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. The company develops RNS system, a brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source for treating drug-resistant focal epilepsy. Its RNS System includes RNS neurostimulator, cortical strip and depth leads, and Patient Remote Monitor, as well as other implantable and non-implantable accessories. In addition, the company provides physician tablet which is used for prescribing and managing clinicians for programming implanted devices and managing patient care; and patient data management system, a secure online database that collects data that have been recorded by the RNS System; and nSight Platform, which provide clinicians with personalized patient reports, as well as programming suggestions. It sells its products to hospital facilities for initial RNS System implant procedures and for replacement procedures. NeuroPace, Inc. 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 $496.4M, a beta of 1.94 versus the broader market, a 52-week range of 7.563-19.6, average daily share volume of 193K, a public-listing history dating back to 2021, approximately 220 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 1.94 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.
NPCE snapshot
As of August 14, 2026, spot at $14.58, ATM IV 77.60%, IV rank 15.96%, expected move 22.25%. The iron condor on NPCE 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 NPCE specifically: NPCE IV at 77.60% 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 22.25% (roughly $3.24 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 NPCE expiries trade a higher absolute premium for lower per-day decay. Position sizing on NPCE should anchor to the underlying notional of $14.58 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 at $14.58 on that close, the first option leg uses a $15.31 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 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 NPCE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $15.31 | N/A |
| Buy 1 | Call | $16.04 | N/A |
| Sell 1 | Put | $13.85 | N/A |
| Buy 1 | Put | $13.12 | 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 $11.34 on the downside to $17.82 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 15.96% 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 77.60%. 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 at $14.58 on the most recent close, the strikes shown on this page are snapped to the nearest listed NPCE chain strike and the premiums come straight from that session's 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 77.60%), 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 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 NPCE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.25%; 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 77.60% with IV rank near 15.96%, 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.