OPY Iron Condor Strategy
OPY (Oppenheimer Holdings Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.
Headquartered in New York since its founding in 1881, Oppenheimer Holdings Inc. serves as a prominent middle-market investment bank and full-service broker-dealer, extending its operations across the Americas, Europe, the Middle East, and Asia. The company provides a comprehensive suite of financial services to a diverse clientele, including affluent individuals, corporate executives, public and private enterprises, institutions, governmental bodies, financial sponsors, and investors globally. Its extensive brokerage offerings cover a wide range of assets, from exchange-traded and over-the-counter corporate equities and debt to money market instruments, options, futures, municipal bonds, mutual funds, exchange-traded funds, and unit investment trusts, complemented by financial planning and wealth management advice, as well as margin lending. Oppenheimer's asset management division delivers tailored investment solutions, encompassing separately managed accounts, discretionary portfolio programs, advisory and consultation services, alternative investments, and specialized fixed income strategies. For businesses and institutions, the firm provides robust investment banking services, including strategic guidance, capital market products, merger and acquisition facilitation, and equity and debt capital market offerings. Additionally, it offers institutional equity services such as sales, trading, research, derivatives, and convertible bond expertise, alongside institutional fixed income sales, trading, research, public finance, and municipal trading.
OPY (Oppenheimer Holdings Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $1.22B, a trailing P/E of 11.95, a beta of 1.08 versus the broader market, a 52-week range of 63.81-123.24, average daily share volume of 104K, a public-listing history dating back to 1982, approximately 3K full-time employees. These structural characteristics shape how OPY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.08 places OPY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 11.95 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. OPY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on OPY?
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.
OPY snapshot
As of August 14, 2026, spot at $115.24, ATM IV 35.10%, IV rank 2.87%, expected move 10.06%. The iron condor on OPY below is built from the August 14, 2026 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 OPY specifically: OPY IV at 35.10% is on the cheap side of its 1-year range, which means a premium-selling OPY iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.06% (roughly $11.60 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 OPY expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPY should anchor to the underlying notional of $115.24 per share and to the trader's directional view on OPY stock.
OPY iron condor setup
The OPY iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OPY at $115.24 on that close, the first option leg uses a $120.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPY 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 OPY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $120.00 | $3.88 |
| Buy 1 | Call | $125.00 | $2.65 |
| Sell 1 | Put | $110.00 | $2.38 |
| Buy 1 | Put | $105.00 | $1.90 |
OPY iron condor risk and reward
- Net Premium / Debit
- +$170.00
- Max Profit (per contract)
- $170.00
- Max Loss (per contract)
- -$330.00
- Breakeven(s)
- $108.30, $121.70
- Risk / Reward Ratio
- 0.515
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.
OPY iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on OPY. 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% | -$330.00 |
| $25.49 | -77.9% | -$330.00 |
| $50.97 | -55.8% | -$330.00 |
| $76.45 | -33.7% | -$330.00 |
| $101.93 | -11.6% | -$330.00 |
| $127.41 | +10.6% | -$330.00 |
| $152.88 | +32.7% | -$330.00 |
| $178.36 | +54.8% | -$330.00 |
| $203.84 | +76.9% | -$330.00 |
| $229.32 | +99.0% | -$330.00 |
When traders use iron condor on OPY
Iron condors on OPY are a delta-neutral premium-collection structure that profits if OPY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
OPY thesis for this iron condor
The market-implied 1-standard-deviation range for OPY extends from approximately $103.64 on the downside to $126.84 on the upside. A OPY iron condor is a delta-neutral premium-collection structure that pays off when OPY 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 OPY IV rank near 2.87% 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 OPY at 35.10%. As a Financial Services name, OPY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPY-specific events.
OPY 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. OPY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPY alongside the broader basket even when OPY-specific fundamentals are unchanged. Short-premium structures like a iron condor on OPY carry tail risk when realized volatility exceeds the implied move; review historical OPY earnings reactions and macro stress periods before sizing. Always rebuild the position from current OPY chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on OPY?
- A iron condor on OPY is the iron condor strategy applied to OPY (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 OPY stock at $115.24 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed OPY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OPY 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 OPY iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.10%), the computed maximum profit is $170.00 per contract and the computed maximum loss is -$330.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OPY iron condor?
- The breakeven for the OPY iron condor priced on this page is roughly $108.30 and $121.70 at expiration, derived from the August 14, 2026 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 OPY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.06%; 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 OPY?
- Iron condors on OPY are a delta-neutral premium-collection structure that profits if OPY stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current OPY implied volatility affect this iron condor?
- OPY ATM IV is at 35.10% with IV rank near 2.87%, 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.