ORGN Iron Condor Strategy
ORGN (Origin Materials, Inc.), in the Basic Materials sector, (Chemicals industry), listed on NASDAQ.
Micromidas, Inc., doing business as Origin Materials, produces and commercializes plant-based PET plastic. It develops a platform for turning the carbon found in biomass into useful materials, while capturing carbon in the process. The company serves tire filler, carbon black, agriculture, and activated carbon markets. Micromidas, Inc. has a strategic alliance with Palantir Technologies Inc. The company was incorporated in 2008 and is based in West Sacramento, California with a facility in Sarnia, Canada.
ORGN (Origin Materials, Inc.) trades in the Basic Materials sector, specifically Chemicals, with a market capitalization of approximately $6.9M, a beta of 1.27 versus the broader market, a 52-week range of 1.225-28.5, average daily share volume of 152K, a public-listing history dating back to 2020, approximately 109 full-time employees. These structural characteristics shape how ORGN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.27 places ORGN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on ORGN?
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 ORGN snapshot
As of May 15, 2026, spot at $1.27, ATM IV 114.10%, IV rank 20.76%, expected move 32.71%. The iron condor on ORGN 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 98-day expiry.
Why this iron condor structure on ORGN specifically: ORGN IV at 114.10% is on the cheap side of its 1-year range, which means a premium-selling ORGN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 32.71% (roughly $0.42 on the underlying). The 98-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORGN expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORGN should anchor to the underlying notional of $1.27 per share and to the trader's directional view on ORGN stock.
ORGN iron condor setup
The ORGN 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 ORGN near $1.27, the first option leg uses a $1.33 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORGN chain at a 98-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 ORGN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $1.33 | N/A |
| Buy 1 | Call | $1.40 | N/A |
| Sell 1 | Put | $1.21 | N/A |
| Buy 1 | Put | $1.14 | N/A |
ORGN 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.
ORGN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ORGN. 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 ORGN
Iron condors on ORGN are a delta-neutral premium-collection structure that profits if ORGN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ORGN thesis for this iron condor
The market-implied 1-standard-deviation range for ORGN extends from approximately $0.85 on the downside to $1.69 on the upside. A ORGN iron condor is a delta-neutral premium-collection structure that pays off when ORGN 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 ORGN IV rank near 20.76% 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 ORGN at 114.10%. As a Basic Materials name, ORGN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORGN-specific events.
ORGN 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. ORGN positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORGN alongside the broader basket even when ORGN-specific fundamentals are unchanged. Short-premium structures like a iron condor on ORGN carry tail risk when realized volatility exceeds the implied move; review historical ORGN earnings reactions and macro stress periods before sizing. Always rebuild the position from current ORGN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ORGN?
- A iron condor on ORGN is the iron condor strategy applied to ORGN (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 ORGN stock trading near $1.27, the strikes shown on this page are snapped to the nearest listed ORGN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORGN 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 ORGN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 114.10%), 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 ORGN iron condor?
- The breakeven for the ORGN 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 ORGN market-implied 1-standard-deviation expected move is approximately 32.71%; 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 ORGN?
- Iron condors on ORGN are a delta-neutral premium-collection structure that profits if ORGN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ORGN implied volatility affect this iron condor?
- ORGN ATM IV is at 114.10% with IV rank near 20.76%, 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.