Iron Condor on Heron Therapeutics (HRTX)
An iron condor on Heron Therapeutics (HRTX) is a neutral / range-bound options strategy, anchored to HRTX's real 0.3007 USD price as of 2026-10-26. See how it works, an illustrative strike setup, and max profit/loss/breakeven below — not a live option quote.
Last updated 2026-10-26 · Source: end-of-day close (real price); strikes illustrative, educational only — not a live option quote
How does an iron condor on HRTX work?
An iron condor on Heron Therapeutics sells an out-of-the-money call spread and an out-of-the-money put spread, profiting if HRTX stays between the short strikes into expiry. It is a defined-risk, range-bound strategy.
Outlook: neutral / range-bound. Real reference price: 0.3007 USD (as of 2026-10-26).
How to set up the iron condor (illustrative)
| Leg | Detail (illustrative) |
|---|---|
| Sell | call illustratively ~0.3157 USD and buy call ~0.3308 USD (call spread) |
| Sell | put illustratively ~0.2857 USD and buy put ~0.2706 USD (put spread) |
Strikes are illustrative percentages of the real price, not live option quotes. Pick actual strikes and expiries from a broker's option chain.
Max profit, max loss and breakeven
| Max profit | the net credit received, kept in full if HRTX settles between ~0.2857 USD and ~0.3157 USD |
|---|---|
| Max loss | spread width − net credit (here the illustrative spread width is about 0.0151 USD) |
| Breakeven | short put strike − credit, and short call strike + credit |
When to use it — and the risks
When: When you expect HRTX to trade in a range with falling or stable volatility into expiry.
Risks: Losses occur on a large move beyond either short strike; defined-risk but the max loss can exceed the credit collected.
Related research pages
More on HRTX
Frequently asked questions
What is an iron condor on HRTX?
An iron condor on HRTX combines a short call spread above the market and a short put spread below it, collecting a net credit that's kept in full if price stays inside both spreads.
How do you set up an iron condor for HRTX?
Sell a call spread roughly 0.3157 USD-0.3308 USD and a put spread roughly 0.2706 USD-0.2857 USD, bracketing the current 0.3007 USD price. Real strikes and widths should come from the live option chain.
What is the max profit and loss?
Max profit is the credit collected if HRTX stays between the short strikes; max loss is the spread width minus that credit if price breaks out either side.
When should you use an iron condor on HRTX?
Best when you expect HRTX to stay range-bound with falling or stable implied volatility into expiry — not ahead of an event likely to cause a big move.