OPRT Iron Condor Strategy
OPRT (Oportun Financial Corporation), in the Financial Services sector, (Financial - Credit Services industry), listed on NASDAQ.
Oportun Financial Corporation provides financial services. It offers personal loans, auto loans, and credit cards. The company serves customers online and over-the-phone, as well as through retail locations. It operates in 24 states in the United States, which include Arkansas, Delaware, Indiana, Kentucky, Mississippi, Montana, North Dakota, New Hampshire, Oregon, South Carolina, South Dakota, and Virginia. Oportun Financial Corporation was founded in 2005 and is headquartered in San Carlos, California.
OPRT (Oportun Financial Corporation) trades in the Financial Services sector, specifically Financial - Credit Services, with a market capitalization of approximately $242.4M, a trailing P/E of 14.38, a beta of 1.31 versus the broader market, a 52-week range of 4.03-7.965, average daily share volume of 532K, a public-listing history dating back to 2019, approximately 2K full-time employees. These structural characteristics shape how OPRT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.31 indicates OPRT 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 OPRT?
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 OPRT snapshot
As of May 15, 2026, spot at $5.27, ATM IV 76.30%, IV rank 14.91%, expected move 21.87%. The iron condor on OPRT 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 34-day expiry.
Why this iron condor structure on OPRT specifically: OPRT IV at 76.30% is on the cheap side of its 1-year range, which means a premium-selling OPRT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.87% (roughly $1.15 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OPRT expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPRT should anchor to the underlying notional of $5.27 per share and to the trader's directional view on OPRT stock.
OPRT iron condor setup
The OPRT 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 OPRT near $5.27, the first option leg uses a $5.53 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPRT chain at a 34-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 OPRT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $5.53 | N/A |
| Buy 1 | Call | $5.80 | N/A |
| Sell 1 | Put | $5.01 | N/A |
| Buy 1 | Put | $4.74 | N/A |
OPRT 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.
OPRT iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on OPRT. 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 OPRT
Iron condors on OPRT are a delta-neutral premium-collection structure that profits if OPRT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
OPRT thesis for this iron condor
The market-implied 1-standard-deviation range for OPRT extends from approximately $4.12 on the downside to $6.42 on the upside. A OPRT iron condor is a delta-neutral premium-collection structure that pays off when OPRT 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 OPRT IV rank near 14.91% 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 OPRT at 76.30%. As a Financial Services name, OPRT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPRT-specific events.
OPRT 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. OPRT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPRT alongside the broader basket even when OPRT-specific fundamentals are unchanged. Short-premium structures like a iron condor on OPRT carry tail risk when realized volatility exceeds the implied move; review historical OPRT earnings reactions and macro stress periods before sizing. Always rebuild the position from current OPRT chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on OPRT?
- A iron condor on OPRT is the iron condor strategy applied to OPRT (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 OPRT stock trading near $5.27, the strikes shown on this page are snapped to the nearest listed OPRT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OPRT 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 OPRT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 76.30%), 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 OPRT iron condor?
- The breakeven for the OPRT 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 OPRT market-implied 1-standard-deviation expected move is approximately 21.87%; 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 OPRT?
- Iron condors on OPRT are a delta-neutral premium-collection structure that profits if OPRT stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current OPRT implied volatility affect this iron condor?
- OPRT ATM IV is at 76.30% with IV rank near 14.91%, 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.