ORN Iron Condor Strategy
ORN (Orion Group Holdings, Inc.), in the Industrials sector, (Engineering & Construction industry), listed on NYSE.
Orion Group Holdings, Inc. operates as a specialty construction company in the building, industrial, and infrastructure sectors in the continental United States, Alaska, Canada, and the Caribbean Basin. It operates in two segments, Marine and Concrete. The company provides various marine construction services, including construction, restoration, dredging, maintenance, and repair of marine transportation facilities and pipelines, bridges and causeways, and marine environmental structures. Its marine transportation facility projects comprise public port facilities, cruise ship port facilities, private terminals, special-use navy terminals, recreational use marinas and docks, and other marine-based facilities. The company also offers on-going maintenance and repair, inspection, emergency repair, and demolition and salvage services to marine transportation facilities. Its marine pipeline service projects include the installation and removal of underwater buried pipeline transmission lines; the installation of pipeline intakes and outfalls for industrial facilities; the construction of pipeline outfalls for wastewater and industrial discharges; river crossing and directional drilling; the creation of hot taps and tie-ins; and inspection, maintenance, and repair services.
ORN (Orion Group Holdings, Inc.) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $621.4M, a trailing P/E of 71.68, a beta of 1.39 versus the broader market, a 52-week range of 6.44-15.81, average daily share volume of 378K, a public-listing history dating back to 2007, approximately 2K full-time employees. These structural characteristics shape how ORN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.39 indicates ORN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 71.68 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.
What is a iron condor on ORN?
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 ORN snapshot
As of May 15, 2026, spot at $15.02, ATM IV 67.60%, IV rank 13.15%, expected move 19.38%. The iron condor on ORN 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 ORN specifically: ORN IV at 67.60% is on the cheap side of its 1-year range, which means a premium-selling ORN iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 19.38% (roughly $2.91 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 ORN expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORN should anchor to the underlying notional of $15.02 per share and to the trader's directional view on ORN stock.
ORN iron condor setup
The ORN 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 ORN near $15.02, the first option leg uses a $15.77 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORN 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 ORN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $15.77 | N/A |
| Buy 1 | Call | $16.52 | N/A |
| Sell 1 | Put | $14.27 | N/A |
| Buy 1 | Put | $13.52 | N/A |
ORN 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.
ORN iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ORN. 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 ORN
Iron condors on ORN are a delta-neutral premium-collection structure that profits if ORN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ORN thesis for this iron condor
The market-implied 1-standard-deviation range for ORN extends from approximately $12.11 on the downside to $17.93 on the upside. A ORN iron condor is a delta-neutral premium-collection structure that pays off when ORN 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 ORN IV rank near 13.15% 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 ORN at 67.60%. As a Industrials name, ORN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORN-specific events.
ORN 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. ORN positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORN alongside the broader basket even when ORN-specific fundamentals are unchanged. Short-premium structures like a iron condor on ORN carry tail risk when realized volatility exceeds the implied move; review historical ORN earnings reactions and macro stress periods before sizing. Always rebuild the position from current ORN chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ORN?
- A iron condor on ORN is the iron condor strategy applied to ORN (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 ORN stock trading near $15.02, the strikes shown on this page are snapped to the nearest listed ORN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORN 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 ORN iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 67.60%), 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 ORN iron condor?
- The breakeven for the ORN 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 ORN market-implied 1-standard-deviation expected move is approximately 19.38%; 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 ORN?
- Iron condors on ORN are a delta-neutral premium-collection structure that profits if ORN stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ORN implied volatility affect this iron condor?
- ORN ATM IV is at 67.60% with IV rank near 13.15%, 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.