How are ORCZ bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ORCZ bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 99.90%), the computed maximum profit is $52.50 per contract and the computed maximum loss is -$47.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ORCZ bear put spread?

The breakeven for the ORCZ bear put spread priced on this page is roughly $17.53 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 ORCZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ORCZ implied volatility affect this bear put spread?

Current ORCZ ATM IV is 99.90%; IV rank context is unavailable in the current snapshot.

ORCZ Bear Put Spread Strategy

ORCZ (Investment Managers Series Trust II - Tradr 2X Short ORCL Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

ORCZ is a short-term tactical tool that aims to deliver -2x the price return, less fees and expenses, for a single day of Oracle Corporation (NYSE: ORCL) stock. ORCL engages in the provision of products and services that address aspects of corporate information technology environments, including applications and infrastructure. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the -2x multiple. Aside from the inverse exposure, the shares take on added volatility due to the lack of diversification. 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.

ORCZ (Investment Managers Series Trust II - Tradr 2X Short ORCL Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.3M, a beta of 0.00 versus the broader market, a 52-week range of 11.97-29.82, average daily share volume of 144K, a public-listing history dating back to 2026. These structural characteristics shape how ORCZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates ORCZ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bear put spread on ORCZ?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

ORCZ snapshot

As of September 29, 2026, spot at $17.65, ATM IV 99.90%, expected move 28.64%. The bear put spread on ORCZ 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 bear put spread structure on ORCZ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ORCZ is inferred from ATM IV at 99.90% alone, with a market-implied 1-standard-deviation move of approximately 28.64% (roughly $5.06 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 ORCZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORCZ should anchor to the underlying notional of $17.65 per share and to the trader's directional view on ORCZ etf.

ORCZ bear put spread setup

The ORCZ bear put spread 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 ORCZ at $17.65 on that close, 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 ORCZ 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 ORCZ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$18.00	$3.85
Sell 1	Put	$17.00	$3.38

ORCZ bear put spread risk and reward

Net Premium / Debit: -$47.50
Max Profit (per contract): $52.50
Max Loss (per contract): -$47.50
Breakeven(s): $17.53
Risk / Reward Ratio: 1.105

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

ORCZ bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on ORCZ. 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%	+$52.50
$3.91	-77.8%	+$52.50
$7.81	-55.7%	+$52.50
$11.71	-33.6%	+$52.50
$15.62	-11.5%	+$52.50
$19.52	+10.6%	-$47.50
$23.42	+32.7%	-$47.50
$27.32	+54.8%	-$47.50
$31.22	+76.9%	-$47.50
$35.12	+99.0%	-$47.50

When traders use bear put spread on ORCZ

Bear put spreads on ORCZ reduce the cost of a bearish ORCZ etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

ORCZ thesis for this bear put spread

The market-implied 1-standard-deviation range for ORCZ extends from approximately $12.59 on the downside to $22.71 on the upside. A ORCZ bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ORCZ, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, ORCZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORCZ-specific events.

ORCZ bear put spread positions are structurally moderately 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. ORCZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORCZ alongside the broader basket even when ORCZ-specific fundamentals are unchanged. Long-premium structures like a bear put spread on ORCZ 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 ORCZ chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on ORCZ?: A bear put spread on ORCZ is the bear put spread strategy applied to ORCZ (etf). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With ORCZ etf at $17.65 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed ORCZ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ORCZ bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ORCZ bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 99.90%), the computed maximum profit is $52.50 per contract and the computed maximum loss is -$47.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ORCZ bear put spread?: The breakeven for the ORCZ bear put spread priced on this page is roughly $17.53 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 ORCZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on ORCZ?: Bear put spreads on ORCZ reduce the cost of a bearish ORCZ etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current ORCZ implied volatility affect this bear put spread?: Current ORCZ ATM IV is 99.90%; IV rank context is unavailable in the current snapshot.