PHR Iron Condor Strategy
PHR (Phreesia, Inc.), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NYSE.
Phreesia, Inc. offers a comprehensive, cloud-based software-as-a-service (SaaS) and payment platform specifically designed for the healthcare industry in the United States and Canada. Its flagship Phreesia Platform streamlines the patient intake process and facilitates integrated patient payment processing. The platform is accessible via multiple modalities, including Phreesia Mobile (a patient-facing mobile application), Phreesia Dashboard (a web-based portal for healthcare clients), self-service tablets known as PhreesiaPads, and on-site Arrivals Kiosks. The Phreesia Platform integrates a suite of specialized modules: An automated patient self-registration system. A revenue cycle management solution providing insurance verification, point-of-sale payment applications, and cost estimation tools. Access solutions for online appointment scheduling, reminders, and referral tracking.
PHR (Phreesia, Inc.) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $757.8M, a trailing P/E of 81.37, a beta of 0.84 versus the broader market, a 52-week range of 7.77-32.76, average daily share volume of 1.3M, a public-listing history dating back to 2019, approximately 2K full-time employees. These structural characteristics shape how PHR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.84 places PHR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 81.37 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a iron condor on PHR?
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.
PHR snapshot
As of August 14, 2026, spot at $12.32, ATM IV 71.40%, IV rank 16.08%, expected move 20.47%. The iron condor on PHR 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 PHR specifically: PHR IV at 71.40% is on the cheap side of its 1-year range, which means a premium-selling PHR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.47% (roughly $2.52 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 PHR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PHR should anchor to the underlying notional of $12.32 per share and to the trader's directional view on PHR stock.
PHR iron condor setup
The PHR 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 PHR at $12.32 on that close, the first option leg uses a $12.94 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PHR 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 PHR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $12.94 | N/A |
| Buy 1 | Call | $13.55 | N/A |
| Sell 1 | Put | $11.70 | N/A |
| Buy 1 | Put | $11.09 | N/A |
PHR 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.
PHR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PHR. 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 PHR
Iron condors on PHR are a delta-neutral premium-collection structure that profits if PHR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PHR thesis for this iron condor
The market-implied 1-standard-deviation range for PHR extends from approximately $9.80 on the downside to $14.84 on the upside. A PHR iron condor is a delta-neutral premium-collection structure that pays off when PHR 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 PHR IV rank near 16.08% 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 PHR at 71.40%. As a Healthcare name, PHR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PHR-specific events.
PHR 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. PHR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PHR alongside the broader basket even when PHR-specific fundamentals are unchanged. Short-premium structures like a iron condor on PHR carry tail risk when realized volatility exceeds the implied move; review historical PHR earnings reactions and macro stress periods before sizing. Always rebuild the position from current PHR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PHR?
- A iron condor on PHR is the iron condor strategy applied to PHR (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 PHR stock at $12.32 on the most recent close, the strikes shown on this page are snapped to the nearest listed PHR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PHR 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 PHR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 71.40%), 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 PHR iron condor?
- The breakeven for the PHR 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 PHR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.47%; 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 PHR?
- Iron condors on PHR are a delta-neutral premium-collection structure that profits if PHR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PHR implied volatility affect this iron condor?
- PHR ATM IV is at 71.40% with IV rank near 16.08%, 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.