INNV Iron Condor Strategy
INNV (InnovAge Holding Corp.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. It manages its business through Program of All-Inclusive Care for the Elderly (PACE) approach. The company offers in-home care services consisting of skilled, unskilled, and personal care; in-center services, such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the PACE center and third-party medical appointments; and care management. It serves approximately 6,850 PACE participants in the United States; and operates 18 PACE centers in Colorado, California, New Mexico, Pennsylvania, and Virginia. The company was formerly known as TCO Group Holdings, Inc. and changed its name to InnovAge Holding Corp. in January 2021. InnovAge Holding Corp. was founded in 2007 and is headquartered in Denver, Colorado.
INNV (InnovAge Holding Corp.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.00B, a beta of 0.49 versus the broader market, a 52-week range of 3.13-10.69, average daily share volume of 308K, a public-listing history dating back to 2021, approximately 2K full-time employees. These structural characteristics shape how INNV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.49 indicates INNV 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 INNV?
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 INNV snapshot
As of May 15, 2026, spot at $7.13, ATM IV 97.50%, IV rank 17.57%, expected move 27.95%. The iron condor on INNV 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 INNV specifically: INNV IV at 97.50% is on the cheap side of its 1-year range, which means a premium-selling INNV iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 27.95% (roughly $1.99 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 INNV expiries trade a higher absolute premium for lower per-day decay. Position sizing on INNV should anchor to the underlying notional of $7.13 per share and to the trader's directional view on INNV stock.
INNV iron condor setup
The INNV 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 INNV near $7.13, the first option leg uses a $7.49 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INNV 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 INNV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $7.49 | N/A |
| Buy 1 | Call | $7.84 | N/A |
| Sell 1 | Put | $6.77 | N/A |
| Buy 1 | Put | $6.42 | N/A |
INNV 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.
INNV iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on INNV. 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 INNV
Iron condors on INNV are a delta-neutral premium-collection structure that profits if INNV stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
INNV thesis for this iron condor
The market-implied 1-standard-deviation range for INNV extends from approximately $5.14 on the downside to $9.12 on the upside. A INNV iron condor is a delta-neutral premium-collection structure that pays off when INNV 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 INNV IV rank near 17.57% 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 INNV at 97.50%. As a Healthcare name, INNV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INNV-specific events.
INNV 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. INNV positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INNV alongside the broader basket even when INNV-specific fundamentals are unchanged. Short-premium structures like a iron condor on INNV carry tail risk when realized volatility exceeds the implied move; review historical INNV earnings reactions and macro stress periods before sizing. Always rebuild the position from current INNV chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on INNV?
- A iron condor on INNV is the iron condor strategy applied to INNV (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 INNV stock trading near $7.13, the strikes shown on this page are snapped to the nearest listed INNV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INNV 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 INNV iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 97.50%), 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 INNV iron condor?
- The breakeven for the INNV 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 INNV market-implied 1-standard-deviation expected move is approximately 27.95%; 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 INNV?
- Iron condors on INNV are a delta-neutral premium-collection structure that profits if INNV stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current INNV implied volatility affect this iron condor?
- INNV ATM IV is at 97.50% with IV rank near 17.57%, 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.