LNSR Iron Condor Strategy
LNSR (LENSAR Inc), in the Healthcare sector, (Medical - Equipment & Services industry), listed on NASDAQ.
LENSAR, Inc., a commercial-stage medical device company, focuses on designing, developing, and marketing laser systems for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism in the United System, Europe, Asia, South Korea, and internationally. The company offers the LENSAR Laser System, which incorporates a range of proprietary technologies designed to assist the surgeon in obtaining visual outcomes by providing imaging, procedure planning, design, and precision. It also provides ALLY Robotic Cataract Laser System, a compact cataract treatment system that is designed to allow surgeons to perform sterile laser-assisted cataract surgery in a single operating room. LENSAR, Inc. was incorporated in 2004 and is headquartered in Orlando, Florida.
LNSR (LENSAR Inc) trades in the Healthcare sector, specifically Medical - Equipment & Services, with a market capitalization of approximately $77.3M, a trailing P/E of 2.60, a beta of 0.88 versus the broader market, a 52-week range of 4.95-12.96, average daily share volume of 73K, a public-listing history dating back to 2020, approximately 150 full-time employees. These structural characteristics shape how LNSR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.88 places LNSR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 2.60 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 LNSR?
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.
LNSR snapshot
As of August 14, 2026, spot at $8.25, ATM IV 42.40%, IV rank 8.46%, expected move 12.16%. The iron condor on LNSR 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 LNSR specifically: LNSR IV at 42.40% is on the cheap side of its 1-year range, which means a premium-selling LNSR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.16% (roughly $1.00 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 LNSR expiries trade a higher absolute premium for lower per-day decay. Position sizing on LNSR should anchor to the underlying notional of $8.25 per share and to the trader's directional view on LNSR stock.
LNSR iron condor setup
The LNSR 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 LNSR at $8.25 on that close, the first option leg uses a $8.66 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LNSR 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 LNSR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $8.66 | N/A |
| Buy 1 | Call | $9.08 | N/A |
| Sell 1 | Put | $7.84 | N/A |
| Buy 1 | Put | $7.43 | N/A |
LNSR 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.
LNSR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on LNSR. 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 LNSR
Iron condors on LNSR are a delta-neutral premium-collection structure that profits if LNSR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
LNSR thesis for this iron condor
The market-implied 1-standard-deviation range for LNSR extends from approximately $7.25 on the downside to $9.25 on the upside. A LNSR iron condor is a delta-neutral premium-collection structure that pays off when LNSR 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 LNSR IV rank near 8.46% 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 LNSR at 42.40%. As a Healthcare name, LNSR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LNSR-specific events.
LNSR 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. LNSR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LNSR alongside the broader basket even when LNSR-specific fundamentals are unchanged. Short-premium structures like a iron condor on LNSR carry tail risk when realized volatility exceeds the implied move; review historical LNSR earnings reactions and macro stress periods before sizing. Always rebuild the position from current LNSR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on LNSR?
- A iron condor on LNSR is the iron condor strategy applied to LNSR (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 LNSR stock at $8.25 on the most recent close, the strikes shown on this page are snapped to the nearest listed LNSR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are LNSR 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 LNSR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 42.40%), 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 LNSR iron condor?
- The breakeven for the LNSR 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 LNSR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.16%; 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 LNSR?
- Iron condors on LNSR are a delta-neutral premium-collection structure that profits if LNSR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current LNSR implied volatility affect this iron condor?
- LNSR ATM IV is at 42.40% with IV rank near 8.46%, 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.