How are OMAH iron condor max profit and max loss calculated?

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the OMAH iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 376.10%), the computed maximum profit is $24.00 per contract and the computed maximum loss is -$76.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a OMAH iron condor?

The breakeven for the OMAH iron condor priced on this page is roughly $17.76 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The OMAH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current OMAH implied volatility affect this iron condor?

OMAH ATM IV is at 376.10% with IV rank near 76.50%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

OMAH Iron Condor Strategy

OMAH (VistaShares Target 15 Berkshire Select Income ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Tidal Trust III - Vistashares Target 15 Berkshire Select Income ETF is an exchange traded fund launched and managed by Tidal Investments LLC. It invests in public equity and fixed income markets of the United States. The fund seeks to invest through derivatives in stocks of companies operating across diversified sectors. The fund uses derivatives such as options to create its portfolio. For its equity portion, the fund invests in value stocks of large-cap companies. For its fixed income portion, it invests in short-term U.S.

OMAH (VistaShares Target 15 Berkshire Select Income ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $464.7M, a beta of 0.26 versus the broader market, a 52-week range of 17.82-19.68, average daily share volume of 897K, a public-listing history dating back to 2025, approximately 155 full-time employees. These structural characteristics shape how OMAH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.26 indicates OMAH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. OMAH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on OMAH?

An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.

OMAH snapshot

As of August 14, 2026, spot at $18.59, ATM IV 376.10%, IV rank 76.50%, expected move 7.31%. The iron condor on OMAH below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this iron condor structure on OMAH specifically: OMAH IV at 376.10% is rich versus its 1-year range, which favors premium-selling structures like a OMAH iron condor, with a market-implied 1-standard-deviation move of approximately 7.31% (roughly $1.36 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OMAH expiries trade a higher absolute premium for lower per-day decay. Position sizing on OMAH should anchor to the underlying notional of $18.59 per share and to the trader's directional view on OMAH etf.

OMAH iron condor setup

The OMAH iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OMAH at $18.59 on that close, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OMAH chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 OMAH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$20.00	$0.12
Buy 1	Call	$20.00	$0.12
Sell 1	Put	$18.00	$0.39
Buy 1	Put	$17.00	$0.15

OMAH iron condor risk and reward

Net Premium / Debit: +$24.00
Max Profit (per contract): $24.00
Max Loss (per contract): -$76.00
Breakeven(s): $17.76
Risk / Reward Ratio: 0.316

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.

OMAH iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on OMAH. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$76.00
$4.12	-77.8%	-$76.00
$8.23	-55.7%	-$76.00
$12.34	-33.6%	-$76.00
$16.45	-11.5%	-$76.00
$20.56	+10.6%	+$24.00
$24.67	+32.7%	+$24.00
$28.77	+54.8%	+$24.00
$32.88	+76.9%	+$24.00
$36.99	+99.0%	+$24.00

When traders use iron condor on OMAH

Iron condors on OMAH are a delta-neutral premium-collection structure that profits if OMAH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

OMAH thesis for this iron condor

The market-implied 1-standard-deviation range for OMAH extends from approximately $17.23 on the downside to $19.95 on the upside. A OMAH iron condor is a delta-neutral premium-collection structure that pays off when OMAH stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current OMAH IV rank near 76.50% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on OMAH at 376.10%. As a Financial Services name, OMAH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OMAH-specific events.

OMAH iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. OMAH positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OMAH alongside the broader basket even when OMAH-specific fundamentals are unchanged. Short-premium structures like a iron condor on OMAH carry tail risk when realized volatility exceeds the implied move; review historical OMAH earnings reactions and macro stress periods before sizing. Always rebuild the position from current OMAH chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on OMAH?: A iron condor on OMAH is the iron condor strategy applied to OMAH (etf). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With OMAH etf at $18.59 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed OMAH chain strike and the premiums come straight from that session's bid/ask midpoint.
How are OMAH iron condor max profit and max loss calculated?: Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the OMAH iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 376.10%), the computed maximum profit is $24.00 per contract and the computed maximum loss is -$76.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a OMAH iron condor?: The breakeven for the OMAH iron condor priced on this page is roughly $17.76 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The OMAH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a iron condor on OMAH?: Iron condors on OMAH are a delta-neutral premium-collection structure that profits if OMAH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current OMAH implied volatility affect this iron condor?: OMAH ATM IV is at 376.10% with IV rank near 76.50%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.