RNGR Iron Condor Strategy
RNGR (Ranger Energy Services, Inc.), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
Ranger Energy Services, Inc., founded in 2014 and based in Houston, Texas, delivers crucial onshore support to exploration and production companies throughout the United States. The company's operations are categorized into three main segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services. The High Specification Rigs division operates a fleet of 540 advanced well service rigs and accompanying equipment. These assets are vital for facilitating various operations across a well's lifespan, including essential maintenance. The Wireline Services segment offers comprehensive solutions aimed at identifying and resolving well production challenges. This includes wireline production and intervention services, covering cased hole logging, perforating, mechanical work, and pipe recovery.
RNGR (Ranger Energy Services, Inc.) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $374.5M, a trailing P/E of 25.31, a beta of 0.12 versus the broader market, a 52-week range of 11.14-18.815, average daily share volume of 239K, a public-listing history dating back to 2017, approximately 2K full-time employees. These structural characteristics shape how RNGR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.12 indicates RNGR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. RNGR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on RNGR?
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 RNGR snapshot
As of June 29, 2026, spot at $15.88, ATM IV 80.50%, IV rank 36.00%, expected move 23.08%. The iron condor on RNGR 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 RNGR specifically: RNGR IV at 80.50% is mid-range versus its 1-year history, so the credit collected on a RNGR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 23.08% (roughly $3.66 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 RNGR expiries trade a higher absolute premium for lower per-day decay. Position sizing on RNGR should anchor to the underlying notional of $15.88 per share and to the trader's directional view on RNGR stock.
RNGR iron condor setup
The RNGR 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 RNGR near $15.88, the first option leg uses a $16.67 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RNGR 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 RNGR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $16.67 | N/A |
| Buy 1 | Call | $17.47 | N/A |
| Sell 1 | Put | $15.09 | N/A |
| Buy 1 | Put | $14.29 | N/A |
RNGR 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.
RNGR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RNGR. 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 RNGR
Iron condors on RNGR are a delta-neutral premium-collection structure that profits if RNGR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RNGR thesis for this iron condor
The market-implied 1-standard-deviation range for RNGR extends from approximately $12.22 on the downside to $19.54 on the upside. A RNGR iron condor is a delta-neutral premium-collection structure that pays off when RNGR 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 RNGR IV rank near 36.00% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on RNGR should anchor more to the directional view and the expected-move geometry. As a Energy name, RNGR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RNGR-specific events.
RNGR 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. RNGR positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RNGR alongside the broader basket even when RNGR-specific fundamentals are unchanged. Short-premium structures like a iron condor on RNGR carry tail risk when realized volatility exceeds the implied move; review historical RNGR earnings reactions and macro stress periods before sizing. Always rebuild the position from current RNGR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RNGR?
- A iron condor on RNGR is the iron condor strategy applied to RNGR (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 RNGR stock trading near $15.88, the strikes shown on this page are snapped to the nearest listed RNGR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RNGR 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 RNGR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 80.50%), 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 RNGR iron condor?
- The breakeven for the RNGR 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 RNGR market-implied 1-standard-deviation expected move is approximately 23.08%; 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 RNGR?
- Iron condors on RNGR are a delta-neutral premium-collection structure that profits if RNGR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RNGR implied volatility affect this iron condor?
- RNGR ATM IV is at 80.50% with IV rank near 36.00%, 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.