ORRF Iron Condor Strategy
ORRF (Orrstown Financial Services, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Orrstown Financial Services, Inc. serves as the parent company for Orrstown Bank, offering a comprehensive range of commercial banking and trust solutions throughout the United States. The institution accepts various types of deposits, including checking, savings, time, demand, and money market accounts. It extends diverse credit options, encompassing commercial loans for real estate, equipment, construction, working capital, industrial endeavors, and other business purposes. For individual clients, Orrstown provides home equity loans and lines of credit, residential mortgage financing, and an array of other consumer lending products. Furthermore, the company offers specialized funding such as acquisition and development loans, municipal financing, and installment loans. Operating under the brand Orrstown Financial Advisors, the firm delivers extensive fiduciary services, taking on roles like trustee, executor, administrator, guardian, managing agent, custodian, and investment advisor.
ORRF (Orrstown Financial Services, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $810.1M, a trailing P/E of 9.39, a beta of 0.70 versus the broader market, a 52-week range of 31.51-41.52, average daily share volume of 132K, 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 places ORRF roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 9.39 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 June 30, 2026, spot at $40.84, ATM IV 74.50%, IV rank 34.05%, expected move 21.36%. 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 17-day expiry.
Why this iron condor structure on ORRF specifically: ORRF IV at 74.50% is mid-range versus its 1-year history, so the credit collected on a ORRF iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 21.36% (roughly $8.72 on the underlying). The 17-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 $40.84 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 $40.84, the first option leg uses a $42.88 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 17-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 | $42.88 | N/A |
| Buy 1 | Call | $44.92 | N/A |
| Sell 1 | Put | $38.80 | N/A |
| Buy 1 | Put | $36.76 | 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 $32.12 on the downside to $49.56 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 34.05% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on ORRF should anchor more to the directional view and the expected-move geometry. 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 $40.84, 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 74.50%), 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 21.36%; 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 74.50% with IV rank near 34.05%, 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.