TWST Iron Condor Strategy
TWST (Twist Bioscience Corporation), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.
Twist Bioscience Corporation, a synthetic biology company, manufactures and sells synthetic DNA-based products. The company's DNA synthesis platform enables the manufacturing of synthetic DNA by writing DNA on a silicon chip. It offers synthetic DNA-based products, including synthetic genes, tools for sample preparation, antibody libraries for drug discovery and development, and DNA as a digital data storage medium. The company has collaboration agreements with Victorian Clinical Genetic Services; Vivlion GmbH.; Kyowa Kirin Pharmaceutical Research, Inc.; deepCDR Biologics AG; and Centogene N.V to develop advanced sequencing tools. It also has a research collaboration with Boehringer Ingelheim International GmbH to use proprietary antibody libraries to discover therapeutic antibodies against multiple targets. Twist Bioscience Corporation was incorporated in 2013 and is headquartered in South San Francisco, California.
TWST (Twist Bioscience Corporation) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $3.39B, a beta of 2.23 versus the broader market, a 52-week range of 23.3-66.06, average daily share volume of 1.3M, a public-listing history dating back to 2018, approximately 923 full-time employees. These structural characteristics shape how TWST stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.23 indicates TWST 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 TWST?
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 TWST snapshot
As of May 15, 2026, spot at $48.87, ATM IV 91.40%, IV rank 42.49%, expected move 26.20%. The iron condor on TWST 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 TWST specifically: TWST IV at 91.40% is mid-range versus its 1-year history, so the credit collected on a TWST iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 26.20% (roughly $12.81 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 TWST expiries trade a higher absolute premium for lower per-day decay. Position sizing on TWST should anchor to the underlying notional of $48.87 per share and to the trader's directional view on TWST stock.
TWST iron condor setup
The TWST 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 TWST near $48.87, the first option leg uses a $52.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TWST 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 TWST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $52.50 | $4.25 |
| Buy 1 | Call | $55.00 | $3.00 |
| Sell 1 | Put | $47.50 | $4.53 |
| Buy 1 | Put | $45.00 | $2.98 |
TWST iron condor risk and reward
- Net Premium / Debit
- +$280.00
- Max Profit (per contract)
- $280.00
- Max Loss (per contract)
- $30.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 9.333
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.
TWST iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TWST. 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% | +$30.00 |
| $10.81 | -77.9% | +$30.00 |
| $21.62 | -55.8% | +$30.00 |
| $32.42 | -33.7% | +$30.00 |
| $43.23 | -11.5% | +$30.00 |
| $54.03 | +10.6% | +$126.84 |
| $64.84 | +32.7% | +$30.00 |
| $75.64 | +54.8% | +$30.00 |
| $86.44 | +76.9% | +$30.00 |
| $97.25 | +99.0% | +$30.00 |
When traders use iron condor on TWST
Iron condors on TWST are a delta-neutral premium-collection structure that profits if TWST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TWST thesis for this iron condor
The market-implied 1-standard-deviation range for TWST extends from approximately $36.06 on the downside to $61.68 on the upside. A TWST iron condor is a delta-neutral premium-collection structure that pays off when TWST 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 TWST IV rank near 42.49% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on TWST should anchor more to the directional view and the expected-move geometry. As a Healthcare name, TWST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TWST-specific events.
TWST 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. TWST positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TWST alongside the broader basket even when TWST-specific fundamentals are unchanged. Short-premium structures like a iron condor on TWST carry tail risk when realized volatility exceeds the implied move; review historical TWST earnings reactions and macro stress periods before sizing. Always rebuild the position from current TWST chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TWST?
- A iron condor on TWST is the iron condor strategy applied to TWST (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 TWST stock trading near $48.87, the strikes shown on this page are snapped to the nearest listed TWST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TWST 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 TWST iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 91.40%), the computed maximum profit is $280.00 per contract and the computed maximum loss is $30.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TWST iron condor?
- The breakeven for the TWST 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 TWST market-implied 1-standard-deviation expected move is approximately 26.20%; 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 TWST?
- Iron condors on TWST are a delta-neutral premium-collection structure that profits if TWST stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TWST implied volatility affect this iron condor?
- TWST ATM IV is at 91.40% with IV rank near 42.49%, 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.