ONL Iron Condor Strategy
ONL (Orion Properties Inc.), in the Real Estate sector, (REIT - Office industry), listed on NYSE.
Orion Properties Inc. is an investment firm concentrating its expertise on acquiring, owning, and managing a varied collection of essential corporate headquarters and vital office properties situated in premier suburban markets nationwide. This portfolio is predominantly secured by single-tenant net leases with financially robust tenants. The company's seasoned leadership team employs a rigorous, market-tested investment framework that directs their strategic capital deployment across both their existing holdings and prospective acquisitions.
ONL (Orion Properties Inc.) trades in the Real Estate sector, specifically REIT - Office, with a market capitalization of approximately $160.8M, a beta of 1.58 versus the broader market, a 52-week range of 1.89-3.05, average daily share volume of 394K, a public-listing history dating back to 2021, approximately 37 full-time employees. These structural characteristics shape how ONL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.58 indicates ONL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. ONL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ONL?
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.
ONL snapshot
As of August 14, 2026, spot at $2.88, ATM IV 62.40%, IV rank 8.86%, expected move 17.89%. The iron condor on ONL below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on ONL specifically: ONL IV at 62.40% is on the cheap side of its 1-year range, which means a premium-selling ONL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.89% (roughly $0.52 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ONL expiries trade a higher absolute premium for lower per-day decay. Position sizing on ONL should anchor to the underlying notional of $2.88 per share and to the trader's directional view on ONL stock.
ONL iron condor setup
The ONL 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 ONL at $2.88 on that close, the first option leg uses a $3.02 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ONL chain at a 35-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 ONL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $3.02 | N/A |
| Buy 1 | Call | $3.17 | N/A |
| Sell 1 | Put | $2.74 | N/A |
| Buy 1 | Put | $2.59 | N/A |
ONL 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.
ONL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ONL. 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 ONL
Iron condors on ONL are a delta-neutral premium-collection structure that profits if ONL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ONL thesis for this iron condor
The market-implied 1-standard-deviation range for ONL extends from approximately $2.36 on the downside to $3.40 on the upside. A ONL iron condor is a delta-neutral premium-collection structure that pays off when ONL 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 ONL IV rank near 8.86% 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 ONL at 62.40%. As a Real Estate name, ONL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ONL-specific events.
ONL 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. ONL positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ONL alongside the broader basket even when ONL-specific fundamentals are unchanged. Short-premium structures like a iron condor on ONL carry tail risk when realized volatility exceeds the implied move; review historical ONL earnings reactions and macro stress periods before sizing. Always rebuild the position from current ONL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ONL?
- A iron condor on ONL is the iron condor strategy applied to ONL (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 ONL stock at $2.88 on the most recent close, the strikes shown on this page are snapped to the nearest listed ONL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ONL 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 ONL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 62.40%), 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 ONL iron condor?
- The breakeven for the ONL iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ONL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.89%; 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 ONL?
- Iron condors on ONL are a delta-neutral premium-collection structure that profits if ONL stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ONL implied volatility affect this iron condor?
- ONL ATM IV is at 62.40% with IV rank near 8.86%, 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.