ODFL Iron Condor Strategy
ODFL (Old Dominion Freight Line, Inc.), in the Industrials sector, (Trucking industry), listed on NASDAQ.
Old Dominion Freight Line, Inc. operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting. As of December 31, 2021, it owned and operated 10,403 tractors, 27,917 linehaul trailers, and 13,303 pickup and delivery trailers; 3 fleet maintenance centers; and 251 service centers. Old Dominion Freight Line, Inc. was founded in 1934 and is headquartered in Thomasville, North Carolina.
ODFL (Old Dominion Freight Line, Inc.) trades in the Industrials sector, specifically Trucking, with a market capitalization of approximately $39.34B, a trailing P/E of 39.12, a beta of 1.17 versus the broader market, a 52-week range of 126.01-233.79, average daily share volume of 2.2M, a public-listing history dating back to 1991, approximately 22K full-time employees. These structural characteristics shape how ODFL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.17 places ODFL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 39.12 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. ODFL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ODFL?
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 ODFL snapshot
As of May 15, 2026, spot at $204.17, ATM IV 43.10%, IV rank 50.35%, expected move 12.36%. The iron condor on ODFL 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 ODFL specifically: ODFL IV at 43.10% is mid-range versus its 1-year history, so the credit collected on a ODFL iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 12.36% (roughly $25.23 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 ODFL expiries trade a higher absolute premium for lower per-day decay. Position sizing on ODFL should anchor to the underlying notional of $204.17 per share and to the trader's directional view on ODFL stock.
ODFL iron condor setup
The ODFL 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 ODFL near $204.17, the first option leg uses a $210.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ODFL 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 ODFL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $210.00 | $8.05 |
| Buy 1 | Call | $220.00 | $3.60 |
| Sell 1 | Put | $195.00 | $6.70 |
| Buy 1 | Put | $185.00 | $3.68 |
ODFL iron condor risk and reward
- Net Premium / Debit
- +$747.50
- Max Profit (per contract)
- $747.50
- Max Loss (per contract)
- -$252.50
- Breakeven(s)
- $187.53, $217.48
- Risk / Reward Ratio
- 2.960
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.
ODFL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ODFL. 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% | -$252.50 |
| $45.15 | -77.9% | -$252.50 |
| $90.29 | -55.8% | -$252.50 |
| $135.44 | -33.7% | -$252.50 |
| $180.58 | -11.6% | -$252.50 |
| $225.72 | +10.6% | -$252.50 |
| $270.86 | +32.7% | -$252.50 |
| $316.00 | +54.8% | -$252.50 |
| $361.15 | +76.9% | -$252.50 |
| $406.29 | +99.0% | -$252.50 |
When traders use iron condor on ODFL
Iron condors on ODFL are a delta-neutral premium-collection structure that profits if ODFL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ODFL thesis for this iron condor
The market-implied 1-standard-deviation range for ODFL extends from approximately $178.94 on the downside to $229.40 on the upside. A ODFL iron condor is a delta-neutral premium-collection structure that pays off when ODFL 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 ODFL IV rank near 50.35% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ODFL should anchor more to the directional view and the expected-move geometry. As a Industrials name, ODFL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ODFL-specific events.
ODFL 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. ODFL positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ODFL alongside the broader basket even when ODFL-specific fundamentals are unchanged. Short-premium structures like a iron condor on ODFL carry tail risk when realized volatility exceeds the implied move; review historical ODFL earnings reactions and macro stress periods before sizing. Always rebuild the position from current ODFL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ODFL?
- A iron condor on ODFL is the iron condor strategy applied to ODFL (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 ODFL stock trading near $204.17, the strikes shown on this page are snapped to the nearest listed ODFL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ODFL 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 ODFL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 43.10%), the computed maximum profit is $747.50 per contract and the computed maximum loss is -$252.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ODFL iron condor?
- The breakeven for the ODFL iron condor priced on this page is roughly $187.53 and $217.48 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 ODFL market-implied 1-standard-deviation expected move is approximately 12.36%; 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 ODFL?
- Iron condors on ODFL are a delta-neutral premium-collection structure that profits if ODFL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ODFL implied volatility affect this iron condor?
- ODFL ATM IV is at 43.10% with IV rank near 50.35%, 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.