ELVN Iron Condor Strategy
ELVN (Enliven Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Enliven Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery and development of small molecule inhibitors to help patients with cancer. Its pipeline of small molecule kinase inhibitors include ELVN-001, which is being evaluated in a Phase 1 clinical trial in adults with chronic myeloid leukemia; and ELVN-002, a Phase 1 clinical trial has been activated to evaluate people with cancers harboring an abnormal HER2 gene. The company is based in Boulder, Colorado.
ELVN (Enliven Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.65B, a beta of 0.45 versus the broader market, a 52-week range of 14.785-48.53, average daily share volume of 1.1M, a public-listing history dating back to 2020, approximately 62 full-time employees. These structural characteristics shape how ELVN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.45 indicates ELVN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on ELVN?
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 ELVN snapshot
As of May 15, 2026, spot at $41.49, ATM IV 140.60%, IV rank 29.94%, expected move 40.31%. The iron condor on ELVN 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 ELVN specifically: ELVN IV at 140.60% is on the cheap side of its 1-year range, which means a premium-selling ELVN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 40.31% (roughly $16.72 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 ELVN expiries trade a higher absolute premium for lower per-day decay. Position sizing on ELVN should anchor to the underlying notional of $41.49 per share and to the trader's directional view on ELVN stock.
ELVN iron condor setup
The ELVN 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 ELVN near $41.49, the first option leg uses a $43.56 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ELVN 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 ELVN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $43.56 | N/A |
| Buy 1 | Call | $45.64 | N/A |
| Sell 1 | Put | $39.42 | N/A |
| Buy 1 | Put | $37.34 | N/A |
ELVN 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.
ELVN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ELVN. 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 ELVN
Iron condors on ELVN are a delta-neutral premium-collection structure that profits if ELVN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ELVN thesis for this iron condor
The market-implied 1-standard-deviation range for ELVN extends from approximately $24.77 on the downside to $58.21 on the upside. A ELVN iron condor is a delta-neutral premium-collection structure that pays off when ELVN 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 ELVN IV rank near 29.94% 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 ELVN at 140.60%. As a Healthcare name, ELVN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ELVN-specific events.
ELVN 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. ELVN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ELVN alongside the broader basket even when ELVN-specific fundamentals are unchanged. Short-premium structures like a iron condor on ELVN carry tail risk when realized volatility exceeds the implied move; review historical ELVN earnings reactions and macro stress periods before sizing. Always rebuild the position from current ELVN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ELVN?
- A iron condor on ELVN is the iron condor strategy applied to ELVN (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 ELVN stock trading near $41.49, the strikes shown on this page are snapped to the nearest listed ELVN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ELVN 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 ELVN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 140.60%), 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 ELVN iron condor?
- The breakeven for the ELVN 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 ELVN market-implied 1-standard-deviation expected move is approximately 40.31%; 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 ELVN?
- Iron condors on ELVN are a delta-neutral premium-collection structure that profits if ELVN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ELVN implied volatility affect this iron condor?
- ELVN ATM IV is at 140.60% with IV rank near 29.94%, 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.