ORRF Iron Condor Strategy
ORRF (Orrstown Financial Services, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Orrstown Financial Services, Inc. operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, construction, working capital, and other commercial purpose loans, as well as industrial loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; acquisition and development loans; municipal loans; and installment and other loans. In addition, the company provides renders services as trustee, executor, administrator, guardian, managing agent, custodian, and investment advisor, as well as provides other fiduciary services under the Orrstown Financial Advisors name; and offers retail brokerage services through a third-party broker/dealer arrangement. Further, it offers investment advisory, insurance, and brokerage services. The company operates through offices in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York counties, Pennsylvania; and Anne Arundel, Baltimore, Howard, and Washington counties, Maryland, as well as Baltimore City, Maryland.
ORRF (Orrstown Financial Services, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $699.5M, a trailing P/E of 8.11, a beta of 0.70 versus the broader market, a 52-week range of 29.31-40.72, average daily share volume of 169K, a public-listing history dating back to 1999, approximately 607 full-time employees. These structural characteristics shape how ORRF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.70 indicates ORRF has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 8.11 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. ORRF pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ORRF?
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 ORRF snapshot
As of May 15, 2026, spot at $35.19, ATM IV 40.50%, IV rank 14.04%, expected move 11.61%. The iron condor on ORRF 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 ORRF specifically: ORRF IV at 40.50% is on the cheap side of its 1-year range, which means a premium-selling ORRF iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.61% (roughly $4.09 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 ORRF expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORRF should anchor to the underlying notional of $35.19 per share and to the trader's directional view on ORRF stock.
ORRF iron condor setup
The ORRF 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 ORRF near $35.19, the first option leg uses a $36.95 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORRF 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 ORRF shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $36.95 | N/A |
| Buy 1 | Call | $38.71 | N/A |
| Sell 1 | Put | $33.43 | N/A |
| Buy 1 | Put | $31.67 | N/A |
ORRF 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.
ORRF iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ORRF. 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 ORRF
Iron condors on ORRF are a delta-neutral premium-collection structure that profits if ORRF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ORRF thesis for this iron condor
The market-implied 1-standard-deviation range for ORRF extends from approximately $31.10 on the downside to $39.28 on the upside. A ORRF iron condor is a delta-neutral premium-collection structure that pays off when ORRF 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 ORRF IV rank near 14.04% 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 ORRF at 40.50%. As a Financial Services name, ORRF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORRF-specific events.
ORRF 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. ORRF positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORRF alongside the broader basket even when ORRF-specific fundamentals are unchanged. Short-premium structures like a iron condor on ORRF carry tail risk when realized volatility exceeds the implied move; review historical ORRF earnings reactions and macro stress periods before sizing. Always rebuild the position from current ORRF chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ORRF?
- A iron condor on ORRF is the iron condor strategy applied to ORRF (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 ORRF stock trading near $35.19, the strikes shown on this page are snapped to the nearest listed ORRF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORRF 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 ORRF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 40.50%), 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 ORRF iron condor?
- The breakeven for the ORRF 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 ORRF market-implied 1-standard-deviation expected move is approximately 11.61%; 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 ORRF?
- Iron condors on ORRF are a delta-neutral premium-collection structure that profits if ORRF stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ORRF implied volatility affect this iron condor?
- ORRF ATM IV is at 40.50% with IV rank near 14.04%, 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.