Biotech Trading Tools
5 essential calculators and export tools for PDUFA event-driven trading
Free access • Built for precision • Real-world validated
Tools Suite
| Tool | What It Does | Free | Pro |
|---|---|---|---|
| IV Crush Calculator | Simulate IV impact post-PDUFA decision. Input current IV rank, expected drop %, option Greeks. | ✓ | ✓ |
| Options P/L Estimator | Calculate profit/loss for long calls, puts, spreads across different price & IV scenarios. | ✓ | ✓ |
| Catalyst Timeline Builder | Visualize key dates: trial readout, PDUFA announcement, runup period (T-25 to T-7), decision date. | ✓ | ✓ |
| .ICS Export (Calendar) | Export upcoming PDUFA dates to Google Calendar, Outlook, Apple Calendar. Auto-syncs updates. | - | ✓ |
| CSV Export (Data) | Export filtered catalyst data, ODIN tiers, historical outcomes to CSV. Use in Excel or Python analysis. | - | ✓ |
Free tier includes core calculators (IV Crush, Options P/L, Timeline Builder). Pro tier adds calendar sync and data export.
Understanding IV Crush
IV crush is the single largest risk factor for biotech options traders. When a PDUFA decision is announced (approval or rejection), implied volatility drops sharply (typically 40-60%), crushing the value of both calls and puts—regardless of which way the stock moved.
Historical IV Crush Data
- Nano-cap PDUFAs: Avg 55% IV drop on decision day
- Micro-cap PDUFAs: Avg 48% IV drop
- Small-cap PDUFAs: Avg 38% IV drop
- IV typically recovers 60-70% within 5 days post-event
Example: A "Wrong Way" Win
You buy a nano-cap call for $0.80. Stock rallies +15% on approval. But IV drops 55%, which wipes out 60% of your theoretical profit. Your call is now worth only $1.20 (instead of $2.00). That's the IV crush effect—the stock was right, but the option lost money anyway.
Our IV Crush Calculator helps you model this risk BEFORE you enter. Input your entry price, expected IV drop, and stock move—the tool shows your actual breakeven and max profit/loss.
Common Workflows
Workflow 1: Pre-Trade Options Analysis
- 1. Find a TIER_1 or TIER_2 PDUFA candidate on the heatmap
- 2. Open the Options P/L Estimator
- 3. Enter: current call price, strike, stock price, IV rank
- 4. Model scenarios: stock +5%, stock +10%, IV drops 50%
- 5. Identify breakeven stock move (accounting for IV crush)
- 6. Only enter if breakeven < 3% move (high probability runup)
Workflow 2: Calendar Syncing (Pro)
- 1. Filter heatmap by your watchlist (TIER_1/2 only)
- 2. Click "Export to Calendar" (ICS format)
- 3. Import to Google Calendar / Outlook / Apple Calendar
- 4. Catalysts auto-sync daily. You'll never miss a runup window.
Workflow 3: Backtesting with CSV Export (Pro)
- 1. Filter heatmap by date range (e.g., all 2024 PDUFA dates)
- 2. Click "Export CSV" (includes ODIN tiers, outcomes)
- 3. Load into Excel or Python (pandas, numpy)
- 4. Run backtest: how many T-25-T-7 runups were profitable by ODIN tier?
Frequently Asked Questions
Does the IV Crush Calculator account for dividend risk?
The calculator focuses on volatility and stock price impact. Biotech stocks rarely pay dividends, so this isn't typically a factor. However, if your underlying does pay (rare), manually adjust stock price down by dividend amount before running the scenario.
Can I use the Timeline Builder for earnings calls?
Yes. While designed for PDUFA events, the Timeline Builder works for any binary catalyst: earnings, phase readout, FDA meeting, analyst day, etc. It's flexible enough to model any multi-stage event timeline.
How often does the CSV export update?
CSV exports are generated on-demand. When you click "Export CSV", you get a snapshot of the current data (including latest ODIN tiers and outcomes). If you want daily updates, set a reminder to re-export weekly. Pro users have the option to schedule auto-exports (coming soon).