How are HQY 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 HQY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 51.90%), the computed maximum profit is $312.50 per contract and the computed maximum loss is -$187.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HQY iron condor?

The breakeven for the HQY iron condor priced on this page is roughly $76.88 and $88.13 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 HQY market-implied 1-standard-deviation expected move is approximately 14.88%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HQY implied volatility affect this iron condor?

HQY ATM IV is at 51.90% with IV rank near 10.37%, 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.

HQY Iron Condor Strategy

HQY (HealthEquity, Inc.), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.

HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. The company offers cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, compare treatment options and prices, receive personalized benefit and clinical information, earn wellness incentives, grow their savings, and make investment choices; and health savings accounts. It also provides mutual fund investment platform; and online-only automated investment advisory services through Advisor, a Web-based tool. In addition, the company offers flexible spending accounts; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. It serves clients through a direct sales force; benefits brokers and advisors; and a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. The company was incorporated in 2002 and is headquartered in Draper, Utah.

HQY (HealthEquity, Inc.) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $6.94B, a trailing P/E of 32.89, a beta of 0.19 versus the broader market, a 52-week range of 72.76-116.65, average daily share volume of 922K, a public-listing history dating back to 2014, approximately 3K full-time employees. These structural characteristics shape how HQY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.19 indicates HQY 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 HQY?

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 HQY snapshot

As of May 15, 2026, spot at $82.11, ATM IV 51.90%, IV rank 10.37%, expected move 14.88%. The iron condor on HQY 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 HQY specifically: HQY IV at 51.90% is on the cheap side of its 1-year range, which means a premium-selling HQY iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.88% (roughly $12.22 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 HQY expiries trade a higher absolute premium for lower per-day decay. Position sizing on HQY should anchor to the underlying notional of $82.11 per share and to the trader's directional view on HQY stock.

HQY iron condor setup

The HQY 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 HQY near $82.11, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HQY 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 HQY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$85.00	$4.10
Buy 1	Call	$90.00	$2.28
Sell 1	Put	$80.00	$3.90
Buy 1	Put	$75.00	$2.60

HQY iron condor risk and reward

Net Premium / Debit: +$312.50
Max Profit (per contract): $312.50
Max Loss (per contract): -$187.50
Breakeven(s): $76.88, $88.13
Risk / Reward Ratio: 1.667

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.

HQY iron condor payoff curve

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

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$187.50
$18.16	-77.9%	-$187.50
$36.32	-55.8%	-$187.50
$54.47	-33.7%	-$187.50
$72.63	-11.6%	-$187.50
$90.78	+10.6%	-$187.50
$108.93	+32.7%	-$187.50
$127.09	+54.8%	-$187.50
$145.24	+76.9%	-$187.50
$163.39	+99.0%	-$187.50

When traders use iron condor on HQY

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

HQY thesis for this iron condor

The market-implied 1-standard-deviation range for HQY extends from approximately $69.89 on the downside to $94.33 on the upside. A HQY iron condor is a delta-neutral premium-collection structure that pays off when HQY 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 HQY IV rank near 10.37% 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 HQY at 51.90%. As a Healthcare name, HQY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HQY-specific events.

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

Frequently asked questions

What is a iron condor on HQY?: A iron condor on HQY is the iron condor strategy applied to HQY (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 HQY stock trading near $82.11, the strikes shown on this page are snapped to the nearest listed HQY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HQY 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 HQY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 51.90%), the computed maximum profit is $312.50 per contract and the computed maximum loss is -$187.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HQY iron condor?: The breakeven for the HQY iron condor priced on this page is roughly $76.88 and $88.13 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 HQY market-implied 1-standard-deviation expected move is approximately 14.88%; 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 HQY?: Iron condors on HQY are a delta-neutral premium-collection structure that profits if HQY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current HQY implied volatility affect this iron condor?: HQY ATM IV is at 51.90% with IV rank near 10.37%, 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.