ZURA Iron Condor Strategy
ZURA (Zura Bio Limited), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Zura Bio Limited is a clinical-stage biotechnology company headquartered in San Diego, California, dedicated to pioneering new therapeutic solutions for immune system and inflammatory diseases. Its key product candidates include ZB-168, an anti-IL7Rα inhibitor engineered to address conditions influenced by the IL7 and TSLP biological pathways. The company is also advancing Torudokimab, a monoclonal antibody that neutralizes IL-33, which is currently in Phase 2 clinical development.
ZURA (Zura Bio Limited) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $549.1M, a beta of -0.04 versus the broader market, a 52-week range of 1.47-7.44, average daily share volume of 931K, a public-listing history dating back to 2023, approximately 40 full-time employees. These structural characteristics shape how ZURA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.04 indicates ZURA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on ZURA?
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.
ZURA snapshot
As of August 14, 2026, spot at $5.60, ATM IV 90.40%, IV rank 17.01%, expected move 25.92%. The iron condor on ZURA 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 ZURA specifically: ZURA IV at 90.40% is on the cheap side of its 1-year range, which means a premium-selling ZURA iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 25.92% (roughly $1.45 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 ZURA expiries trade a higher absolute premium for lower per-day decay. Position sizing on ZURA should anchor to the underlying notional of $5.60 per share and to the trader's directional view on ZURA stock.
ZURA iron condor setup
The ZURA 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 ZURA at $5.60 on that close, the first option leg uses a $5.88 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ZURA 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 ZURA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.88 | N/A |
| Buy 1 | Call | $6.16 | N/A |
| Sell 1 | Put | $5.32 | N/A |
| Buy 1 | Put | $5.04 | N/A |
ZURA 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.
ZURA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ZURA. 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 ZURA
Iron condors on ZURA are a delta-neutral premium-collection structure that profits if ZURA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ZURA thesis for this iron condor
The market-implied 1-standard-deviation range for ZURA extends from approximately $4.15 on the downside to $7.05 on the upside. A ZURA iron condor is a delta-neutral premium-collection structure that pays off when ZURA 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 ZURA IV rank near 17.01% 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 ZURA at 90.40%. As a Healthcare name, ZURA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ZURA-specific events.
ZURA 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. ZURA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ZURA alongside the broader basket even when ZURA-specific fundamentals are unchanged. Short-premium structures like a iron condor on ZURA carry tail risk when realized volatility exceeds the implied move; review historical ZURA earnings reactions and macro stress periods before sizing. Always rebuild the position from current ZURA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ZURA?
- A iron condor on ZURA is the iron condor strategy applied to ZURA (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 ZURA stock at $5.60 on the most recent close, the strikes shown on this page are snapped to the nearest listed ZURA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ZURA 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 ZURA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 90.40%), 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 ZURA iron condor?
- The breakeven for the ZURA 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 ZURA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.92%; 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 ZURA?
- Iron condors on ZURA are a delta-neutral premium-collection structure that profits if ZURA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ZURA implied volatility affect this iron condor?
- ZURA ATM IV is at 90.40% with IV rank near 17.01%, 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.