How are HIMS 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 HIMS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 106.19%), the computed maximum profit is $162.50 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HIMS iron condor?

The breakeven for the HIMS iron condor priced on this page is roughly $37.63 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 HIMS market-implied 1-standard-deviation expected move is approximately 30.44%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HIMS implied volatility affect this iron condor?

HIMS ATM IV is at 106.19% with IV rank near 67.91%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

HIMS Iron Condor Strategy

HIMS (Hims & Hers Health, Inc.), in the Healthcare sector, (Medical - Equipment & Services industry), listed on NYSE.

Hims & Hers Health, Inc. operates a comprehensive digital health platform that seamlessly links individuals with licensed medical professionals for virtual consultations and ongoing care. Through its user-friendly websites and mobile app, the company delivers a diverse portfolio of health and wellness solutions directly to consumers. This includes access to recurring prescription medications, alongside a wide selection of over-the-counter drugs, devices, cosmetics, and dietary supplements. Its core focus areas are general wellness, sexual health, skincare, and hair care. Specific non-prescription offerings span categories such as: Wellness: encompassing items like vitamin C, melatonin, biotin, and collagen protein supplements. Skincare: including products such as moisturizers, serums, and face washes.

HIMS (Hims & Hers Health, Inc.) trades in the Healthcare sector, specifically Medical - Equipment & Services, with a market capitalization of approximately $7.57B, a beta of 2.40 versus the broader market, a 52-week range of 13.74-70.43, average daily share volume of 25.6M, a public-listing history dating back to 2019, approximately 2K full-time employees. These structural characteristics shape how HIMS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.40 indicates HIMS 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 HIMS?

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 HIMS snapshot

As of June 30, 2026, spot at $34.24, ATM IV 106.19%, IV rank 67.91%, expected move 30.44%. The iron condor on HIMS 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 31-day expiry.

Why this iron condor structure on HIMS specifically: HIMS IV at 106.19% is mid-range versus its 1-year history, so the credit collected on a HIMS iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 30.44% (roughly $10.42 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HIMS expiries trade a higher absolute premium for lower per-day decay. Position sizing on HIMS should anchor to the underlying notional of $34.24 per share and to the trader's directional view on HIMS stock.

HIMS iron condor setup

The HIMS 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 HIMS near $34.24, the first option leg uses a $36.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HIMS chain at a 31-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 HIMS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$36.00	$3.40
Buy 1	Call	$38.00	$2.60
Sell 1	Put	$32.50	$3.22
Buy 1	Put	$31.00	$2.40

HIMS iron condor risk and reward

Net Premium / Debit: +$162.50
Max Profit (per contract): $162.50
Max Loss (per contract): -$37.50
Breakeven(s): $37.63
Risk / Reward Ratio: 4.333

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.

HIMS iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on HIMS. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$12.50
$7.58	-77.9%	+$12.50
$15.15	-55.8%	+$12.50
$22.72	-33.6%	+$12.50
$30.29	-11.5%	+$12.50
$37.86	+10.6%	-$23.27
$45.43	+32.7%	-$37.50
$53.00	+54.8%	-$37.50
$60.57	+76.9%	-$37.50
$68.14	+99.0%	-$37.50

When traders use iron condor on HIMS

Iron condors on HIMS are a delta-neutral premium-collection structure that profits if HIMS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

HIMS thesis for this iron condor

The market-implied 1-standard-deviation range for HIMS extends from approximately $23.82 on the downside to $44.66 on the upside. A HIMS iron condor is a delta-neutral premium-collection structure that pays off when HIMS 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 HIMS IV rank near 67.91% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on HIMS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, HIMS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HIMS-specific events.

HIMS 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. HIMS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HIMS alongside the broader basket even when HIMS-specific fundamentals are unchanged. Short-premium structures like a iron condor on HIMS carry tail risk when realized volatility exceeds the implied move; review historical HIMS earnings reactions and macro stress periods before sizing. Always rebuild the position from current HIMS chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on HIMS?: A iron condor on HIMS is the iron condor strategy applied to HIMS (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 HIMS stock trading near $34.24, the strikes shown on this page are snapped to the nearest listed HIMS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HIMS 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 HIMS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 106.19%), the computed maximum profit is $162.50 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HIMS iron condor?: The breakeven for the HIMS iron condor priced on this page is roughly $37.63 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 HIMS market-implied 1-standard-deviation expected move is approximately 30.44%; 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 HIMS?: Iron condors on HIMS are a delta-neutral premium-collection structure that profits if HIMS stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current HIMS implied volatility affect this iron condor?: HIMS ATM IV is at 106.19% with IV rank near 67.91%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.