RXST Iron Condor Strategy
RXST (RxSight, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
As a medical technology enterprise, RxSight, Inc. (which operated as Calhoun Vision, Inc. until its rebranding in February 2017) specializes in the innovation, manufacturing, and distribution of light-adjustable intraocular lenses (LALs). These advanced lenses are specifically designed for use in cataract surgery, serving patients in both domestic and international markets. The cornerstone of the company's offerings is the RxSight system, a sophisticated solution that enables ophthalmologists to precisely tailor and enhance a patient's visual acuity following cataract removal. An integral part of this system is the RxSight light delivery device, an in-office instrument. This device emits UV light in a carefully controlled pattern to modify the LAL, thereby ensuring optimal visual correction after the surgical procedure. RxSight's primary clientele consists of eye surgeons specializing in cataract treatments.
RXST (RxSight, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $221.9M, a beta of 1.13 versus the broader market, a 52-week range of 4.48-13.65, average daily share volume of 869K, a public-listing history dating back to 2021, approximately 498 full-time employees. These structural characteristics shape how RXST stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.13 places RXST 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 RXST?
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 RXST snapshot
As of June 30, 2026, spot at $4.80, ATM IV 168.70%, IV rank 33.41%, expected move 48.36%. The iron condor on RXST 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 17-day expiry.
Why this iron condor structure on RXST specifically: RXST IV at 168.70% is mid-range versus its 1-year history, so the credit collected on a RXST iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 48.36% (roughly $2.32 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RXST expiries trade a higher absolute premium for lower per-day decay. Position sizing on RXST should anchor to the underlying notional of $4.80 per share and to the trader's directional view on RXST stock.
RXST iron condor setup
The RXST 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 RXST near $4.80, the first option leg uses a $5.04 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RXST chain at a 17-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 RXST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.04 | N/A |
| Buy 1 | Call | $5.28 | N/A |
| Sell 1 | Put | $4.56 | N/A |
| Buy 1 | Put | $4.32 | N/A |
RXST 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.
RXST iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RXST. 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 RXST
Iron condors on RXST are a delta-neutral premium-collection structure that profits if RXST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RXST thesis for this iron condor
The market-implied 1-standard-deviation range for RXST extends from approximately $2.48 on the downside to $7.12 on the upside. A RXST iron condor is a delta-neutral premium-collection structure that pays off when RXST 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 RXST IV rank near 33.41% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on RXST should anchor more to the directional view and the expected-move geometry. As a Healthcare name, RXST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RXST-specific events.
RXST 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. RXST positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RXST alongside the broader basket even when RXST-specific fundamentals are unchanged. Short-premium structures like a iron condor on RXST carry tail risk when realized volatility exceeds the implied move; review historical RXST earnings reactions and macro stress periods before sizing. Always rebuild the position from current RXST chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RXST?
- A iron condor on RXST is the iron condor strategy applied to RXST (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 RXST stock trading near $4.80, the strikes shown on this page are snapped to the nearest listed RXST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RXST 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 RXST iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 168.70%), 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 RXST iron condor?
- The breakeven for the RXST 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 RXST market-implied 1-standard-deviation expected move is approximately 48.36%; 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 RXST?
- Iron condors on RXST are a delta-neutral premium-collection structure that profits if RXST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RXST implied volatility affect this iron condor?
- RXST ATM IV is at 168.70% with IV rank near 33.41%, 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.