OPEX Long Call Strategy
OPEX (Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
OPEX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Opendoor Technologies Inc. (OPEN), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror OPENs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold OPEN stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.
OPEX (Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.2M, a beta of 3.23 versus the broader market, a 52-week range of 3.73-128.45, average daily share volume of 97K, a public-listing history dating back to 2025. These structural characteristics shape how OPEX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.23 indicates OPEX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a long call on OPEX?
A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.
OPEX snapshot
As of September 29, 2026, spot at $3.79, ATM IV 81.90%, IV rank 4.54%, expected move 23.48%. The long call on OPEX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.
Why this long call structure on OPEX specifically: OPEX IV at 81.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a OPEX long call, with a market-implied 1-standard-deviation move of approximately 23.48% (roughly $0.89 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OPEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPEX should anchor to the underlying notional of $3.79 per share and to the trader's directional view on OPEX etf.
OPEX long call setup
The OPEX long call below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OPEX at $3.79 on that close, the first option leg uses a $3.79 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPEX chain at a 80-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 OPEX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $3.79 | N/A |
OPEX long call 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 is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
OPEX long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call on OPEX. 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 long call on OPEX
Long calls on OPEX express a bullish thesis with defined risk; traders use them ahead of OPEX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
OPEX thesis for this long call
The market-implied 1-standard-deviation range for OPEX extends from approximately $2.90 on the downside to $4.68 on the upside. A OPEX long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. Current OPEX IV rank near 4.54% 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 OPEX at 81.90%. As a Financial Services name, OPEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPEX-specific events.
OPEX long call positions are structurally bullish; 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. OPEX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPEX alongside the broader basket even when OPEX-specific fundamentals are unchanged. Long-premium structures like a long call on OPEX 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 OPEX chain quotes before placing a trade.
Frequently asked questions
- What is a long call on OPEX?
- A long call on OPEX is the long call strategy applied to OPEX (etf). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. With OPEX etf at $3.79 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed OPEX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OPEX long call max profit and max loss calculated?
- Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the OPEX long call priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 81.90%), 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 OPEX long call?
- The breakeven for the OPEX long call priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The OPEX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.48%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long call on OPEX?
- Long calls on OPEX express a bullish thesis with defined risk; traders use them ahead of OPEX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current OPEX implied volatility affect this long call?
- OPEX ATM IV is at 81.90% with IV rank near 4.54%, 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.