OVLH Iron Condor Strategy
OVLH (Overlay Shares Hedged Large Cap Equity ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by (i) investing in one or more other ETFs that seek to obtain exposure to the performance of U.S. large-cap equity securities or directly in the securities held by such ETFs (collectively, the “Underlying Investments”), and (ii) purchasing long-term out-of-the-money put options (i.e., put options with a strike price below the current price of the reference asset) to seek to hedge against significant declines in U.S. large-cap equities.
OVLH (Overlay Shares Hedged Large Cap Equity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $87.3M, a beta of 0.73 versus the broader market, a 52-week range of 37.275-43.09, average daily share volume of 16K, a public-listing history dating back to 2021. These structural characteristics shape how OVLH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.73 places OVLH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. OVLH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on OVLH?
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.
OVLH snapshot
As of August 14, 2026, spot at $39.50, ATM IV 54.60%, IV rank 36.92%, expected move 15.65%. The iron condor on OVLH below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this iron condor structure on OVLH specifically: OVLH IV at 54.60% is mid-range versus its 1-year history, so the credit collected on a OVLH iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.65% (roughly $6.18 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OVLH expiries trade a higher absolute premium for lower per-day decay. Position sizing on OVLH should anchor to the underlying notional of $39.50 per share and to the trader's directional view on OVLH etf.
OVLH iron condor setup
The OVLH iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OVLH at $39.50 on that close, the first option leg uses a $41.48 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OVLH chain at a 7-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 OVLH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $41.48 | N/A |
| Buy 1 | Call | $43.45 | N/A |
| Sell 1 | Put | $37.53 | N/A |
| Buy 1 | Put | $35.55 | N/A |
OVLH iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
OVLH iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on OVLH. 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.
When traders use iron condor on OVLH
Iron condors on OVLH are a delta-neutral premium-collection structure that profits if OVLH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
OVLH thesis for this iron condor
The market-implied 1-standard-deviation range for OVLH extends from approximately $33.32 on the downside to $45.68 on the upside. A OVLH iron condor is a delta-neutral premium-collection structure that pays off when OVLH 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 OVLH IV rank near 36.92% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on OVLH should anchor more to the directional view and the expected-move geometry. As a Financial Services name, OVLH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OVLH-specific events.
OVLH 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. OVLH positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OVLH alongside the broader basket even when OVLH-specific fundamentals are unchanged. Short-premium structures like a iron condor on OVLH carry tail risk when realized volatility exceeds the implied move; review historical OVLH earnings reactions and macro stress periods before sizing. Always rebuild the position from current OVLH chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on OVLH?
- A iron condor on OVLH is the iron condor strategy applied to OVLH (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 OVLH etf at $39.50 on the most recent close, the strikes shown on this page are snapped to the nearest listed OVLH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OVLH 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 OVLH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 54.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OVLH iron condor?
- The breakeven for the OVLH iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 OVLH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.65%; 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 OVLH?
- Iron condors on OVLH are a delta-neutral premium-collection structure that profits if OVLH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current OVLH implied volatility affect this iron condor?
- OVLH ATM IV is at 54.60% with IV rank near 36.92%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.