PCTY trade idea receipt

PCTY 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 $139.77 with a planned lower boundary near $113.09 and upper boundary near $166.45, so the thesis depends on price remaining inside that range. Supporting factors include IV rank 52% (elevated vs 1-year history), ATM IV 61.4% vs realized 55.4%, and front/next IV ratio 1.698 (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.