How are ICUI 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 ICUI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 29.20%), the computed maximum profit is $413.00 per contract and the computed maximum loss is -$587.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ICUI iron condor?

The breakeven for the ICUI iron condor priced on this page is roughly $170.87 and $194.13 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ICUI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ICUI implied volatility affect this iron condor?

ICUI ATM IV is at 29.20% with IV rank near 24.59%, 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.

ICUI Iron Condor Strategy

ICUI (ICU Medical, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.

ICU Medical, Inc., operating globally through its subsidiaries, is a medical technology firm that specializes in the development, manufacture, and sale of devices for both infusion therapy and critical care. Their extensive product line for infusion therapy encompasses: Needlefree Connectors: Such as the MicroClave, MicroClave Clear, and NanoClave brands. Catheter Maintenance & Disinfection: Including Neutron patency devices and SwabCap/SwabTip disinfecting caps. Hemodialysis Solutions: Like Tego connectors and ClearGuard HD antimicrobial caps. Hazardous Drug Handling: With closed system transfer devices (ChemoClave, ChemoLock) and the Diana compounding system for safe preparation. They also provide a comprehensive range of intravenous (IV) solutions, diluents, and irrigation fluids, available in diverse packaging options like flexible containers and pour bottles.

ICUI (ICU Medical, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $4.57B, a trailing P/E of 152.03, a beta of 0.75 versus the broader market, a 52-week range of 112.5-192.85, average daily share volume of 306K, a public-listing history dating back to 1992, approximately 13K full-time employees. These structural characteristics shape how ICUI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.75 places ICUI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 152.03 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a iron condor on ICUI?

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.

ICUI snapshot

As of August 14, 2026, spot at $183.06, ATM IV 29.20%, IV rank 24.59%, expected move 8.37%. The iron condor on ICUI below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this iron condor structure on ICUI specifically: ICUI IV at 29.20% is on the cheap side of its 1-year range, which means a premium-selling ICUI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.37% (roughly $15.32 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ICUI expiries trade a higher absolute premium for lower per-day decay. Position sizing on ICUI should anchor to the underlying notional of $183.06 per share and to the trader's directional view on ICUI stock.

ICUI iron condor setup

The ICUI iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ICUI at $183.06 on that close, the first option leg uses a $190.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ICUI chain at a 35-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 ICUI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$190.00	$3.68
Buy 1	Call	$200.00	$1.50
Sell 1	Put	$175.00	$3.28
Buy 1	Put	$165.00	$1.32

ICUI iron condor risk and reward

Net Premium / Debit: +$413.00
Max Profit (per contract): $413.00
Max Loss (per contract): -$587.00
Breakeven(s): $170.87, $194.13
Risk / Reward Ratio: 0.704

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.

ICUI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ICUI. 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%	-$587.00
$40.48	-77.9%	-$587.00
$80.96	-55.8%	-$587.00
$121.43	-33.7%	-$587.00
$161.91	-11.6%	-$587.00
$202.38	+10.6%	-$587.00
$242.86	+32.7%	-$587.00
$283.33	+54.8%	-$587.00
$323.81	+76.9%	-$587.00
$364.28	+99.0%	-$587.00

When traders use iron condor on ICUI

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

ICUI thesis for this iron condor

The market-implied 1-standard-deviation range for ICUI extends from approximately $167.74 on the downside to $198.38 on the upside. A ICUI iron condor is a delta-neutral premium-collection structure that pays off when ICUI 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 ICUI IV rank near 24.59% 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 ICUI at 29.20%. As a Healthcare name, ICUI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ICUI-specific events.

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

Frequently asked questions

What is a iron condor on ICUI?: A iron condor on ICUI is the iron condor strategy applied to ICUI (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 ICUI stock at $183.06 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ICUI chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ICUI 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 ICUI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 29.20%), the computed maximum profit is $413.00 per contract and the computed maximum loss is -$587.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ICUI iron condor?: The breakeven for the ICUI iron condor priced on this page is roughly $170.87 and $194.13 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ICUI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.37%; 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 ICUI?: Iron condors on ICUI are a delta-neutral premium-collection structure that profits if ICUI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ICUI implied volatility affect this iron condor?: ICUI ATM IV is at 29.20% with IV rank near 24.59%, 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.