How are ORR 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 ORR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 13.80%), the computed maximum profit is $83.50 per contract and the computed maximum loss is -$116.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ORR iron condor?

The breakeven for the ORR iron condor priced on this page is roughly $36.17 and $41.84 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 ORR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ORR implied volatility affect this iron condor?

ORR ATM IV is at 13.80% with IV rank near 2.76%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

ORR Iron Condor Strategy

ORR (Militia Long/Short Equity ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Militia Long/Short Equity ETF, identified by the symbol ORR, is an actively managed investment vehicle designed to achieve capital appreciation. It employs a dual strategy, taking both long and short positions in equities. For its long-term holdings, the fund primarily focuses on stocks in developed markets that are either deemed undervalued or possess substantial growth potential. ORR has the flexibility to commit capital exceeding 100% of its net asset value to these long positions, typically up to a maximum of 150%. Conversely, its short selling strategy concentrates on U.S.-listed companies and exchange-traded funds whose valuations are anticipated to decline, often driven by unfavorable future cash flow projections. The fund can allocate up to 100% of its portfolio to short exposures and may utilize instruments like inverse or leveraged ETFs within this segment.

ORR (Militia Long/Short Equity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $37.9M, a beta of 0.03 versus the broader market, a 52-week range of 30.655-39.8, average daily share volume of 123K, a public-listing history dating back to 2025. These structural characteristics shape how ORR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.03 indicates ORR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a iron condor on ORR?

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.

ORR snapshot

As of August 14, 2026, spot at $38.61, ATM IV 13.80%, IV rank 2.76%, expected move 3.96%. The iron condor on ORR 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 ORR specifically: ORR IV at 13.80% is on the cheap side of its 1-year range, which means a premium-selling ORR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 3.96% (roughly $1.53 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 ORR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORR should anchor to the underlying notional of $38.61 per share and to the trader's directional view on ORR etf.

ORR iron condor setup

The ORR 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 ORR at $38.61 on that close, the first option leg uses a $41.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORR 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 ORR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$41.00	$0.11
Buy 1	Call	$42.00	$0.07
Sell 1	Put	$37.00	$0.93
Buy 1	Put	$35.00	$0.13

ORR iron condor risk and reward

Net Premium / Debit: +$83.50
Max Profit (per contract): $83.50
Max Loss (per contract): -$116.50
Breakeven(s): $36.17, $41.84
Risk / Reward Ratio: 0.717

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.

ORR iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on ORR. 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	-100.0%	-$116.50
$8.55	-77.9%	-$116.50
$17.08	-55.8%	-$116.50
$25.62	-33.7%	-$116.50
$34.15	-11.5%	-$116.50
$42.69	+10.6%	-$16.50
$51.22	+32.7%	-$16.50
$59.76	+54.8%	-$16.50
$68.30	+76.9%	-$16.50
$76.83	+99.0%	-$16.50

When traders use iron condor on ORR

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

ORR thesis for this iron condor

The market-implied 1-standard-deviation range for ORR extends from approximately $37.08 on the downside to $40.14 on the upside. A ORR iron condor is a delta-neutral premium-collection structure that pays off when ORR 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 ORR IV rank near 2.76% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ORR at 13.80%. As a Financial Services name, ORR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORR-specific events.

ORR 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. ORR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORR alongside the broader basket even when ORR-specific fundamentals are unchanged. Short-premium structures like a iron condor on ORR carry tail risk when realized volatility exceeds the implied move; review historical ORR earnings reactions and macro stress periods before sizing. Always rebuild the position from current ORR chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on ORR?: A iron condor on ORR is the iron condor strategy applied to ORR (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 ORR etf at $38.61 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ORR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ORR 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 ORR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 13.80%), the computed maximum profit is $83.50 per contract and the computed maximum loss is -$116.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ORR iron condor?: The breakeven for the ORR iron condor priced on this page is roughly $36.17 and $41.84 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 ORR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.96%; 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 ORR?: Iron condors on ORR are a delta-neutral premium-collection structure that profits if ORR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current ORR implied volatility affect this iron condor?: ORR ATM IV is at 13.80% with IV rank near 2.76%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.