HSIC Iron Condor Strategy
HSIC (Henry Schein, Inc.), in the Healthcare sector, (Medical - Distribution industry), listed on NASDAQ.
Henry Schein, Inc. provides health care products and services to dental practitioners and laboratories, physician practices, government, institutional health care clinics, and other alternate care clinics worldwide. It operates through two segments, Health Care Distribution, and Technology and Value-Added Services. The Health Care Distribution segment offers dental products, including infection-control products, handpieces, preventatives, impression materials, composites, anesthetics, teeth, dental implants, gypsum, acrylics, articulators, abrasives, dental chairs, delivery units and lights, X-ray supplies and equipment, personal protective equipment, and high-tech and digital restoration equipment, as well as equipment repair services. This segment also provides medical products comprising branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, X-ray products, equipment, and vitamins. The Technology and Value-Added Services segment offers software, technology, and other value-added services that include practice management software systems for dental and medical practitioners. This segment also provides value-added practice solutions, which comprise financial services on a non-recourse basis, e-services, practice technology, network, and hardware services, as well as continuing education services for practitioners, and consulting and other services.
HSIC (Henry Schein, Inc.) trades in the Healthcare sector, specifically Medical - Distribution, with a market capitalization of approximately $7.91B, a trailing P/E of 20.21, a beta of 0.82 versus the broader market, a 52-week range of 61.95-89.29, average daily share volume of 1.4M, a public-listing history dating back to 1995, approximately 25K full-time employees. These structural characteristics shape how HSIC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.82 places HSIC 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 HSIC?
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 HSIC snapshot
As of May 15, 2026, spot at $73.06, ATM IV 31.60%, IV rank 6.91%, expected move 9.06%. The iron condor on HSIC 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 HSIC specifically: HSIC IV at 31.60% is on the cheap side of its 1-year range, which means a premium-selling HSIC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.06% (roughly $6.62 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 HSIC expiries trade a higher absolute premium for lower per-day decay. Position sizing on HSIC should anchor to the underlying notional of $73.06 per share and to the trader's directional view on HSIC stock.
HSIC iron condor setup
The HSIC 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 HSIC near $73.06, the first option leg uses a $76.71 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HSIC 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 HSIC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $76.71 | N/A |
| Buy 1 | Call | $80.37 | N/A |
| Sell 1 | Put | $69.41 | N/A |
| Buy 1 | Put | $65.75 | N/A |
HSIC 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.
HSIC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on HSIC. 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 HSIC
Iron condors on HSIC are a delta-neutral premium-collection structure that profits if HSIC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
HSIC thesis for this iron condor
The market-implied 1-standard-deviation range for HSIC extends from approximately $66.44 on the downside to $79.68 on the upside. A HSIC iron condor is a delta-neutral premium-collection structure that pays off when HSIC 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 HSIC IV rank near 6.91% 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 HSIC at 31.60%. As a Healthcare name, HSIC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HSIC-specific events.
HSIC 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. HSIC positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HSIC alongside the broader basket even when HSIC-specific fundamentals are unchanged. Short-premium structures like a iron condor on HSIC carry tail risk when realized volatility exceeds the implied move; review historical HSIC earnings reactions and macro stress periods before sizing. Always rebuild the position from current HSIC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on HSIC?
- A iron condor on HSIC is the iron condor strategy applied to HSIC (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 HSIC stock trading near $73.06, the strikes shown on this page are snapped to the nearest listed HSIC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HSIC 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 HSIC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 31.60%), 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 HSIC iron condor?
- The breakeven for the HSIC 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 HSIC market-implied 1-standard-deviation expected move is approximately 9.06%; 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 HSIC?
- Iron condors on HSIC are a delta-neutral premium-collection structure that profits if HSIC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current HSIC implied volatility affect this iron condor?
- HSIC ATM IV is at 31.60% with IV rank near 6.91%, 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.