What is the current OPEX expected move?

As of Sep 30, 2026, Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF (OPEX) has an expected move of 21.96% over the next 16 days, implying a one-standard-deviation price range of $2.95 to $4.61 from the current $3.78. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.

What does the OPEX expected move mean for traders?

Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.

How is OPEX expected move calculated?

The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.

Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF (OPEX) Expected Move

Expected move estimates the probable price range for a given period based on at-the-money options pricing. It reflects the market consensus for volatility over the selected timeframe.

Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF (OPEX) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $4.2M, listed on CBOE, carrying a beta of 3.23 to the broader market. OPEX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Opendoor Technologies Inc. public since 2025-10-23.

Snapshot as of Sep 30, 2026.

Spot Price: $3.78
Expected Move: 22.0%
Implied High: $4.61
Implied Low: $2.95
Front DTE: 16 days

As of Sep 30, 2026, Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF (OPEX) has an expected move of 21.96%, a one-standard-deviation implied price range of roughly $2.95 to $4.61 from the current $3.78. Expected move is derived from at-the-money straddle pricing and represents the market's pricing of a ±1σ move. Roughly 68% of outcomes should fall within this range under lognormal assumptions, though empirical markets have fatter tails.

OPEX Strategy Sizing to the Expected Move

With Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF pricing an expected move of 21.96% from $3.78, risk-defined strategies sized to the implied range structurally target the modal outcome distribution. Iron condors with wings at the ±1σ expected move boundaries collect premium against the ~68% probability that spot stays inside the range under lognormal assumptions; strangles set wider at ±1.5σ or ±2σ target the tails but pay smaller per-trade premium. Long-vol structures (long straddles, ratio backspreads) profit when realized move exceeds the implied move, the inverse trade: they bet against the lognormal assumption itself, capitalizing on the empirically fatter equity-return tails.

How to read the OPEX implied-range chart

The shaded range above shows the one-standard-deviation implied price band at each listed expiration, derived from ATM implied volatility scaled to days-to-expiration. The front-tenor expected move is 21.96%, anchoring an implied range of approximately $2.95 to $4.61. Under lognormal assumptions, roughly 68% of outcomes fall inside that band; 95% fall inside ±2σ; 99.7% inside ±3σ. The empirical equity-return distribution has fatter tails than lognormal, so true tail-outcome frequency is moderately higher than these closed-form numbers suggest.

OPEX expected move and event pricing

Expected move widens with √time: a 5% 30-day move corresponds to roughly a 2.5% 7.5-day move and a 10% 120-day move. OPEX term-structure is in contango (slope 0.972), so longer-dated tenors price in proportionally more vol than √time scaling alone would suggest - typically because long-dated cycles include uncertain macro states. With IV rank at 2.9%, the implied move is at the low end of the typical OPEX range - cheap optionality for buyers, thin premium for sellers.

Sizing OPEX structures to the expected move

Iron condors with wings at ±1σ collect the modal-outcome premium; ±1.5σ widens probability of inside-range to ~87% but cuts collected premium roughly in half. Strangles do the inverse trade - they pay against the same lognormal distribution, profiting when realized exceeds implied. Calendar spreads bet on the slope of the term structure rather than the level. OPEX put/call volume ratio currently at 0.00 indicates speculative call flow dominates - look for upside-skewed sentiment. The expected move is the inputs the chain is pricing, not a forecast - realized moves above or below are normal under any distribution.

Learn how expected move is reported and how to read the data →

Shaded band shows the ±1σ implied price range (~68% probability under lognormal assumptions) at each expiration; the center line marks current spot. Bands widen with longer DTE since volatility scales with √time.

Per-expiration expected move for OPEX derived from ATM implied volatility at each listed expiration. Implied high/low bounds are computed as $3.78 × (1 ± expected move %). One standard-deviation range under lognormal assumptions, roughly 68% of outcomes fall inside.

Expiration	DTE	ATM IV	Expected Move	Implied High	Implied Low
Oct 16, 2026	16	76.6%	16.0%	$4.39	$3.17
Nov 20, 2026	51	173.8%	65.0%	$6.24	$1.32
Dec 18, 2026	79	166.1%	77.3%	$6.70	$0.86
Mar 19, 2027	170	217.1%	148.2%	$9.38	$-1.82

Frequently asked OPEX expected move questions

What is the current OPEX expected move?: As of Sep 30, 2026, Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF (OPEX) has an expected move of 21.96% over the next 16 days, implying a one-standard-deviation price range of $2.95 to $4.61 from the current $3.78. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.
What does the OPEX expected move mean for traders?: Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.
How is OPEX expected move calculated?: The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.