OSUR Iron Condor Strategy
OSUR (OraSure Technologies, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
OraSure Technologies, Inc. and its affiliates are a global leader in the development, production, and commercialization of advanced oral fluid diagnostic solutions and specialized specimen collection tools, serving markets across the United States, Europe, and other international regions. The company operates through two primary divisions: Diagnostics and Molecular Solutions. Its diverse Diagnostics portfolio features a range of crucial offerings, such as the InteliSwab rapid tests for COVID-19 (including professional and prescription versions). It also provides several OraQuick rapid tests, encompassing solutions for HIV (Rapid, In-Home, and Self-Test versions), Hepatitis C (HCV rapid antibody), and Ebola (rapid antigen). Further diagnostic tools include the OraSure oral fluid collection device, utilized for HIV-1 antibody screening and confirmation; the Intercept drug testing systems; various immunoassay tests and reagents; and the Q.E.D. saliva alcohol test. Within its Molecular Solutions segment, OraSure offers an array of genomic products, notably under the Oragene and ORAcollect brand names, alongside specialized microbiome collection solutions and comprehensive GenoFIND genomics laboratory services.
OSUR (OraSure Technologies, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $307.1M, a beta of 1.01 versus the broader market, a 52-week range of 2.08-4.58, average daily share volume of 625K, a public-listing history dating back to 1986, approximately 501 full-time employees. These structural characteristics shape how OSUR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.01 places OSUR 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 OSUR?
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 OSUR snapshot
As of June 26, 2026, spot at $4.42, ATM IV 63.10%, IV rank 13.98%, expected move 18.09%. The iron condor on OSUR 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 21-day expiry.
Why this iron condor structure on OSUR specifically: OSUR IV at 63.10% is on the cheap side of its 1-year range, which means a premium-selling OSUR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 18.09% (roughly $0.80 on the underlying). The 21-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OSUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on OSUR should anchor to the underlying notional of $4.42 per share and to the trader's directional view on OSUR stock.
OSUR iron condor setup
The OSUR 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 OSUR near $4.42, the first option leg uses a $4.64 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OSUR chain at a 21-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 OSUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.64 | N/A |
| Buy 1 | Call | $4.86 | N/A |
| Sell 1 | Put | $4.20 | N/A |
| Buy 1 | Put | $3.98 | N/A |
OSUR 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.
OSUR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on OSUR. 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 OSUR
Iron condors on OSUR are a delta-neutral premium-collection structure that profits if OSUR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
OSUR thesis for this iron condor
The market-implied 1-standard-deviation range for OSUR extends from approximately $3.62 on the downside to $5.22 on the upside. A OSUR iron condor is a delta-neutral premium-collection structure that pays off when OSUR 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 OSUR IV rank near 13.98% 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 OSUR at 63.10%. As a Healthcare name, OSUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OSUR-specific events.
OSUR 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. OSUR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OSUR alongside the broader basket even when OSUR-specific fundamentals are unchanged. Short-premium structures like a iron condor on OSUR carry tail risk when realized volatility exceeds the implied move; review historical OSUR earnings reactions and macro stress periods before sizing. Always rebuild the position from current OSUR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on OSUR?
- A iron condor on OSUR is the iron condor strategy applied to OSUR (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 OSUR stock trading near $4.42, the strikes shown on this page are snapped to the nearest listed OSUR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OSUR 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 OSUR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 63.10%), 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 OSUR iron condor?
- The breakeven for the OSUR 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 OSUR market-implied 1-standard-deviation expected move is approximately 18.09%; 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 OSUR?
- Iron condors on OSUR are a delta-neutral premium-collection structure that profits if OSUR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current OSUR implied volatility affect this iron condor?
- OSUR ATM IV is at 63.10% with IV rank near 13.98%, 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.