time employees. These structural characteristics shape how CVRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.77 places CVRX 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 CVRX?
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 CVRX snapshot
As of June 30, 2026, spot at $5.09, ATM IV 490.60%, IV rank 95.36%, expected move 140.65%. The iron condor on CVRX 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 17-day expiry.
Why this iron condor structure on CVRX specifically: CVRX IV at 490.60% is rich versus its 1-year range, which favors premium-selling structures like a CVRX iron condor, with a market-implied 1-standard-deviation move of approximately 140.65% (roughly $7.16 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CVRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CVRX should anchor to the underlying notional of $5.09 per share and to the trader's directional view on CVRX stock.
CVRX iron condor setup
The CVRX 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 CVRX near $5.09, the first option leg uses a $5.34 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CVRX chain at a 17-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 CVRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.34 | N/A |
| Buy 1 | Call | $5.60 | N/A |
| Sell 1 | Put | $4.84 | N/A |
| Buy 1 | Put | $4.58 | N/A |
CVRX 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.
CVRX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CVRX. 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 CVRX
Iron condors on CVRX are a delta-neutral premium-collection structure that profits if CVRX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CVRX thesis for this iron condor
The market-implied 1-standard-deviation range for CVRX extends from approximately $-2.07 on the downside to $12.25 on the upside. A CVRX iron condor is a delta-neutral premium-collection structure that pays off when CVRX 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 CVRX IV rank near 95.36% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CVRX at 490.60%. As a Healthcare name, CVRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CVRX-specific events.
CVRX 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. CVRX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CVRX alongside the broader basket even when CVRX-specific fundamentals are unchanged. Short-premium structures like a iron condor on CVRX carry tail risk when realized volatility exceeds the implied move; review historical CVRX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CVRX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CVRX?
- A iron condor on CVRX is the iron condor strategy applied to CVRX (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 CVRX stock trading near $5.09, the strikes shown on this page are snapped to the nearest listed CVRX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CVRX 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 CVRX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 490.60%), 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 CVRX iron condor?
- The breakeven for the CVRX 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 CVRX market-implied 1-standard-deviation expected move is approximately 140.65%; 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 CVRX?
- Iron condors on CVRX are a delta-neutral premium-collection structure that profits if CVRX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CVRX implied volatility affect this iron condor?
- CVRX ATM IV is at 490.60% with IV rank near 95.36%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.