OPEN Iron Condor Strategy
OPEN (Opendoor Technologies Inc.), in the Real Estate sector, (Real Estate - Services industry), listed on NASDAQ.
Opendoor Technologies Inc. operates a digital platform for residential real estate in the United States. The company's platform enables consumers to buy and sell a home online. It also provides title insurance and escrow services. Opendoor Technologies Inc. was incorporated in 2013 and is based in Tempe, Arizona.
OPEN (Opendoor Technologies Inc.) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $3.51B, a beta of 3.65 versus the broader market, a 52-week range of 0.508-10.87, average daily share volume of 39.9M, a public-listing history dating back to 2020, approximately 1K full-time employees. These structural characteristics shape how OPEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.65 indicates OPEN 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 OPEN?
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 OPEN snapshot
As of May 15, 2026, spot at $4.38, ATM IV 76.68%, IV rank 1.75%, expected move 21.98%. The iron condor on OPEN 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 21-day expiry.
Why this iron condor structure on OPEN specifically: OPEN IV at 76.68% is on the cheap side of its 1-year range, which means a premium-selling OPEN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.98% (roughly $0.96 on the underlying). The 21-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OPEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPEN should anchor to the underlying notional of $4.38 per share and to the trader's directional view on OPEN stock.
OPEN iron condor setup
The OPEN 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 OPEN near $4.38, the first option leg uses a $4.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPEN chain at a 21-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 OPEN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.50 | $0.27 |
| Buy 1 | Call | $5.00 | $0.14 |
| Sell 1 | Put | $4.00 | $0.12 |
| Buy 1 | Put | $4.00 | $0.12 |
OPEN iron condor risk and reward
- Net Premium / Debit
- +$13.00
- Max Profit (per contract)
- $13.00
- Max Loss (per contract)
- -$37.00
- Breakeven(s)
- $4.63
- Risk / Reward Ratio
- 0.351
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.
OPEN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on OPEN. 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 | -99.8% | +$13.00 |
| $0.98 | -77.7% | +$13.00 |
| $1.94 | -55.6% | +$13.00 |
| $2.91 | -33.5% | +$13.00 |
| $3.88 | -11.4% | +$13.00 |
| $4.85 | +10.7% | -$21.67 |
| $5.81 | +32.7% | -$37.00 |
| $6.78 | +54.8% | -$37.00 |
| $7.75 | +76.9% | -$37.00 |
| $8.72 | +99.0% | -$37.00 |
When traders use iron condor on OPEN
Iron condors on OPEN are a delta-neutral premium-collection structure that profits if OPEN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
OPEN thesis for this iron condor
The market-implied 1-standard-deviation range for OPEN extends from approximately $3.42 on the downside to $5.34 on the upside. A OPEN iron condor is a delta-neutral premium-collection structure that pays off when OPEN 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 OPEN IV rank near 1.75% 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 OPEN at 76.68%. As a Real Estate name, OPEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPEN-specific events.
OPEN 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. OPEN positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPEN alongside the broader basket even when OPEN-specific fundamentals are unchanged. Short-premium structures like a iron condor on OPEN carry tail risk when realized volatility exceeds the implied move; review historical OPEN earnings reactions and macro stress periods before sizing. Always rebuild the position from current OPEN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on OPEN?
- A iron condor on OPEN is the iron condor strategy applied to OPEN (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 OPEN stock trading near $4.38, the strikes shown on this page are snapped to the nearest listed OPEN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OPEN 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 OPEN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 76.68%), the computed maximum profit is $13.00 per contract and the computed maximum loss is -$37.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OPEN iron condor?
- The breakeven for the OPEN iron condor priced on this page is roughly $4.63 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 OPEN market-implied 1-standard-deviation expected move is approximately 21.98%; 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 OPEN?
- Iron condors on OPEN are a delta-neutral premium-collection structure that profits if OPEN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current OPEN implied volatility affect this iron condor?
- OPEN ATM IV is at 76.68% with IV rank near 1.75%, 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.