How are IOVA 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 IOVA iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 88.27%), the computed maximum profit is $39.00 per contract and the computed maximum loss is -$11.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a IOVA iron condor?

The breakeven for the IOVA iron condor priced on this page is roughly $6.11 and $7.39 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 IOVA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IOVA implied volatility affect this iron condor?

IOVA ATM IV is at 88.27% with IV rank near 16.12%, 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.

IOVA Iron Condor Strategy

IOVA (Iovance Biotherapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Iovance Biotherapeutics, Inc., a biotechnology firm currently in the clinical development stage, is committed to discovering and bringing to market cancer immunotherapy solutions. Its core mission involves leveraging the patient's own immune system to effectively combat and eradicate cancerous cells. The company is presently conducting six Phase 2 clinical trials. These include study C-144-01, evaluating its primary experimental compound, lifileucel, for individuals with advanced melanoma. Another trial, C-145-04, is assessing lifileucel's potential for treating cervical cancer that is recurrent, metastatic, or persistent. Additionally, investigational product LN-145 is undergoing evaluation in trial C-145-03 for recurrent and/or metastatic head and neck squamous cell carcinoma.

IOVA (Iovance Biotherapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $3.01B, a beta of 0.70 versus the broader market, a 52-week range of 1.76-6.92, average daily share volume of 15.9M, a public-listing history dating back to 2010, approximately 975 full-time employees. These structural characteristics shape how IOVA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.70 places IOVA 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 IOVA?

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.

IOVA snapshot

As of August 14, 2026, spot at $6.88, ATM IV 88.27%, IV rank 16.12%, expected move 25.31%. The iron condor on IOVA 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 28-day expiry.

Why this iron condor structure on IOVA specifically: IOVA IV at 88.27% is on the cheap side of its 1-year range, which means a premium-selling IOVA iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 25.31% (roughly $1.74 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IOVA expiries trade a higher absolute premium for lower per-day decay. Position sizing on IOVA should anchor to the underlying notional of $6.88 per share and to the trader's directional view on IOVA stock.

IOVA iron condor setup

The IOVA 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 IOVA at $6.88 on that close, the first option leg uses a $7.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IOVA chain at a 28-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 IOVA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$7.00	$0.50
Buy 1	Call	$7.50	$0.34
Sell 1	Put	$6.50	$0.64
Buy 1	Put	$6.00	$0.41

IOVA iron condor risk and reward

Net Premium / Debit: +$39.00
Max Profit (per contract): $39.00
Max Loss (per contract): -$11.00
Breakeven(s): $6.11, $7.39
Risk / Reward Ratio: 3.545

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.

IOVA iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on IOVA. 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	-99.9%	-$11.00
$1.53	-77.8%	-$11.00
$3.05	-55.7%	-$11.00
$4.57	-33.6%	-$11.00
$6.09	-11.5%	-$1.96
$7.61	+10.6%	-$11.00
$9.13	+32.7%	-$11.00
$10.65	+54.8%	-$11.00
$12.17	+76.9%	-$11.00
$13.69	+99.0%	-$11.00

When traders use iron condor on IOVA

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

IOVA thesis for this iron condor

The market-implied 1-standard-deviation range for IOVA extends from approximately $5.14 on the downside to $8.62 on the upside. A IOVA iron condor is a delta-neutral premium-collection structure that pays off when IOVA 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 IOVA IV rank near 16.12% 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 IOVA at 88.27%. As a Healthcare name, IOVA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IOVA-specific events.

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

Frequently asked questions

What is a iron condor on IOVA?: A iron condor on IOVA is the iron condor strategy applied to IOVA (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 IOVA stock at $6.88 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed IOVA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are IOVA 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 IOVA iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 88.27%), the computed maximum profit is $39.00 per contract and the computed maximum loss is -$11.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a IOVA iron condor?: The breakeven for the IOVA iron condor priced on this page is roughly $6.11 and $7.39 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 IOVA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.31%; 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 IOVA?: Iron condors on IOVA are a delta-neutral premium-collection structure that profits if IOVA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current IOVA implied volatility affect this iron condor?: IOVA ATM IV is at 88.27% with IV rank near 16.12%, 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.