XGN Iron Condor Strategy
XGN (Exagen Inc.), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.
Exagen Inc. develops and commercializes diagnostic testing solutions, leveraging its proprietary cell-bound complement activation products (CB-CAPs) technology under the AVISE brand throughout the United States. The company's mission is to equip rheumatologists with advanced tools for the precise diagnosis, prognosis, and ongoing management of autoimmune and related diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). Its flagship product, AVISE CTD, aids in distinguishing between various connective tissue diseases (CTDs) and other conditions with overlapping symptoms in symptomatic patients. The company's product portfolio includes AVISE Lupus, which assesses complement system activation by measuring B-cell C4d and erythrocyte-bound C4d in blood. AVISE APS offers a comprehensive panel of autoantibody tests for the diagnosis and management of Antiphospholipid Syndrome (APS). For SLE patients, AVISE SLE Prognostic provides an autoantibody panel to evaluate the potential for kidney, brain, and cardiovascular complications.
XGN (Exagen Inc.) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $110.7M, a beta of 2.02 versus the broader market, a 52-week range of 2.59-12.23, average daily share volume of 383K, a public-listing history dating back to 2019, approximately 209 full-time employees. These structural characteristics shape how XGN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.02 indicates XGN 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 XGN?
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 XGN snapshot
As of June 30, 2026, spot at $4.82, ATM IV 45.10%, IV rank 5.85%, expected move 12.93%. The iron condor on XGN 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 17-day expiry.
Why this iron condor structure on XGN specifically: XGN IV at 45.10% is on the cheap side of its 1-year range, which means a premium-selling XGN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.93% (roughly $0.62 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated XGN expiries trade a higher absolute premium for lower per-day decay. Position sizing on XGN should anchor to the underlying notional of $4.82 per share and to the trader's directional view on XGN stock.
XGN iron condor setup
The XGN 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 XGN near $4.82, the first option leg uses a $5.06 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XGN chain at a 17-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 XGN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.06 | N/A |
| Buy 1 | Call | $5.30 | N/A |
| Sell 1 | Put | $4.58 | N/A |
| Buy 1 | Put | $4.34 | N/A |
XGN 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.
XGN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on XGN. 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 XGN
Iron condors on XGN are a delta-neutral premium-collection structure that profits if XGN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
XGN thesis for this iron condor
The market-implied 1-standard-deviation range for XGN extends from approximately $4.20 on the downside to $5.44 on the upside. A XGN iron condor is a delta-neutral premium-collection structure that pays off when XGN 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 XGN IV rank near 5.85% 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 XGN at 45.10%. As a Healthcare name, XGN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XGN-specific events.
XGN 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. XGN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move XGN alongside the broader basket even when XGN-specific fundamentals are unchanged. Short-premium structures like a iron condor on XGN carry tail risk when realized volatility exceeds the implied move; review historical XGN earnings reactions and macro stress periods before sizing. Always rebuild the position from current XGN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on XGN?
- A iron condor on XGN is the iron condor strategy applied to XGN (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 XGN stock trading near $4.82, the strikes shown on this page are snapped to the nearest listed XGN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are XGN 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 XGN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.10%), 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 XGN iron condor?
- The breakeven for the XGN 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 XGN market-implied 1-standard-deviation expected move is approximately 12.93%; 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 XGN?
- Iron condors on XGN are a delta-neutral premium-collection structure that profits if XGN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current XGN implied volatility affect this iron condor?
- XGN ATM IV is at 45.10% with IV rank near 5.85%, 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.