OII Iron Condor Strategy
OII (Oceaneering International, Inc.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
Headquartered in Houston, Texas, Oceaneering International, Inc., established in 1964, is a global provider of specialized engineering services, innovative products, and advanced robotic solutions. The company serves a diverse clientele spanning the offshore energy, defense, aerospace, manufacturing, and entertainment sectors. Its Subsea Robotics division deploys Remotely Operated Vehicles (ROVs) to assist drilling operations and perform vessel-based tasks such as subsea hardware deployment, construction activities, pipeline and facility inspections, maintenance, and repair. Furthermore, this segment supplies specialized ROV tooling, a range of survey services including hydrographic mapping and precise positioning, and autonomous underwater vehicles (AUVs) tailored for geoscience applications. By the close of 2021, the company maintained a fleet of 250 work-class ROVs. The Manufactured Products segment engineers and delivers essential distribution and connection systems for the energy sector, encompassing production control umbilicals, field development hardware, and pipeline connection and repair apparatus.
OII (Oceaneering International, Inc.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $3.99B, a trailing P/E of 11.74, a beta of 1.16 versus the broader market, a 52-week range of 20.21-40.21, average daily share volume of 1.1M, a public-listing history dating back to 1975, approximately 10K full-time employees. These structural characteristics shape how OII stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.16 places OII roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 11.74 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 OII?
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 OII snapshot
As of June 29, 2026, spot at $39.48, ATM IV 45.30%, IV rank 39.30%, expected move 12.99%. The iron condor on OII 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 18-day expiry.
Why this iron condor structure on OII specifically: OII IV at 45.30% is mid-range versus its 1-year history, so the credit collected on a OII iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 12.99% (roughly $5.13 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OII expiries trade a higher absolute premium for lower per-day decay. Position sizing on OII should anchor to the underlying notional of $39.48 per share and to the trader's directional view on OII stock.
OII iron condor setup
The OII 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 OII near $39.48, the first option leg uses a $41.45 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OII chain at a 18-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 OII shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $41.45 | N/A |
| Buy 1 | Call | $43.43 | N/A |
| Sell 1 | Put | $37.51 | N/A |
| Buy 1 | Put | $35.53 | N/A |
OII 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.
OII iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on OII. 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 OII
Iron condors on OII are a delta-neutral premium-collection structure that profits if OII stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
OII thesis for this iron condor
The market-implied 1-standard-deviation range for OII extends from approximately $34.35 on the downside to $44.61 on the upside. A OII iron condor is a delta-neutral premium-collection structure that pays off when OII 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 OII IV rank near 39.30% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on OII should anchor more to the directional view and the expected-move geometry. As a Energy name, OII options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OII-specific events.
OII 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. OII positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OII alongside the broader basket even when OII-specific fundamentals are unchanged. Short-premium structures like a iron condor on OII carry tail risk when realized volatility exceeds the implied move; review historical OII earnings reactions and macro stress periods before sizing. Always rebuild the position from current OII chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on OII?
- A iron condor on OII is the iron condor strategy applied to OII (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 OII stock trading near $39.48, the strikes shown on this page are snapped to the nearest listed OII chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OII 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 OII iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.30%), 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 OII iron condor?
- The breakeven for the OII 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 OII market-implied 1-standard-deviation expected move is approximately 12.99%; 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 OII?
- Iron condors on OII are a delta-neutral premium-collection structure that profits if OII stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current OII implied volatility affect this iron condor?
- OII ATM IV is at 45.30% with IV rank near 39.30%, 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.