IRD Iron Condor Strategy
IRD (Opus Genetics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Opus Genetics, Inc. is a clinical-stage biopharmaceutical company focused on ophthalmology. The company is dedicated to discovering and commercializing innovative therapies to address significant unmet medical needs in patients suffering from refractive and retinal eye disorders. Its portfolio includes Phentolamine Ophthalmic Solution, currently used to reverse pharmacologically induced mydriasis (pupil dilation). This solution is also advancing through Phase III clinical trials for the treatment of presbyopia and impaired vision in dim light or at night. A leading candidate in its retinal pipeline is APX3330, a small-molecule inhibitor targeting the reduction oxidation effector factor-1 protein. APX3330 has successfully completed Phase II clinical trials for diabetic retinopathy.
IRD (Opus Genetics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $298.1M, a beta of 0.58 versus the broader market, a 52-week range of 1.1-5.81, average daily share volume of 937K, a public-listing history dating back to 2015, approximately 28 full-time employees. These structural characteristics shape how IRD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.58 indicates IRD 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 IRD?
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.
IRD snapshot
As of August 14, 2026, spot at $3.63, ATM IV 277.20%, IV rank 57.53%, expected move 79.47%. The iron condor on IRD below is built from the 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 IRD specifically: IRD IV at 277.20% is mid-range versus its 1-year history, so the credit collected on a IRD iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 79.47% (roughly $2.88 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 IRD expiries trade a higher absolute premium for lower per-day decay. Position sizing on IRD should anchor to the underlying notional of $3.63 per share and to the trader's directional view on IRD stock.
IRD iron condor setup
The IRD 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 IRD at $3.63 on that close, the first option leg uses a $3.81 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IRD 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 IRD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $3.81 | N/A |
| Buy 1 | Call | $3.99 | N/A |
| Sell 1 | Put | $3.45 | N/A |
| Buy 1 | Put | $3.27 | N/A |
IRD 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.
IRD iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on IRD. 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 IRD
Iron condors on IRD are a delta-neutral premium-collection structure that profits if IRD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
IRD thesis for this iron condor
The market-implied 1-standard-deviation range for IRD extends from approximately $0.75 on the downside to $6.51 on the upside. A IRD iron condor is a delta-neutral premium-collection structure that pays off when IRD 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 IRD IV rank near 57.53% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on IRD should anchor more to the directional view and the expected-move geometry. As a Healthcare name, IRD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IRD-specific events.
IRD 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. IRD positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IRD alongside the broader basket even when IRD-specific fundamentals are unchanged. Short-premium structures like a iron condor on IRD carry tail risk when realized volatility exceeds the implied move; review historical IRD earnings reactions and macro stress periods before sizing. Always rebuild the position from current IRD chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on IRD?
- A iron condor on IRD is the iron condor strategy applied to IRD (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 IRD stock at $3.63 on the most recent close, the strikes shown on this page are snapped to the nearest listed IRD chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are IRD 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 IRD iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 277.20%), 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 IRD iron condor?
- The breakeven for the IRD iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 IRD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 79.47%; 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 IRD?
- Iron condors on IRD are a delta-neutral premium-collection structure that profits if IRD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current IRD implied volatility affect this iron condor?
- IRD ATM IV is at 277.20% with IV rank near 57.53%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.