Militia Long/Short Equity ETF (ORR) 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.
Militia Long/Short Equity ETF (ORR) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $36.0M, listed on NASDAQ, carrying a beta of 0.09 to the broader market. ORR is an actively managed ETF aiming for capital appreciation through both long and short equity positions. public since 2007-07-11.
Snapshot as of May 15, 2026.
- Spot Price
- $36.59
- Expected Move
- 6.2%
- Implied High
- $38.88
- Implied Low
- $34.30
- Front DTE
- 34 days
As of May 15, 2026, Militia Long/Short Equity ETF (ORR) has an expected move of 6.25%, a one-standard-deviation implied price range of roughly $34.30 to $38.88 from the current $36.59. 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.
ORR Strategy Sizing to the Expected Move
With Militia Long/Short Equity ETF pricing an expected move of 6.25% from $36.59, 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.
Learn how expected move is reported and how to read the data →
Per-expiration expected move for ORR derived from ATM implied volatility at each listed expiration. Implied high/low bounds are computed as $36.59 × (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 |
|---|---|---|---|---|---|
| Jun 18, 2026 | 34 | 21.8% | 6.7% | $39.02 | $34.16 |
| Jul 17, 2026 | 63 | 34.0% | 14.1% | $41.76 | $31.42 |
| Sep 18, 2026 | 126 | 29.1% | 17.1% | $42.85 | $30.33 |
| Oct 16, 2026 | 154 | 26.9% | 17.5% | $42.98 | $30.20 |
| Nov 20, 2026 | 189 | 24.6% | 17.7% | $43.07 | $30.11 |
| Dec 18, 2026 | 217 | 24.7% | 19.0% | $43.56 | $29.62 |
| Jan 15, 2027 | 245 | 31.9% | 26.1% | $46.15 | $27.03 |
Frequently asked ORR expected move questions
- What is the current ORR expected move?
- As of May 15, 2026, Militia Long/Short Equity ETF (ORR) has an expected move of 6.25% over the next 34 days, implying a one-standard-deviation price range of $34.30 to $38.88 from the current $36.59. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.
- What does the ORR 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 ORR 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.