XRAY Iron Condor Strategy
XRAY (DENTSPLY SIRONA Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
DENTSPLY SIRONA Inc. develops, manufactures, and markets dental equipment supported by cloud-enabled solutions, dental products, and healthcare consumable products in urology and enterology worldwide. It operates through four segments: Connected Technology Solutions, Essential Dental Solutions, Orthodontic and Implant Solutions, and Wellspect Healthcare. The Connected Technology Solutions segment offers imaging equipment, motorized dental handpieces, treatment centers, and other instruments; and intraoral scanners, 3-D printers, and mills, as well as CEREC, a full-chairside economical restoration of esthetic ceramic dentistry offering. The Essential Dental Solutions segment provides motorized endodontic handpieces, files, sealers, irrigation needles, and other tools for root canal procedures; restorative products; curing light and dental diagnostic systems; ultrasonic scalers and polishers; and dental anesthetics, prophylaxis paste, dental sealants, and impression materials. The Orthodontic and Implant Solutions segment offers SureSmile, a clear aligner solution that includes whitening kits and retainers; VPro, a high frequency vibration technology device; SureSmile Simulator; DS Core platform, which creates 3D visualization of patient outcomes; dental implant products; digital dentures; crown and bridge porcelain products; bone regenerative and restorative solutions; treatment planning software; educational programs; custom abutments; tapered immediate load screws; regenerative bone growth factor; artificial teeth; and precious metal dental alloys. The Wellspect Healthcare segment offers medical devices, including catheters for urinary retention and advanced irrigation systems to help people suffering from chronic or severe constipation.
XRAY (DENTSPLY SIRONA Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $2.21B, a beta of 0.91 versus the broader market, a 52-week range of 9.41-17.09, average daily share volume of 5.3M, a public-listing history dating back to 1987, approximately 14K full-time employees. These structural characteristics shape how XRAY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.91 places XRAY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. XRAY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on XRAY?
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 XRAY snapshot
As of June 30, 2026, spot at $10.64, ATM IV 33.80%, IV rank 7.10%, expected move 9.69%. The iron condor on XRAY 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 XRAY specifically: XRAY IV at 33.80% is on the cheap side of its 1-year range, which means a premium-selling XRAY iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.69% (roughly $1.03 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 XRAY expiries trade a higher absolute premium for lower per-day decay. Position sizing on XRAY should anchor to the underlying notional of $10.64 per share and to the trader's directional view on XRAY stock.
XRAY iron condor setup
The XRAY 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 XRAY near $10.64, the first option leg uses a $11.17 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XRAY 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 XRAY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.17 | N/A |
| Buy 1 | Call | $11.70 | N/A |
| Sell 1 | Put | $10.11 | N/A |
| Buy 1 | Put | $9.58 | N/A |
XRAY 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.
XRAY iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on XRAY. 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 XRAY
Iron condors on XRAY are a delta-neutral premium-collection structure that profits if XRAY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
XRAY thesis for this iron condor
The market-implied 1-standard-deviation range for XRAY extends from approximately $9.61 on the downside to $11.67 on the upside. A XRAY iron condor is a delta-neutral premium-collection structure that pays off when XRAY 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 XRAY IV rank near 7.10% 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 XRAY at 33.80%. As a Healthcare name, XRAY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XRAY-specific events.
XRAY 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. XRAY positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move XRAY alongside the broader basket even when XRAY-specific fundamentals are unchanged. Short-premium structures like a iron condor on XRAY carry tail risk when realized volatility exceeds the implied move; review historical XRAY earnings reactions and macro stress periods before sizing. Always rebuild the position from current XRAY chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on XRAY?
- A iron condor on XRAY is the iron condor strategy applied to XRAY (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 XRAY stock trading near $10.64, the strikes shown on this page are snapped to the nearest listed XRAY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are XRAY 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 XRAY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 33.80%), 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 XRAY iron condor?
- The breakeven for the XRAY 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 XRAY market-implied 1-standard-deviation expected move is approximately 9.69%; 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 XRAY?
- Iron condors on XRAY are a delta-neutral premium-collection structure that profits if XRAY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current XRAY implied volatility affect this iron condor?
- XRAY ATM IV is at 33.80% with IV rank near 7.10%, 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.