SLNO Iron Condor Strategy
SLNO (Soleno Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Soleno Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate is Diazoxide Choline Controlled-Release, a once-daily oral tablet for the treatment of Prader-Willi Syndrome, which is being evaluated in an ongoing Phase III clinical development program. The company was formerly known as Capnia, Inc. and changed its name to Soleno Therapeutics, Inc. in May 2017. Soleno Therapeutics, Inc. was incorporated in 1999 and is based in Redwood City, California.
SLNO (Soleno Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.76B, a trailing P/E of 28.72, a beta of -2.22 versus the broader market, a 52-week range of 29.43-90.32, average daily share volume of 3.5M, a public-listing history dating back to 2014, approximately 115 full-time employees. These structural characteristics shape how SLNO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -2.22 indicates SLNO has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on SLNO?
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 SLNO snapshot
As of May 15, 2026, spot at $53.00, ATM IV 14.30%, IV rank 8.81%, expected move 4.10%. The iron condor on SLNO 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 SLNO specifically: SLNO IV at 14.30% is on the cheap side of its 1-year range, which means a premium-selling SLNO iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 4.10% (roughly $2.17 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 SLNO expiries trade a higher absolute premium for lower per-day decay. Position sizing on SLNO should anchor to the underlying notional of $53.00 per share and to the trader's directional view on SLNO stock.
SLNO iron condor setup
The SLNO 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 SLNO near $53.00, the first option leg uses a $55.65 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SLNO 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 SLNO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $55.65 | N/A |
| Buy 1 | Call | $58.30 | N/A |
| Sell 1 | Put | $50.35 | N/A |
| Buy 1 | Put | $47.70 | N/A |
SLNO 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.
SLNO iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SLNO. 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 SLNO
Iron condors on SLNO are a delta-neutral premium-collection structure that profits if SLNO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SLNO thesis for this iron condor
The market-implied 1-standard-deviation range for SLNO extends from approximately $50.83 on the downside to $55.17 on the upside. A SLNO iron condor is a delta-neutral premium-collection structure that pays off when SLNO 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 SLNO IV rank near 8.81% 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 SLNO at 14.30%. As a Healthcare name, SLNO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SLNO-specific events.
SLNO 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. SLNO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SLNO alongside the broader basket even when SLNO-specific fundamentals are unchanged. Short-premium structures like a iron condor on SLNO carry tail risk when realized volatility exceeds the implied move; review historical SLNO earnings reactions and macro stress periods before sizing. Always rebuild the position from current SLNO chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SLNO?
- A iron condor on SLNO is the iron condor strategy applied to SLNO (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 SLNO stock trading near $53.00, the strikes shown on this page are snapped to the nearest listed SLNO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SLNO 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 SLNO iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 14.30%), 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 SLNO iron condor?
- The breakeven for the SLNO 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 SLNO market-implied 1-standard-deviation expected move is approximately 4.10%; 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 SLNO?
- Iron condors on SLNO are a delta-neutral premium-collection structure that profits if SLNO stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SLNO implied volatility affect this iron condor?
- SLNO ATM IV is at 14.30% with IV rank near 8.81%, 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.