VET Iron Condor Strategy
VET (Vermilion Energy Inc.), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NYSE.
Vermilion Energy Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and production of petroleum and natural gas in North America, Europe, and Australia. The company owns 81% working interest in 636,714 net acres of developed land and 85% working interest in 301,026 net acres of undeveloped land in Canada; 130,715 net acres of land in the Powder River basin in the United States; 96% working interest in 248,873 net acres of developed land and 86% working interest in 134,160 net acres of undeveloped land in the Aquitaine and Paris Basins in France; 53% working interest in 901,791 net acres of land in the Netherlands; 54,625 net developed acres and 920,723 net undeveloped acres in Germany; 975,375 net acres land in Croatia; 946,666 net acres land in Hungary; and 48,954 net acres land in Slovakia. It also owns 20% interests in the offshore Corrib natural gas field located to the northwest coast of Ireland; and 100% working interest in the Wandoo offshore oil field and related production facilities that covers 59,553 acres located on Western Australia's northwest shelf. As of December 31, 2021, the company had 401 net producing conventional natural gas wells and 2,132 net producing light and medium crude oil wells in Canada; 167.6 net producing light and medium crude oil wells in the United States; 297.0 net producing light and medium crude oil wells and 3 net producing conventional natural gas wells in France; and 47 net producing natural gas wells in the Netherlands. Vermilion Energy Inc. was founded in 1994 and is headquartered in Calgary, Canada.
VET (Vermilion Energy Inc.) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $1.92B, a beta of 0.53 versus the broader market, a 52-week range of 6.22-14.82, average daily share volume of 2.3M, a public-listing history dating back to 2010, approximately 743 full-time employees. These structural characteristics shape how VET stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.53 indicates VET has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. VET pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on VET?
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 VET snapshot
As of May 15, 2026, spot at $12.80, ATM IV 48.90%, IV rank 36.68%, expected move 14.02%. The iron condor on VET 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 VET specifically: VET IV at 48.90% is mid-range versus its 1-year history, so the credit collected on a VET iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.02% (roughly $1.79 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 VET expiries trade a higher absolute premium for lower per-day decay. Position sizing on VET should anchor to the underlying notional of $12.80 per share and to the trader's directional view on VET stock.
VET iron condor setup
The VET 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 VET near $12.80, the first option leg uses a $13.44 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VET 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 VET shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $13.44 | N/A |
| Buy 1 | Call | $14.08 | N/A |
| Sell 1 | Put | $12.16 | N/A |
| Buy 1 | Put | $11.52 | N/A |
VET 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.
VET iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on VET. 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 VET
Iron condors on VET are a delta-neutral premium-collection structure that profits if VET stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
VET thesis for this iron condor
The market-implied 1-standard-deviation range for VET extends from approximately $11.01 on the downside to $14.59 on the upside. A VET iron condor is a delta-neutral premium-collection structure that pays off when VET 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 VET IV rank near 36.68% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on VET should anchor more to the directional view and the expected-move geometry. As a Energy name, VET options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VET-specific events.
VET 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. VET positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VET alongside the broader basket even when VET-specific fundamentals are unchanged. Short-premium structures like a iron condor on VET carry tail risk when realized volatility exceeds the implied move; review historical VET earnings reactions and macro stress periods before sizing. Always rebuild the position from current VET chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on VET?
- A iron condor on VET is the iron condor strategy applied to VET (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 VET stock trading near $12.80, the strikes shown on this page are snapped to the nearest listed VET chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VET 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 VET iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 48.90%), 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 VET iron condor?
- The breakeven for the VET 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 VET market-implied 1-standard-deviation expected move is approximately 14.02%; 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 VET?
- Iron condors on VET are a delta-neutral premium-collection structure that profits if VET stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current VET implied volatility affect this iron condor?
- VET ATM IV is at 48.90% with IV rank near 36.68%, 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.