IBP trade idea receipt

IBP 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 $241.82 with a planned lower boundary near $191.01 and upper boundary near $292.63, so the thesis depends on price remaining inside that range. Supporting factors include IV rank 61% (elevated vs 1-year history), ATM IV 55.7% vs realized 38.2%, and front/next IV ratio 1.18 (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.