USPH Iron Condor Strategy
USPH (U.S. Physical Therapy, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NYSE.
U.S. Physical Therapy, Inc., through its various subsidiaries, manages a network of outpatient physical therapy facilities. These clinics deliver a range of services, including rehabilitation before and after surgery, treatment for musculoskeletal conditions, recovery from sports-related trauma, proactive health measures, assistance for workers recovering from injuries, and care for neurological conditions. The company's business is divided into two primary divisions: Physical Therapy Operations and Industrial Injury Prevention Services. Within its industrial segment, it provides specialized services like on-site injury avoidance and recovery programs, strategies for enhancing physical performance, pre-employment screening tests, assessments of an individual's work capacity, and workplace ergonomic reviews. These offerings are delivered by licensed physical therapists and expert certified athletic trainers to a diverse clientele, including Fortune 500 corporations, insurance providers, and their associated contractors.
USPH (U.S. Physical Therapy, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.25B, a trailing P/E of 545.73, a beta of 1.13 versus the broader market, a 52-week range of 58.19-93.5, average daily share volume of 222K, a public-listing history dating back to 1992, approximately 6K full-time employees. These structural characteristics shape how USPH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.13 places USPH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 545.73 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. USPH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on USPH?
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.
USPH snapshot
As of August 14, 2026, spot at $81.06, ATM IV 41.60%, IV rank 5.30%, expected move 11.93%. The iron condor on USPH 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 USPH specifically: USPH IV at 41.60% is on the cheap side of its 1-year range, which means a premium-selling USPH iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.93% (roughly $9.67 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 USPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on USPH should anchor to the underlying notional of $81.06 per share and to the trader's directional view on USPH stock.
USPH iron condor setup
The USPH 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 USPH at $81.06 on that close, the first option leg uses a $85.11 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USPH 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 USPH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $85.11 | N/A |
| Buy 1 | Call | $89.17 | N/A |
| Sell 1 | Put | $77.01 | N/A |
| Buy 1 | Put | $72.95 | N/A |
USPH 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.
USPH iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on USPH. 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 USPH
Iron condors on USPH are a delta-neutral premium-collection structure that profits if USPH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
USPH thesis for this iron condor
The market-implied 1-standard-deviation range for USPH extends from approximately $71.39 on the downside to $90.73 on the upside. A USPH iron condor is a delta-neutral premium-collection structure that pays off when USPH 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 USPH IV rank near 5.30% 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 USPH at 41.60%. As a Healthcare name, USPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USPH-specific events.
USPH 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. USPH positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move USPH alongside the broader basket even when USPH-specific fundamentals are unchanged. Short-premium structures like a iron condor on USPH carry tail risk when realized volatility exceeds the implied move; review historical USPH earnings reactions and macro stress periods before sizing. Always rebuild the position from current USPH chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on USPH?
- A iron condor on USPH is the iron condor strategy applied to USPH (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 USPH stock at $81.06 on the most recent close, the strikes shown on this page are snapped to the nearest listed USPH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are USPH 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 USPH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 41.60%), 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 USPH iron condor?
- The breakeven for the USPH 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 USPH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.93%; 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 USPH?
- Iron condors on USPH are a delta-neutral premium-collection structure that profits if USPH stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current USPH implied volatility affect this iron condor?
- USPH ATM IV is at 41.60% with IV rank near 5.30%, 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.