NPCE Iron Condor Strategy
NPCE (NeuroPace, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
NeuroPace, Inc. operates as a medical device company in the United States. It develops and sells RNS system, a brain-responsive neuromodulation system for treating medically refractory focal epilepsy by delivering personalized real-time treatment at the seizure source. The company's RNS system also records continuous brain activity data; and enables clinicians to monitor patients in person and remotely. It sells its products to hospital facilities for initial RNS system implant procedures and for replacement procedures. The company was incorporated in 1997 and is headquartered in Mountain View, California.
NPCE (NeuroPace, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $536.8M, a beta of 1.93 versus the broader market, a 52-week range of 7.563-19.6, average daily share volume of 211K, a public-listing history dating back to 2021, approximately 184 full-time employees. These structural characteristics shape how NPCE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.93 indicates NPCE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on NPCE?
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 NPCE snapshot
As of May 15, 2026, spot at $15.09, ATM IV 72.00%, IV rank 10.22%, expected move 20.64%. The iron condor on NPCE 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 NPCE specifically: NPCE IV at 72.00% is on the cheap side of its 1-year range, which means a premium-selling NPCE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.64% (roughly $3.11 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 NPCE expiries trade a higher absolute premium for lower per-day decay. Position sizing on NPCE should anchor to the underlying notional of $15.09 per share and to the trader's directional view on NPCE stock.
NPCE iron condor setup
The NPCE 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 NPCE near $15.09, the first option leg uses a $15.84 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NPCE 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 NPCE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $15.84 | N/A |
| Buy 1 | Call | $16.60 | N/A |
| Sell 1 | Put | $14.34 | N/A |
| Buy 1 | Put | $13.58 | N/A |
NPCE 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.
NPCE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on NPCE. 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 NPCE
Iron condors on NPCE are a delta-neutral premium-collection structure that profits if NPCE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
NPCE thesis for this iron condor
The market-implied 1-standard-deviation range for NPCE extends from approximately $11.98 on the downside to $18.20 on the upside. A NPCE iron condor is a delta-neutral premium-collection structure that pays off when NPCE 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 NPCE IV rank near 10.22% 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 NPCE at 72.00%. As a Healthcare name, NPCE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NPCE-specific events.
NPCE 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. NPCE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NPCE alongside the broader basket even when NPCE-specific fundamentals are unchanged. Short-premium structures like a iron condor on NPCE carry tail risk when realized volatility exceeds the implied move; review historical NPCE earnings reactions and macro stress periods before sizing. Always rebuild the position from current NPCE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on NPCE?
- A iron condor on NPCE is the iron condor strategy applied to NPCE (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 NPCE stock trading near $15.09, the strikes shown on this page are snapped to the nearest listed NPCE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NPCE 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 NPCE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 72.00%), 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 NPCE iron condor?
- The breakeven for the NPCE 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 NPCE market-implied 1-standard-deviation expected move is approximately 20.64%; 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 NPCE?
- Iron condors on NPCE are a delta-neutral premium-collection structure that profits if NPCE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current NPCE implied volatility affect this iron condor?
- NPCE ATM IV is at 72.00% with IV rank near 10.22%, 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.