OGI Iron Condor Strategy
OGI (Organigram Global Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.
Organigram Holdings Inc., through its subsidiaries, produces and sells cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including cannabis flowers, cannabis oils, and vaporizers for civilian patients and veterans; adult use recreational cannabis under the Edison Cannabis Co., Trail Blazer, SHRED, SHRED'ems, Big Bag O' Buds, and Monjour brands; and cannabis edibles products and concentrates. The company also engages in the wholesale shipping of cannabis plant cuttings, dried flowers, blends, pre-rolls, and cannabis derivative based products to retailers and wholesalers for adult-use recreational cannabis. It sells its products through online, as well as telephone channels. Organigram Holdings Inc. was founded in 2013 and is headquartered in Moncton, Canada.
OGI (Organigram Global Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $152.0M, a beta of 1.91 versus the broader market, a 52-week range of 1.09-2.24, average daily share volume of 699K, a public-listing history dating back to 2019, approximately 1K full-time employees. These structural characteristics shape how OGI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.91 indicates OGI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on OGI?
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 OGI snapshot
As of May 15, 2026, spot at $1.06, ATM IV 27.20%, IV rank 9.26%, expected move 7.80%. The iron condor on OGI 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 OGI specifically: OGI IV at 27.20% is on the cheap side of its 1-year range, which means a premium-selling OGI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.80% (roughly $0.08 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 OGI expiries trade a higher absolute premium for lower per-day decay. Position sizing on OGI should anchor to the underlying notional of $1.06 per share and to the trader's directional view on OGI stock.
OGI iron condor setup
The OGI 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 OGI near $1.06, the first option leg uses a $1.11 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OGI 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 OGI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.11 | N/A |
| Buy 1 | Call | $1.17 | N/A |
| Sell 1 | Put | $1.01 | N/A |
| Buy 1 | Put | $0.95 | N/A |
OGI 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.
OGI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on OGI. 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 OGI
Iron condors on OGI are a delta-neutral premium-collection structure that profits if OGI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
OGI thesis for this iron condor
The market-implied 1-standard-deviation range for OGI extends from approximately $0.98 on the downside to $1.14 on the upside. A OGI iron condor is a delta-neutral premium-collection structure that pays off when OGI 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 OGI IV rank near 9.26% 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 OGI at 27.20%. As a Healthcare name, OGI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OGI-specific events.
OGI 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. OGI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OGI alongside the broader basket even when OGI-specific fundamentals are unchanged. Short-premium structures like a iron condor on OGI carry tail risk when realized volatility exceeds the implied move; review historical OGI earnings reactions and macro stress periods before sizing. Always rebuild the position from current OGI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on OGI?
- A iron condor on OGI is the iron condor strategy applied to OGI (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 OGI stock trading near $1.06, the strikes shown on this page are snapped to the nearest listed OGI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OGI 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 OGI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.20%), 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 OGI iron condor?
- The breakeven for the OGI 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 OGI market-implied 1-standard-deviation expected move is approximately 7.80%; 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 OGI?
- Iron condors on OGI are a delta-neutral premium-collection structure that profits if OGI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current OGI implied volatility affect this iron condor?
- OGI ATM IV is at 27.20% with IV rank near 9.26%, 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.