How are HP 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 HP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 46.60%), the computed maximum profit is $185.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HP iron condor?

The breakeven for the HP iron condor priced on this page is roughly $30.65 and $36.85 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 HP market-implied 1-standard-deviation expected move is approximately 13.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HP implied volatility affect this iron condor?

HP ATM IV is at 46.60% with IV rank near 30.14%, 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.

HP Iron Condor Strategy

HP (Helmerich & Payne, Inc.), in the Energy sector, (Oil & Gas Drilling industry), listed on NYSE.

Helmerich & Payne, Inc., along with its affiliated companies, provides specialized drilling services and innovative solutions to businesses involved in the exploration and production of oil and gas. The company's operations are strategically organized into three distinct divisions: North America Solutions, Offshore Gulf of Mexico, and International Solutions. Within the North America Solutions segment, primary drilling activities are conducted across a broad geographical area, encompassing U.S. states such as Colorado, Louisiana, Montana, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, West Virginia, and Wyoming. This division also actively pursues the development, promotion, and commercialization of advanced technologies designed to enhance drilling efficiency, wellbore quality, and accurate placement. The Offshore Gulf of Mexico segment focuses its drilling endeavors in Louisiana and within the federal waters of the U.S. Gulf of Mexico.

HP (Helmerich & Payne, Inc.) trades in the Energy sector, specifically Oil & Gas Drilling, with a market capitalization of approximately $3.38B, a beta of 0.57 versus the broader market, a 52-week range of 15.08-41.82, average daily share volume of 1.2M, a public-listing history dating back to 1980, approximately 7K full-time employees. These structural characteristics shape how HP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.57 indicates HP has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. HP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on HP?

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 HP snapshot

As of June 30, 2026, spot at $32.97, ATM IV 46.60%, IV rank 30.14%, expected move 13.36%. The iron condor on HP 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 171-day expiry.

Why this iron condor structure on HP specifically: HP IV at 46.60% is mid-range versus its 1-year history, so the credit collected on a HP iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 13.36% (roughly $4.40 on the underlying). The 171-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HP expiries trade a higher absolute premium for lower per-day decay. Position sizing on HP should anchor to the underlying notional of $32.97 per share and to the trader's directional view on HP stock.

HP iron condor setup

The HP 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 HP near $32.97, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HP chain at a 171-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 HP shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$35.00	$3.30
Buy 1	Call	$37.50	$2.55
Sell 1	Put	$32.50	$3.80
Buy 1	Put	$30.00	$2.70

HP iron condor risk and reward

Net Premium / Debit: +$185.00
Max Profit (per contract): $185.00
Max Loss (per contract): -$65.00
Breakeven(s): $30.65, $36.85
Risk / Reward Ratio: 2.846

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.

HP iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on HP. 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%	-$65.00
$7.30	-77.9%	-$65.00
$14.59	-55.8%	-$65.00
$21.88	-33.6%	-$65.00
$29.16	-11.5%	-$65.00
$36.45	+10.6%	+$39.63
$43.74	+32.7%	-$65.00
$51.03	+54.8%	-$65.00
$58.32	+76.9%	-$65.00
$65.61	+99.0%	-$65.00

When traders use iron condor on HP

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

HP thesis for this iron condor

The market-implied 1-standard-deviation range for HP extends from approximately $28.57 on the downside to $37.37 on the upside. A HP iron condor is a delta-neutral premium-collection structure that pays off when HP 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 HP IV rank near 30.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on HP should anchor more to the directional view and the expected-move geometry. As a Energy name, HP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HP-specific events.

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

Frequently asked questions

What is a iron condor on HP?: A iron condor on HP is the iron condor strategy applied to HP (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 HP stock trading near $32.97, the strikes shown on this page are snapped to the nearest listed HP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HP 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 HP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 46.60%), the computed maximum profit is $185.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HP iron condor?: The breakeven for the HP iron condor priced on this page is roughly $30.65 and $36.85 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 HP market-implied 1-standard-deviation expected move is approximately 13.36%; 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 HP?: Iron condors on HP are a delta-neutral premium-collection structure that profits if HP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current HP implied volatility affect this iron condor?: HP ATM IV is at 46.60% with IV rank near 30.14%, 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.