NOVT trade idea receipt

NOVT 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 $159.49 with a planned lower boundary near $127.96 and upper boundary near $191.02, so the thesis depends on price remaining inside that range. Supporting factors include IV rank 57% (elevated vs 1-year history), ATM IV 55.2% vs realized 44.3%, and front/next IV ratio 1.352 (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.