CHRD Iron Condor Strategy
CHRD (Chord Energy Corporation), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NASDAQ.
Chord Energy Corporation operates as an independent exploration and production company. It acquires, exploits, develops, and explores for crude oil, natural gas, and natural gas liquids in the Williston Basin. The company was founded in 2007 and is headquartered in Houston, Texas.
CHRD (Chord Energy Corporation) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $8.00B, a beta of 0.40 versus the broader market, a 52-week range of 84.25-150.5, average daily share volume of 1.1M, a public-listing history dating back to 2020, approximately 762 full-time employees. These structural characteristics shape how CHRD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.40 indicates CHRD has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CHRD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CHRD?
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.
Current CHRD snapshot
As of May 15, 2026, spot at $147.87, ATM IV 43.30%, IV rank 35.68%, expected move 12.41%. The iron condor on CHRD below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on CHRD specifically: CHRD IV at 43.30% is mid-range versus its 1-year history, so the credit collected on a CHRD iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 12.41% (roughly $18.36 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CHRD expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHRD should anchor to the underlying notional of $147.87 per share and to the trader's directional view on CHRD stock.
CHRD iron condor setup
The CHRD 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 CHRD near $147.87, the first option leg uses a $155.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHRD chain at a 34-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 CHRD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $155.00 | $4.60 |
| Buy 1 | Call | $165.00 | $2.03 |
| Sell 1 | Put | $140.00 | $4.75 |
| Buy 1 | Put | $135.00 | $3.23 |
CHRD iron condor risk and reward
- Net Premium / Debit
- +$410.00
- Max Profit (per contract)
- $410.00
- Max Loss (per contract)
- -$590.00
- Breakeven(s)
- $135.90, $159.10
- Risk / Reward Ratio
- 0.695
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.
CHRD iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CHRD. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$90.00 |
| $32.70 | -77.9% | -$90.00 |
| $65.40 | -55.8% | -$90.00 |
| $98.09 | -33.7% | -$90.00 |
| $130.79 | -11.6% | -$90.00 |
| $163.48 | +10.6% | -$437.88 |
| $196.17 | +32.7% | -$590.00 |
| $228.87 | +54.8% | -$590.00 |
| $261.56 | +76.9% | -$590.00 |
| $294.25 | +99.0% | -$590.00 |
When traders use iron condor on CHRD
Iron condors on CHRD are a delta-neutral premium-collection structure that profits if CHRD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CHRD thesis for this iron condor
The market-implied 1-standard-deviation range for CHRD extends from approximately $129.51 on the downside to $166.23 on the upside. A CHRD iron condor is a delta-neutral premium-collection structure that pays off when CHRD 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 CHRD IV rank near 35.68% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CHRD should anchor more to the directional view and the expected-move geometry. As a Energy name, CHRD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHRD-specific events.
CHRD 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. CHRD positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CHRD alongside the broader basket even when CHRD-specific fundamentals are unchanged. Short-premium structures like a iron condor on CHRD carry tail risk when realized volatility exceeds the implied move; review historical CHRD earnings reactions and macro stress periods before sizing. Always rebuild the position from current CHRD chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CHRD?
- A iron condor on CHRD is the iron condor strategy applied to CHRD (stock). 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 CHRD stock trading near $147.87, the strikes shown on this page are snapped to the nearest listed CHRD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CHRD 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 CHRD iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 43.30%), the computed maximum profit is $410.00 per contract and the computed maximum loss is -$590.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CHRD iron condor?
- The breakeven for the CHRD iron condor priced on this page is roughly $135.90 and $159.10 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CHRD market-implied 1-standard-deviation expected move is approximately 12.41%; 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 CHRD?
- Iron condors on CHRD are a delta-neutral premium-collection structure that profits if CHRD stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CHRD implied volatility affect this iron condor?
- CHRD ATM IV is at 43.30% with IV rank near 35.68%, 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.