How are VRDN 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 VRDN iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.60%), the computed maximum profit is $12.50 per contract and the computed maximum loss is -$87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a VRDN iron condor?

The breakeven for the VRDN iron condor priced on this page is roughly $20.88 and $23.11 at expiration, derived from the August 14, 2026 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 VRDN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current VRDN implied volatility affect this iron condor?

VRDN ATM IV is at 76.60% with IV rank near 16.31%, 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.

VRDN Iron Condor Strategy

VRDN (Viridian Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Viridian Therapeutics, Inc. is a biotechnology firm committed to creating therapies for patients afflicted by serious illnesses. Its primary development efforts include VRDN-001, a humanized monoclonal anti-IGF-1R antibody currently advancing through Phase 1/2 clinical trials for thyroid eye disease (TED). The company's portfolio also features VRDN-002, an IGF-1R antibody undergoing Phase 1 clinical evaluation, alongside VRDN-003, a therapeutic antibody also designed to target IGF-1R for TED. Established in 2006, this Waltham, Massachusetts-based firm previously operated as Miragen Therapeutics, Inc., before changing its name to Viridian Therapeutics, Inc. in January 2021.

VRDN (Viridian Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.59B, a beta of 0.94 versus the broader market, a 52-week range of 13.18-34.29, average daily share volume of 2.5M, a public-listing history dating back to 2014, approximately 252 full-time employees. These structural characteristics shape how VRDN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.94 places VRDN 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 VRDN?

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.

VRDN snapshot

As of August 14, 2026, spot at $22.14, ATM IV 76.60%, IV rank 16.31%, expected move 21.96%. The iron condor on VRDN below is built from the August 14, 2026 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 VRDN specifically: VRDN IV at 76.60% is on the cheap side of its 1-year range, which means a premium-selling VRDN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.96% (roughly $4.86 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 VRDN expiries trade a higher absolute premium for lower per-day decay. Position sizing on VRDN should anchor to the underlying notional of $22.14 per share and to the trader's directional view on VRDN stock.

VRDN iron condor setup

The VRDN iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With VRDN at $22.14 on that close, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VRDN 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 VRDN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$23.00	$1.70
Buy 1	Call	$24.00	$1.98
Sell 1	Put	$21.00	$1.58
Buy 1	Put	$20.00	$1.18

VRDN iron condor risk and reward

Net Premium / Debit: +$12.50
Max Profit (per contract): $12.50
Max Loss (per contract): -$87.50
Breakeven(s): $20.88, $23.11
Risk / Reward Ratio: 0.143

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.

VRDN iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on VRDN. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$87.50
$4.90	-77.8%	-$87.50
$9.80	-55.7%	-$87.50
$14.69	-33.6%	-$87.50
$19.59	-11.5%	-$87.50
$24.48	+10.6%	-$87.50
$29.38	+32.7%	-$87.50
$34.27	+54.8%	-$87.50
$39.16	+76.9%	-$87.50
$44.06	+99.0%	-$87.50

When traders use iron condor on VRDN

Iron condors on VRDN are a delta-neutral premium-collection structure that profits if VRDN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

VRDN thesis for this iron condor

The market-implied 1-standard-deviation range for VRDN extends from approximately $17.28 on the downside to $27.00 on the upside. A VRDN iron condor is a delta-neutral premium-collection structure that pays off when VRDN 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 VRDN IV rank near 16.31% 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 VRDN at 76.60%. As a Healthcare name, VRDN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VRDN-specific events.

VRDN 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. VRDN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VRDN alongside the broader basket even when VRDN-specific fundamentals are unchanged. Short-premium structures like a iron condor on VRDN carry tail risk when realized volatility exceeds the implied move; review historical VRDN earnings reactions and macro stress periods before sizing. Always rebuild the position from current VRDN chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on VRDN?: A iron condor on VRDN is the iron condor strategy applied to VRDN (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 VRDN stock at $22.14 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed VRDN chain strike and the premiums come straight from that session's bid/ask midpoint.
How are VRDN 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 VRDN iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.60%), the computed maximum profit is $12.50 per contract and the computed maximum loss is -$87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a VRDN iron condor?: The breakeven for the VRDN iron condor priced on this page is roughly $20.88 and $23.11 at expiration, derived from the August 14, 2026 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 VRDN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.96%; 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 VRDN?: Iron condors on VRDN are a delta-neutral premium-collection structure that profits if VRDN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current VRDN implied volatility affect this iron condor?: VRDN ATM IV is at 76.60% with IV rank near 16.31%, 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.