ONON Iron Condor Strategy
ONON (On Holding AG), in the Consumer Cyclical sector, (Apparel - Retail industry), listed on NYSE.
On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.
ONON (On Holding AG) trades in the Consumer Cyclical sector, specifically Apparel - Retail, with a market capitalization of approximately $11.80B, a trailing P/E of 36.39, a beta of 2.09 versus the broader market, a 52-week range of 31.41-61.288, average daily share volume of 6.9M, a public-listing history dating back to 2021, approximately 3K full-time employees. These structural characteristics shape how ONON stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.09 indicates ONON has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 36.39 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.
What is a iron condor on ONON?
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 ONON snapshot
As of May 15, 2026, spot at $37.36, ATM IV 47.21%, IV rank 39.72%, expected move 13.54%. The iron condor on ONON 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 28-day expiry.
Why this iron condor structure on ONON specifically: ONON IV at 47.21% is mid-range versus its 1-year history, so the credit collected on a ONON iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 13.54% (roughly $5.06 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ONON expiries trade a higher absolute premium for lower per-day decay. Position sizing on ONON should anchor to the underlying notional of $37.36 per share and to the trader's directional view on ONON stock.
ONON iron condor setup
The ONON 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 ONON near $37.36, the first option leg uses a $39.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ONON chain at a 28-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 ONON shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $39.00 | $1.30 |
| Buy 1 | Call | $41.00 | $0.75 |
| Sell 1 | Put | $35.00 | $0.97 |
| Buy 1 | Put | $34.00 | $0.72 |
ONON iron condor risk and reward
- Net Premium / Debit
- +$80.00
- Max Profit (per contract)
- $80.00
- Max Loss (per contract)
- -$120.00
- Breakeven(s)
- $34.20, $39.80
- Risk / Reward Ratio
- 0.667
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.
ONON iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ONON. 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% | -$20.00 |
| $8.27 | -77.9% | -$20.00 |
| $16.53 | -55.8% | -$20.00 |
| $24.79 | -33.7% | -$20.00 |
| $33.05 | -11.5% | -$20.00 |
| $41.31 | +10.6% | -$120.00 |
| $49.57 | +32.7% | -$120.00 |
| $57.83 | +54.8% | -$120.00 |
| $66.09 | +76.9% | -$120.00 |
| $74.34 | +99.0% | -$120.00 |
When traders use iron condor on ONON
Iron condors on ONON are a delta-neutral premium-collection structure that profits if ONON stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ONON thesis for this iron condor
The market-implied 1-standard-deviation range for ONON extends from approximately $32.30 on the downside to $42.42 on the upside. A ONON iron condor is a delta-neutral premium-collection structure that pays off when ONON 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 ONON IV rank near 39.72% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ONON should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, ONON options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ONON-specific events.
ONON 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. ONON positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ONON alongside the broader basket even when ONON-specific fundamentals are unchanged. Short-premium structures like a iron condor on ONON carry tail risk when realized volatility exceeds the implied move; review historical ONON earnings reactions and macro stress periods before sizing. Always rebuild the position from current ONON chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ONON?
- A iron condor on ONON is the iron condor strategy applied to ONON (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 ONON stock trading near $37.36, the strikes shown on this page are snapped to the nearest listed ONON chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ONON 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 ONON iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 47.21%), the computed maximum profit is $80.00 per contract and the computed maximum loss is -$120.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ONON iron condor?
- The breakeven for the ONON iron condor priced on this page is roughly $34.20 and $39.80 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 ONON market-implied 1-standard-deviation expected move is approximately 13.54%; 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 ONON?
- Iron condors on ONON are a delta-neutral premium-collection structure that profits if ONON stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ONON implied volatility affect this iron condor?
- ONON ATM IV is at 47.21% with IV rank near 39.72%, 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.