PLSE Iron Condor Strategy
PLSE (Pulse Biosciences, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
Pulse Biosciences, Inc. operates as a novel bioelectric medicine company. It offers CellFX System, a tunable, software-enabled, and console-based platform that delivers nano second duration pulses of electrical energy to non-thermally clear targeted cells while sparing adjacent non-cellular tissue to treat a various medical condition by using its Nano-Pulse Stimulation technology. The company was formerly known as Electroblate, Inc. and changed its name to Pulse Biosciences, Inc. in December 2015. Pulse Biosciences, Inc. was incorporated in 2014 and is headquartered in Hayward, California.
PLSE (Pulse Biosciences, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $1.63B, a beta of 1.63 versus the broader market, a 52-week range of 12.56-26.3, average daily share volume of 299K, a public-listing history dating back to 2016, approximately 75 full-time employees. These structural characteristics shape how PLSE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.63 indicates PLSE 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 PLSE?
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 PLSE snapshot
As of May 15, 2026, spot at $24.66, ATM IV 71.20%, IV rank 5.58%, expected move 20.41%. The iron condor on PLSE 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 PLSE specifically: PLSE IV at 71.20% is on the cheap side of its 1-year range, which means a premium-selling PLSE iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.41% (roughly $5.03 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 PLSE expiries trade a higher absolute premium for lower per-day decay. Position sizing on PLSE should anchor to the underlying notional of $24.66 per share and to the trader's directional view on PLSE stock.
PLSE iron condor setup
The PLSE 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 PLSE near $24.66, the first option leg uses a $26.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PLSE 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 PLSE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $26.00 | $1.35 |
| Buy 1 | Call | $27.00 | $1.35 |
| Sell 1 | Put | $23.00 | $1.39 |
| Buy 1 | Put | $22.00 | $1.02 |
PLSE iron condor risk and reward
- Net Premium / Debit
- +$37.00
- Max Profit (per contract)
- $37.00
- Max Loss (per contract)
- -$63.00
- Breakeven(s)
- $22.63, $26.37
- Risk / Reward Ratio
- 0.587
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.
PLSE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PLSE. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$63.00 |
| $5.46 | -77.9% | -$63.00 |
| $10.91 | -55.7% | -$63.00 |
| $16.36 | -33.6% | -$63.00 |
| $21.82 | -11.5% | -$63.00 |
| $27.27 | +10.6% | -$63.00 |
| $32.72 | +32.7% | -$63.00 |
| $38.17 | +54.8% | -$63.00 |
| $43.62 | +76.9% | -$63.00 |
| $49.07 | +99.0% | -$63.00 |
When traders use iron condor on PLSE
Iron condors on PLSE are a delta-neutral premium-collection structure that profits if PLSE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PLSE thesis for this iron condor
The market-implied 1-standard-deviation range for PLSE extends from approximately $19.63 on the downside to $29.69 on the upside. A PLSE iron condor is a delta-neutral premium-collection structure that pays off when PLSE 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 PLSE IV rank near 5.58% 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 PLSE at 71.20%. As a Healthcare name, PLSE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PLSE-specific events.
PLSE 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. PLSE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PLSE alongside the broader basket even when PLSE-specific fundamentals are unchanged. Short-premium structures like a iron condor on PLSE carry tail risk when realized volatility exceeds the implied move; review historical PLSE earnings reactions and macro stress periods before sizing. Always rebuild the position from current PLSE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PLSE?
- A iron condor on PLSE is the iron condor strategy applied to PLSE (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 PLSE stock trading near $24.66, the strikes shown on this page are snapped to the nearest listed PLSE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PLSE 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 PLSE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 71.20%), the computed maximum profit is $37.00 per contract and the computed maximum loss is -$63.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PLSE iron condor?
- The breakeven for the PLSE iron condor priced on this page is roughly $22.63 and $26.37 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 PLSE market-implied 1-standard-deviation expected move is approximately 20.41%; 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 PLSE?
- Iron condors on PLSE are a delta-neutral premium-collection structure that profits if PLSE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PLSE implied volatility affect this iron condor?
- PLSE ATM IV is at 71.20% with IV rank near 5.58%, 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.