PRE Iron Condor Strategy
PRE (Prenetics Global Limited), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.
As an investment holding company, Prenetics Global Limited specializes in providing diagnostic and genetic testing services. Its comprehensive product line features CircleDNA, a consumer-oriented genetic analysis solution, and the Circle HealthPod, an advanced health monitoring device. The Circle HealthPod facilitates rapid COVID-19 detection through nucleic acid amplification technology, suitable for both professional point-of-care and personal at-home use. Additionally, the company offers ColoClear, a non-invasive FIT-DNA screening test for colorectal cancer, and Circle SnapShot, a readily available at-home blood testing kit. Other diagnostic solutions in their portfolio include Circle Medical, Circle One, and F1x/Fem. Prenetics Global Limited was founded in 2014 and maintains its headquarters in Quarry Bay, Hong Kong.
PRE (Prenetics Global Limited) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $317.6M, a beta of 0.25 versus the broader market, a 52-week range of 7.175-23.63, average daily share volume of 210K, a public-listing history dating back to 2021, approximately 98 full-time employees. These structural characteristics shape how PRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.25 indicates PRE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. PRE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PRE?
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.
PRE snapshot
As of August 14, 2026, spot at $19.72, ATM IV 120.80%, IV rank 33.16%, expected move 34.63%. The iron condor on PRE 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 PRE specifically: PRE IV at 120.80% is mid-range versus its 1-year history, so the credit collected on a PRE iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 34.63% (roughly $6.83 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 PRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on PRE should anchor to the underlying notional of $19.72 per share and to the trader's directional view on PRE stock.
PRE iron condor setup
The PRE 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 PRE at $19.72 on that close, the first option leg uses a $20.71 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PRE 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 PRE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $20.71 | N/A |
| Buy 1 | Call | $21.69 | N/A |
| Sell 1 | Put | $18.73 | N/A |
| Buy 1 | Put | $17.75 | N/A |
PRE 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.
PRE iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PRE. 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 PRE
Iron condors on PRE are a delta-neutral premium-collection structure that profits if PRE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PRE thesis for this iron condor
The market-implied 1-standard-deviation range for PRE extends from approximately $12.89 on the downside to $26.55 on the upside. A PRE iron condor is a delta-neutral premium-collection structure that pays off when PRE 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 PRE IV rank near 33.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on PRE should anchor more to the directional view and the expected-move geometry. As a Healthcare name, PRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PRE-specific events.
PRE 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. PRE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PRE alongside the broader basket even when PRE-specific fundamentals are unchanged. Short-premium structures like a iron condor on PRE carry tail risk when realized volatility exceeds the implied move; review historical PRE earnings reactions and macro stress periods before sizing. Always rebuild the position from current PRE chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PRE?
- A iron condor on PRE is the iron condor strategy applied to PRE (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 PRE stock at $19.72 on the most recent close, the strikes shown on this page are snapped to the nearest listed PRE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PRE 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 PRE iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 120.80%), 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 PRE iron condor?
- The breakeven for the PRE 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 PRE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 34.63%; 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 PRE?
- Iron condors on PRE are a delta-neutral premium-collection structure that profits if PRE stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PRE implied volatility affect this iron condor?
- PRE ATM IV is at 120.80% with IV rank near 33.16%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.