ORA Iron Condor Strategy
ORA (Ormat Technologies, Inc.), in the Utilities sector, (Renewable Utilities industry), listed on NYSE.
Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity. The Product segment designs, manufactures, and sells equipment for geothermal, recovered energy-based electricity generation, and remote power units, such as fossil fuel powered turbo-generators and heavy duty direct-current generators; and provides services relating to the engineering, procurement, construction, operation, and maintenance of geothermal and recovered energy-based power plants. The Product segment serves contractors; developers, owners, and operators of geothermal power plants; and owners and operators of interstate natural gas pipelines, gas processing plants, and cement plants, as well as companies in other energy-intensive industrial processes. The Energy Storage segment offers energy storage and related services, as well as services relating to the engineering, procurement, construction, operation, and maintenance of energy storage units.
ORA (Ormat Technologies, Inc.) trades in the Utilities sector, specifically Renewable Utilities, with a market capitalization of approximately $8.20B, a trailing P/E of 63.72, a beta of 0.80 versus the broader market, a 52-week range of 70.42-135.33, average daily share volume of 930K, a public-listing history dating back to 2004, approximately 2K full-time employees. These structural characteristics shape how ORA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.80 places ORA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 63.72 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. ORA pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ORA?
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 ORA snapshot
As of May 15, 2026, spot at $132.15, ATM IV 35.70%, IV rank 47.13%, expected move 10.23%. The iron condor on ORA 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 ORA specifically: ORA IV at 35.70% is mid-range versus its 1-year history, so the credit collected on a ORA iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.23% (roughly $13.53 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 ORA expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORA should anchor to the underlying notional of $132.15 per share and to the trader's directional view on ORA stock.
ORA iron condor setup
The ORA 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 ORA near $132.15, the first option leg uses a $140.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORA 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 ORA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $140.00 | $3.00 |
| Buy 1 | Call | $145.00 | $1.98 |
| Sell 1 | Put | $125.00 | $2.73 |
| Buy 1 | Put | $120.00 | $1.65 |
ORA iron condor risk and reward
- Net Premium / Debit
- +$210.00
- Max Profit (per contract)
- $210.00
- Max Loss (per contract)
- -$290.00
- Breakeven(s)
- $122.90, $142.10
- Risk / Reward Ratio
- 0.724
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.
ORA iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ORA. 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% | -$290.00 |
| $29.23 | -77.9% | -$290.00 |
| $58.45 | -55.8% | -$290.00 |
| $87.66 | -33.7% | -$290.00 |
| $116.88 | -11.6% | -$290.00 |
| $146.10 | +10.6% | -$290.00 |
| $175.32 | +32.7% | -$290.00 |
| $204.54 | +54.8% | -$290.00 |
| $233.75 | +76.9% | -$290.00 |
| $262.97 | +99.0% | -$290.00 |
When traders use iron condor on ORA
Iron condors on ORA are a delta-neutral premium-collection structure that profits if ORA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ORA thesis for this iron condor
The market-implied 1-standard-deviation range for ORA extends from approximately $118.62 on the downside to $145.68 on the upside. A ORA iron condor is a delta-neutral premium-collection structure that pays off when ORA 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 ORA IV rank near 47.13% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ORA should anchor more to the directional view and the expected-move geometry. As a Utilities name, ORA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORA-specific events.
ORA 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. ORA positions also carry Utilities sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORA alongside the broader basket even when ORA-specific fundamentals are unchanged. Short-premium structures like a iron condor on ORA carry tail risk when realized volatility exceeds the implied move; review historical ORA earnings reactions and macro stress periods before sizing. Always rebuild the position from current ORA chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ORA?
- A iron condor on ORA is the iron condor strategy applied to ORA (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 ORA stock trading near $132.15, the strikes shown on this page are snapped to the nearest listed ORA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORA 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 ORA iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 35.70%), the computed maximum profit is $210.00 per contract and the computed maximum loss is -$290.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ORA iron condor?
- The breakeven for the ORA iron condor priced on this page is roughly $122.90 and $142.10 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 ORA market-implied 1-standard-deviation expected move is approximately 10.23%; 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 ORA?
- Iron condors on ORA are a delta-neutral premium-collection structure that profits if ORA stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ORA implied volatility affect this iron condor?
- ORA ATM IV is at 35.70% with IV rank near 47.13%, 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.