IMPP Iron Condor Strategy
IMPP (Imperial Petroleum Inc.), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NASDAQ.
Imperial Petroleum Inc. provides international seaborne transportation services to oil producers, refineries, and commodities traders. It carries refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals; and crude oils. As of March 29, 2022, the company owned four medium range refined petroleum product tankers and one Aframax crude oil tanker with a total capacity of 305,804 deadweight tons. The company was incorporated in 2021 and is based in Athens, Greece.
IMPP (Imperial Petroleum Inc.) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $170.4M, a trailing P/E of 3.76, a beta of 1.18 versus the broader market, a 52-week range of 2.45-6.57, average daily share volume of 720K, a public-listing history dating back to 2021, approximately 74 full-time employees. These structural characteristics shape how IMPP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.18 places IMPP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 3.76 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a iron condor on IMPP?
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 IMPP snapshot
As of May 15, 2026, spot at $4.83, ATM IV 67.70%, IV rank 10.67%, expected move 19.41%. The iron condor on IMPP 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 IMPP specifically: IMPP IV at 67.70% is on the cheap side of its 1-year range, which means a premium-selling IMPP iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 19.41% (roughly $0.94 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 IMPP expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMPP should anchor to the underlying notional of $4.83 per share and to the trader's directional view on IMPP stock.
IMPP iron condor setup
The IMPP 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 IMPP near $4.83, the first option leg uses a $5.07 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMPP 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 IMPP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.07 | N/A |
| Buy 1 | Call | $5.31 | N/A |
| Sell 1 | Put | $4.59 | N/A |
| Buy 1 | Put | $4.35 | N/A |
IMPP 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.
IMPP iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on IMPP. 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 IMPP
Iron condors on IMPP are a delta-neutral premium-collection structure that profits if IMPP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
IMPP thesis for this iron condor
The market-implied 1-standard-deviation range for IMPP extends from approximately $3.89 on the downside to $5.77 on the upside. A IMPP iron condor is a delta-neutral premium-collection structure that pays off when IMPP 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 IMPP IV rank near 10.67% 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 IMPP at 67.70%. As a Energy name, IMPP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMPP-specific events.
IMPP 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. IMPP positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IMPP alongside the broader basket even when IMPP-specific fundamentals are unchanged. Short-premium structures like a iron condor on IMPP carry tail risk when realized volatility exceeds the implied move; review historical IMPP earnings reactions and macro stress periods before sizing. Always rebuild the position from current IMPP chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on IMPP?
- A iron condor on IMPP is the iron condor strategy applied to IMPP (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 IMPP stock trading near $4.83, the strikes shown on this page are snapped to the nearest listed IMPP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IMPP 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 IMPP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 67.70%), 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 IMPP iron condor?
- The breakeven for the IMPP iron condor priced on this page is no defined breakeven on the modeled curve 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 IMPP market-implied 1-standard-deviation expected move is approximately 19.41%; 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 IMPP?
- Iron condors on IMPP are a delta-neutral premium-collection structure that profits if IMPP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current IMPP implied volatility affect this iron condor?
- IMPP ATM IV is at 67.70% with IV rank near 10.67%, 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.