OLLI Iron Condor Strategy
OLLI (Ollie's Bargain Outlet Holdings, Inc.), in the Consumer Defensive sector, (Discount Stores industry), listed on NASDAQ.
Ollie's Bargain Outlet Holdings, Inc. operates as a retailer of brand name merchandise. The company offers housewares, bed and bath, food, floor coverings, health and beauty aids, books and stationery, toys, and electronics; and other products, including hardware, candy, clothing, sporting goods, pet and lawn, and garden products. It provides its products primarily under the Ollie's, Ollie's Bargain Outlet, Good Stuff Cheap, Ollie's Army, Real Brands Real Cheap!, Real Brands! Real Bargains, Sarasota Breeze, Steelton Tools, American Way, and Middleton Home names. As of August 3, 2022, it operated 450 stores in 29 states throughout half of the United States. The company was formerly known as Bargain Holdings, Inc. and changed its name to Ollie's Bargain Outlet Holdings, Inc. in March 2015.
OLLI (Ollie's Bargain Outlet Holdings, Inc.) trades in the Consumer Defensive sector, specifically Discount Stores, with a market capitalization of approximately $4.52B, a trailing P/E of 18.90, a beta of 0.49 versus the broader market, a 52-week range of 73.315-141.74, average daily share volume of 1.4M, a public-listing history dating back to 2015, approximately 6K full-time employees. These structural characteristics shape how OLLI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.49 indicates OLLI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on OLLI?
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 OLLI snapshot
As of May 15, 2026, spot at $78.34, ATM IV 56.00%, IV rank 61.38%, expected move 16.05%. The iron condor on OLLI 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 63-day expiry.
Why this iron condor structure on OLLI specifically: OLLI IV at 56.00% is mid-range versus its 1-year history, so the credit collected on a OLLI iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 16.05% (roughly $12.58 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OLLI expiries trade a higher absolute premium for lower per-day decay. Position sizing on OLLI should anchor to the underlying notional of $78.34 per share and to the trader's directional view on OLLI stock.
OLLI iron condor setup
The OLLI 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 OLLI near $78.34, the first option leg uses a $80.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OLLI chain at a 63-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 OLLI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $80.00 | $6.00 |
| Buy 1 | Call | $85.00 | $4.05 |
| Sell 1 | Put | $75.00 | $4.65 |
| Buy 1 | Put | $70.00 | $2.90 |
OLLI iron condor risk and reward
- Net Premium / Debit
- +$370.00
- Max Profit (per contract)
- $370.00
- Max Loss (per contract)
- -$130.00
- Breakeven(s)
- $71.30, $83.70
- 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.
OLLI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on OLLI. 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% | -$130.00 |
| $17.33 | -77.9% | -$130.00 |
| $34.65 | -55.8% | -$130.00 |
| $51.97 | -33.7% | -$130.00 |
| $69.29 | -11.6% | -$130.00 |
| $86.61 | +10.6% | -$130.00 |
| $103.93 | +32.7% | -$130.00 |
| $121.25 | +54.8% | -$130.00 |
| $138.57 | +76.9% | -$130.00 |
| $155.89 | +99.0% | -$130.00 |
When traders use iron condor on OLLI
Iron condors on OLLI are a delta-neutral premium-collection structure that profits if OLLI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
OLLI thesis for this iron condor
The market-implied 1-standard-deviation range for OLLI extends from approximately $65.76 on the downside to $90.92 on the upside. A OLLI iron condor is a delta-neutral premium-collection structure that pays off when OLLI 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 OLLI IV rank near 61.38% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on OLLI should anchor more to the directional view and the expected-move geometry. As a Consumer Defensive name, OLLI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OLLI-specific events.
OLLI 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. OLLI positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OLLI alongside the broader basket even when OLLI-specific fundamentals are unchanged. Short-premium structures like a iron condor on OLLI carry tail risk when realized volatility exceeds the implied move; review historical OLLI earnings reactions and macro stress periods before sizing. Always rebuild the position from current OLLI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on OLLI?
- A iron condor on OLLI is the iron condor strategy applied to OLLI (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 OLLI stock trading near $78.34, the strikes shown on this page are snapped to the nearest listed OLLI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OLLI 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 OLLI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 56.00%), the computed maximum profit is $370.00 per contract and the computed maximum loss is -$130.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OLLI iron condor?
- The breakeven for the OLLI iron condor priced on this page is roughly $71.30 and $83.70 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 OLLI market-implied 1-standard-deviation expected move is approximately 16.05%; 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 OLLI?
- Iron condors on OLLI are a delta-neutral premium-collection structure that profits if OLLI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current OLLI implied volatility affect this iron condor?
- OLLI ATM IV is at 56.00% with IV rank near 61.38%, 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.