PRK Iron Condor Strategy
PRK (Park National Corporation), in the Financial Services sector, (Banks - Regional industry), listed on AMEX.
Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in small and medium population areas. The company offers deposits for demand, savings, and time accounts; trust and wealth management services; cash management services; safe deposit operations; electronic funds transfers; Internet and mobile banking solutions with bill pay service; credit cards; and various additional banking-related services for individual customers. It also provides commercial loans, including financing for industrial and commercial properties, financing for equipment, inventory and accounts receivable, acquisition financing, and commercial leasing, as well as for consumer finance companies; commercial real estate loans comprising mortgage loans to developers and owners of commercial real estate; consumer loans, such as automobile loans and leases; consumer finance services; home equity lines of credit; and residential real estate and construction loans, as well as installment loans and commercial loans. In addition, the company offers aircraft financing and asset management services. As of December 31, 2021, it operated 96 financial service offices and a network of 116 automated teller machines in 26 Ohio counties, 1 Kentucky county, 3 North Carolina counties, and 4 South Carolina counties. The company was founded in 1908 and is headquartered in Newark, Ohio.
PRK (Park National Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $3.02B, a trailing P/E of 16.13, a beta of 0.70 versus the broader market, a 52-week range of 149.06-179.48, average daily share volume of 91K, a public-listing history dating back to 1990, approximately 2K full-time employees. These structural characteristics shape how PRK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.70 places PRK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PRK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PRK?
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 PRK snapshot
As of May 14, 2026, spot at $168.10, ATM IV 27.20%, IV rank 10.70%, expected move 7.80%. The iron condor on PRK 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 PRK specifically: PRK IV at 27.20% is on the cheap side of its 1-year range, which means a premium-selling PRK iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.80% (roughly $13.11 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 PRK expiries trade a higher absolute premium for lower per-day decay. Position sizing on PRK should anchor to the underlying notional of $168.10 per share and to the trader's directional view on PRK stock.
PRK iron condor setup
The PRK 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 PRK near $168.10, the first option leg uses a $175.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PRK 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 PRK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $175.00 | $2.22 |
| Buy 1 | Call | $185.00 | $0.74 |
| Sell 1 | Put | $160.00 | $2.43 |
| Buy 1 | Put | $150.00 | $1.51 |
PRK iron condor risk and reward
- Net Premium / Debit
- +$239.50
- Max Profit (per contract)
- $239.50
- Max Loss (per contract)
- -$760.50
- Breakeven(s)
- $157.61, $177.40
- Risk / Reward Ratio
- 0.315
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.
PRK iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PRK. 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 | -100.0% | -$760.50 |
| $37.18 | -77.9% | -$760.50 |
| $74.34 | -55.8% | -$760.50 |
| $111.51 | -33.7% | -$760.50 |
| $148.68 | -11.6% | -$760.50 |
| $185.84 | +10.6% | -$760.50 |
| $223.01 | +32.7% | -$760.50 |
| $260.18 | +54.8% | -$760.50 |
| $297.34 | +76.9% | -$760.50 |
| $334.51 | +99.0% | -$760.50 |
When traders use iron condor on PRK
Iron condors on PRK are a delta-neutral premium-collection structure that profits if PRK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PRK thesis for this iron condor
The market-implied 1-standard-deviation range for PRK extends from approximately $154.99 on the downside to $181.21 on the upside. A PRK iron condor is a delta-neutral premium-collection structure that pays off when PRK 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 PRK IV rank near 10.70% 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 PRK at 27.20%. As a Financial Services name, PRK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PRK-specific events.
PRK 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. PRK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PRK alongside the broader basket even when PRK-specific fundamentals are unchanged. Short-premium structures like a iron condor on PRK carry tail risk when realized volatility exceeds the implied move; review historical PRK earnings reactions and macro stress periods before sizing. Always rebuild the position from current PRK chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PRK?
- A iron condor on PRK is the iron condor strategy applied to PRK (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 PRK stock trading near $168.10, the strikes shown on this page are snapped to the nearest listed PRK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PRK 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 PRK iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.20%), the computed maximum profit is $239.50 per contract and the computed maximum loss is -$760.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PRK iron condor?
- The breakeven for the PRK iron condor priced on this page is roughly $157.61 and $177.40 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 PRK market-implied 1-standard-deviation expected move is approximately 7.80%; 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 PRK?
- Iron condors on PRK are a delta-neutral premium-collection structure that profits if PRK stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PRK implied volatility affect this iron condor?
- PRK ATM IV is at 27.20% with IV rank near 10.70%, 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.