PR Iron Condor Strategy
PR (Permian Resources Corporation), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NYSE.
Permian Resources Corporation operates as an independent producer in the oil and natural gas sector, primarily concentrating its efforts on the extraction of crude oil and associated liquids-rich natural gas reserves within the United States. Its core operational footprint is situated within the Delaware Basin, which is a major sub-basin of the broader Permian Basin. The company's landholdings are predominantly located across Reeves County in West Texas and Lea County, New Mexico. As of December 31, 2021, Permian Resources reported approximately 73,675 net acres under lease or acquisition, along with 991 net mineral acres, all within the Delaware Basin. The company was formerly known as Centennial Resource Development, Inc., officially changing its name to Permian Resources Corporation in September 2022. Incorporated in 2015, its corporate headquarters are located in Midland, Texas.
PR (Permian Resources Corporation) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $13.40B, a trailing P/E of 23.41, a beta of 0.44 versus the broader market, a 52-week range of 11.92-22.675, average daily share volume of 12.4M, a public-listing history dating back to 2016, approximately 482 full-time employees. These structural characteristics shape how PR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.44 indicates PR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. PR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PR?
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 PR snapshot
As of June 29, 2026, spot at $18.49, ATM IV 36.20%, IV rank 23.76%, expected move 10.38%. The iron condor on PR 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 18-day expiry.
Why this iron condor structure on PR specifically: PR IV at 36.20% is on the cheap side of its 1-year range, which means a premium-selling PR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.38% (roughly $1.92 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PR should anchor to the underlying notional of $18.49 per share and to the trader's directional view on PR stock.
PR iron condor setup
The PR 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 PR near $18.49, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PR chain at a 18-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 PR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $19.00 | $0.38 |
| Buy 1 | Call | $20.00 | $0.15 |
| Sell 1 | Put | $18.00 | $0.35 |
| Buy 1 | Put | $17.00 | $0.13 |
PR iron condor risk and reward
- Net Premium / Debit
- +$45.00
- Max Profit (per contract)
- $45.00
- Max Loss (per contract)
- -$55.00
- Breakeven(s)
- $17.55, $19.45
- Risk / Reward Ratio
- 0.818
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.
PR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PR. 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 | -99.9% | -$55.00 |
| $4.10 | -77.8% | -$55.00 |
| $8.18 | -55.7% | -$55.00 |
| $12.27 | -33.6% | -$55.00 |
| $16.36 | -11.5% | -$55.00 |
| $20.45 | +10.6% | -$55.00 |
| $24.53 | +32.7% | -$55.00 |
| $28.62 | +54.8% | -$55.00 |
| $32.71 | +76.9% | -$55.00 |
| $36.79 | +99.0% | -$55.00 |
When traders use iron condor on PR
Iron condors on PR are a delta-neutral premium-collection structure that profits if PR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PR thesis for this iron condor
The market-implied 1-standard-deviation range for PR extends from approximately $16.57 on the downside to $20.41 on the upside. A PR iron condor is a delta-neutral premium-collection structure that pays off when PR 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 PR IV rank near 23.76% 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 PR at 36.20%. As a Energy name, PR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PR-specific events.
PR 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. PR positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PR alongside the broader basket even when PR-specific fundamentals are unchanged. Short-premium structures like a iron condor on PR carry tail risk when realized volatility exceeds the implied move; review historical PR earnings reactions and macro stress periods before sizing. Always rebuild the position from current PR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PR?
- A iron condor on PR is the iron condor strategy applied to PR (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 PR stock trading near $18.49, the strikes shown on this page are snapped to the nearest listed PR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PR 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 PR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 36.20%), the computed maximum profit is $45.00 per contract and the computed maximum loss is -$55.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PR iron condor?
- The breakeven for the PR iron condor priced on this page is roughly $17.55 and $19.45 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 PR market-implied 1-standard-deviation expected move is approximately 10.38%; 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 PR?
- Iron condors on PR are a delta-neutral premium-collection structure that profits if PR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PR implied volatility affect this iron condor?
- PR ATM IV is at 36.20% with IV rank near 23.76%, 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.