HNGE Iron Condor Strategy
HNGE (Hinge Health, Inc.), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NYSE.
Hinge Health, Inc. develops health care software for joint and muscle health. The company designs its platform to address a musculoskeletal care, acute injury, chronic pain, and post-surgical rehabilitation. It also provides various administrative and operations support services. The company was founded in 2012 and is headquartered in San Francisco, California.
HNGE (Hinge Health, Inc.) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $4.18B, a beta of 1.65 versus the broader market, a 52-week range of 30.08-62.18, average daily share volume of 1.2M, a public-listing history dating back to 2025, approximately 2K full-time employees. These structural characteristics shape how HNGE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.65 indicates HNGE 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 HNGE?
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 HNGE snapshot
As of May 15, 2026, spot at $54.45, ATM IV 53.30%, IV rank 13.04%, expected move 15.28%. The iron condor on HNGE 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 HNGE specifically: HNGE IV at 53.30% is on the cheap side of its 1-year range, which means a premium-selling HNGE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.28% (roughly $8.32 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 HNGE expiries trade a higher absolute premium for lower per-day decay. Position sizing on HNGE should anchor to the underlying notional of $54.45 per share and to the trader's directional view on HNGE stock.
HNGE iron condor setup
The HNGE 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 HNGE near $54.45, the first option leg uses a $57.17 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HNGE 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 HNGE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $57.17 | N/A |
| Buy 1 | Call | $59.90 | N/A |
| Sell 1 | Put | $51.73 | N/A |
| Buy 1 | Put | $49.01 | N/A |
HNGE 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.
HNGE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on HNGE. 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 HNGE
Iron condors on HNGE are a delta-neutral premium-collection structure that profits if HNGE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
HNGE thesis for this iron condor
The market-implied 1-standard-deviation range for HNGE extends from approximately $46.13 on the downside to $62.77 on the upside. A HNGE iron condor is a delta-neutral premium-collection structure that pays off when HNGE 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 HNGE IV rank near 13.04% 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 HNGE at 53.30%. As a Healthcare name, HNGE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HNGE-specific events.
HNGE 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. HNGE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HNGE alongside the broader basket even when HNGE-specific fundamentals are unchanged. Short-premium structures like a iron condor on HNGE carry tail risk when realized volatility exceeds the implied move; review historical HNGE earnings reactions and macro stress periods before sizing. Always rebuild the position from current HNGE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on HNGE?
- A iron condor on HNGE is the iron condor strategy applied to HNGE (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 HNGE stock trading near $54.45, the strikes shown on this page are snapped to the nearest listed HNGE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HNGE 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 HNGE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.30%), 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 HNGE iron condor?
- The breakeven for the HNGE 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 HNGE market-implied 1-standard-deviation expected move is approximately 15.28%; 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 HNGE?
- Iron condors on HNGE are a delta-neutral premium-collection structure that profits if HNGE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current HNGE implied volatility affect this iron condor?
- HNGE ATM IV is at 53.30% with IV rank near 13.04%, 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.