INSP Iron Condor Strategy
INSP (Inspire Medical Systems, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NYSE.
Inspire Medical Systems, Inc. operates as a medical technology enterprise, concentrating on the development and commercialization of advanced, minimally intrusive therapies for patients diagnosed with obstructive sleep apnea (OSA) across both domestic U.S. and international markets. A cornerstone of its product portfolio is the Inspire system, an innovative neurostimulation solution that offers a safe and proven effective treatment for individuals experiencing moderate to severe forms of OSA. Additionally, the company is pioneering a novel, closed-loop technology designed to continuously track a patient's breathing patterns and administer mild stimulation to the hypoglossal nerve, thereby maintaining an open airway. Founded in 2007, Inspire Medical Systems maintains its corporate headquarters in Golden Valley, Minnesota.
INSP (Inspire Medical Systems, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $1.32B, a trailing P/E of 10.01, a beta of 0.73 versus the broader market, a 52-week range of 38.91-147.03, average daily share volume of 1.2M, a public-listing history dating back to 2018, approximately 1K full-time employees. These structural characteristics shape how INSP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.73 places INSP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 10.01 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a iron condor on INSP?
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 INSP snapshot
As of June 29, 2026, spot at $44.77, ATM IV 70.90%, IV rank 28.92%, expected move 20.33%. The iron condor on INSP 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 53-day expiry.
Why this iron condor structure on INSP specifically: INSP IV at 70.90% is on the cheap side of its 1-year range, which means a premium-selling INSP iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.33% (roughly $9.10 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated INSP expiries trade a higher absolute premium for lower per-day decay. Position sizing on INSP should anchor to the underlying notional of $44.77 per share and to the trader's directional view on INSP stock.
INSP iron condor setup
The INSP 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 INSP near $44.77, the first option leg uses a $47.01 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INSP chain at a 53-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 INSP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $47.01 | N/A |
| Buy 1 | Call | $49.25 | N/A |
| Sell 1 | Put | $42.53 | N/A |
| Buy 1 | Put | $40.29 | N/A |
INSP 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.
INSP iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on INSP. 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 INSP
Iron condors on INSP are a delta-neutral premium-collection structure that profits if INSP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
INSP thesis for this iron condor
The market-implied 1-standard-deviation range for INSP extends from approximately $35.67 on the downside to $53.87 on the upside. A INSP iron condor is a delta-neutral premium-collection structure that pays off when INSP 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 INSP IV rank near 28.92% 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 INSP at 70.90%. As a Healthcare name, INSP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INSP-specific events.
INSP 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. INSP positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INSP alongside the broader basket even when INSP-specific fundamentals are unchanged. Short-premium structures like a iron condor on INSP carry tail risk when realized volatility exceeds the implied move; review historical INSP earnings reactions and macro stress periods before sizing. Always rebuild the position from current INSP chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on INSP?
- A iron condor on INSP is the iron condor strategy applied to INSP (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 INSP stock trading near $44.77, the strikes shown on this page are snapped to the nearest listed INSP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INSP 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 INSP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 70.90%), 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 INSP iron condor?
- The breakeven for the INSP 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 INSP market-implied 1-standard-deviation expected move is approximately 20.33%; 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 INSP?
- Iron condors on INSP are a delta-neutral premium-collection structure that profits if INSP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current INSP implied volatility affect this iron condor?
- INSP ATM IV is at 70.90% with IV rank near 28.92%, 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.