TOI Iron Condor Strategy
TOI (The Oncology Institute, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
The Oncology Institute (TOI) is a specialized healthcare provider delivering a full range of medical oncology services throughout the United States. Its comprehensive offerings include direct physician care, integrated on-site infusion and medication dispensing facilities, and advanced clinical trial management. The institute also provides radiation therapy, specialized outpatient programs for stem cell transplants and transfusions, and robust patient support services. Furthermore, TOI is actively involved in operating palliative care initiatives and overseeing clinical trials. These services are specifically designed to meet the needs of adult and senior cancer patients. The company maintains a significant operational footprint with 67 clinic locations.
TOI (The Oncology Institute, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $538.9M, a beta of 0.41 versus the broader market, a 52-week range of 2.015-5.575, average daily share volume of 1.7M, a public-listing history dating back to 2020, approximately 825 full-time employees. These structural characteristics shape how TOI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.41 indicates TOI 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 TOI?
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 TOI snapshot
As of June 29, 2026, spot at $5.54, ATM IV 65.00%, IV rank 5.55%, expected move 18.63%. The iron condor on TOI 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 18-day expiry.
Why this iron condor structure on TOI specifically: TOI IV at 65.00% is on the cheap side of its 1-year range, which means a premium-selling TOI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 18.63% (roughly $1.03 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TOI expiries trade a higher absolute premium for lower per-day decay. Position sizing on TOI should anchor to the underlying notional of $5.54 per share and to the trader's directional view on TOI stock.
TOI iron condor setup
The TOI 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 TOI near $5.54, the first option leg uses a $5.82 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TOI chain at a 18-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 TOI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.82 | N/A |
| Buy 1 | Call | $6.09 | N/A |
| Sell 1 | Put | $5.26 | N/A |
| Buy 1 | Put | $4.99 | N/A |
TOI 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.
TOI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TOI. 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 TOI
Iron condors on TOI are a delta-neutral premium-collection structure that profits if TOI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TOI thesis for this iron condor
The market-implied 1-standard-deviation range for TOI extends from approximately $4.51 on the downside to $6.57 on the upside. A TOI iron condor is a delta-neutral premium-collection structure that pays off when TOI 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 TOI IV rank near 5.55% 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 TOI at 65.00%. As a Healthcare name, TOI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TOI-specific events.
TOI 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. TOI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TOI alongside the broader basket even when TOI-specific fundamentals are unchanged. Short-premium structures like a iron condor on TOI carry tail risk when realized volatility exceeds the implied move; review historical TOI earnings reactions and macro stress periods before sizing. Always rebuild the position from current TOI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TOI?
- A iron condor on TOI is the iron condor strategy applied to TOI (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 TOI stock trading near $5.54, the strikes shown on this page are snapped to the nearest listed TOI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TOI 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 TOI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 65.00%), 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 TOI iron condor?
- The breakeven for the TOI 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 TOI market-implied 1-standard-deviation expected move is approximately 18.63%; 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 TOI?
- Iron condors on TOI are a delta-neutral premium-collection structure that profits if TOI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TOI implied volatility affect this iron condor?
- TOI ATM IV is at 65.00% with IV rank near 5.55%, 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.