CPNG trade idea receipt

CPNG 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 $16.47 with a planned lower boundary near $13.77 and upper boundary near $19.16, so the thesis depends on price remaining inside that range. Supporting factors include IV rank 71% (elevated vs 1-year history), ATM IV 65.4% vs realized 39.5%, and front/next IV ratio 1.334 (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.