How are OMAH long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the OMAH long put priced from the end-of-day chain at a 30-day expiry (ATM IV 242.10%), the computed maximum profit is $1,791.00 per contract and the computed maximum loss is -$8.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a OMAH long put?

The breakeven for the OMAH long put priced on this page is roughly $17.92 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 OMAH market-implied 1-standard-deviation expected move is approximately 69.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current OMAH implied volatility affect this long put?

OMAH ATM IV is at 242.10% with IV rank near 49.39%, 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.

OMAH Long Put Strategy

OMAH (VistaShares Target 15 Berkshire Select Income ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Tidal Trust III - Vistashares Target 15 Berkshire Select Income ETF is an exchange traded fund launched and managed by Tidal Investments LLC. It invests in public equity and fixed income markets of the United States. The fund seeks to invest through derivatives in stocks of companies operating across diversified sectors. The fund uses derivatives such as options to create its portfolio. For its equity portion, the fund invests in value stocks of large-cap companies. For its fixed income portion, it invests in short-term U.S.

OMAH (VistaShares Target 15 Berkshire Select Income ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $466.4M, a beta of 0.29 versus the broader market, a 52-week range of 17.82-19.72, average daily share volume of 725K, a public-listing history dating back to 2025, approximately 155 full-time employees. These structural characteristics shape how OMAH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.29 indicates OMAH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. OMAH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on OMAH?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current OMAH snapshot

As of June 30, 2026, spot at $18.45, ATM IV 242.10%, IV rank 49.39%, expected move 69.41%. The long put on OMAH 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 long put structure on OMAH specifically: OMAH IV at 242.10% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 69.41% (roughly $12.81 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 OMAH expiries trade a higher absolute premium for lower per-day decay. Position sizing on OMAH should anchor to the underlying notional of $18.45 per share and to the trader's directional view on OMAH etf.

OMAH long put setup

The OMAH long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OMAH near $18.45, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OMAH 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 OMAH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$18.00	$0.08

OMAH long put risk and reward

Net Premium / Debit: -$8.00
Max Profit (per contract): $1,791.00
Max Loss (per contract): -$8.00
Breakeven(s): $17.92
Risk / Reward Ratio: 223.875

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

OMAH long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on OMAH. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$1,791.00
$4.09	-77.8%	+$1,383.17
$8.17	-55.7%	+$975.34
$12.24	-33.6%	+$567.51
$16.32	-11.5%	+$159.68
$20.40	+10.6%	-$8.00
$24.48	+32.7%	-$8.00
$28.56	+54.8%	-$8.00
$32.64	+76.9%	-$8.00
$36.71	+99.0%	-$8.00

When traders use long put on OMAH

Long puts on OMAH hedge an existing long OMAH etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying OMAH exposure being hedged.

OMAH thesis for this long put

The market-implied 1-standard-deviation range for OMAH extends from approximately $5.64 on the downside to $31.26 on the upside. A OMAH long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long OMAH position with one put per 100 shares held. Current OMAH IV rank near 49.39% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on OMAH should anchor more to the directional view and the expected-move geometry. As a Financial Services name, OMAH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OMAH-specific events.

OMAH long put positions are structurally bearish; 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. OMAH positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OMAH alongside the broader basket even when OMAH-specific fundamentals are unchanged. Long-premium structures like a long put on OMAH are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current OMAH chain quotes before placing a trade.

Frequently asked questions

What is a long put on OMAH?: A long put on OMAH is the long put strategy applied to OMAH (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With OMAH etf trading near $18.45, the strikes shown on this page are snapped to the nearest listed OMAH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are OMAH long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the OMAH long put priced from the end-of-day chain at a 30-day expiry (ATM IV 242.10%), the computed maximum profit is $1,791.00 per contract and the computed maximum loss is -$8.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a OMAH long put?: The breakeven for the OMAH long put priced on this page is roughly $17.92 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 OMAH market-implied 1-standard-deviation expected move is approximately 69.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on OMAH?: Long puts on OMAH hedge an existing long OMAH etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying OMAH exposure being hedged.
How does current OMAH implied volatility affect this long put?: OMAH ATM IV is at 242.10% with IV rank near 49.39%, 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.