MRK trade idea receipt

MRK is a neutral volatility setup, where the trade is built around price staying inside the planned range rather than making a large directional move. The suggested iron condor uses the current stock price near $127.77 with a planned lower boundary near $117.28 and upper boundary near $138.26, so the thesis depends on price remaining inside that range. Supporting factors include IV rank 84% (elevated vs 1-year history), ATM IV 34.7% vs realized 26.0%, and front/next IV ratio 1.375 (event premium in term structure). Because this is a time-sensitive idea over roughly 24 hours, it should be sized carefully and revisited if price moves through the risk level or the supporting flow fades.