ORR Cash-Secured Put Strategy
ORR (Militia Long/Short Equity ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Militia Long/Short Equity ETF, identified by the symbol ORR, is an actively managed investment vehicle designed to achieve capital appreciation. It employs a dual strategy, taking both long and short positions in equities. For its long-term holdings, the fund primarily focuses on stocks in developed markets that are either deemed undervalued or possess substantial growth potential. ORR has the flexibility to commit capital exceeding 100% of its net asset value to these long positions, typically up to a maximum of 150%. Conversely, its short selling strategy concentrates on U.S.-listed companies and exchange-traded funds whose valuations are anticipated to decline, often driven by unfavorable future cash flow projections. The fund can allocate up to 100% of its portfolio to short exposures and may utilize instruments like inverse or leveraged ETFs within this segment.
ORR (Militia Long/Short Equity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $37.9M, a beta of 0.03 versus the broader market, a 52-week range of 30.655-39.8, average daily share volume of 123K, a public-listing history dating back to 2025. These structural characteristics shape how ORR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.03 indicates ORR 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 cash-secured put on ORR?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
ORR snapshot
As of August 14, 2026, spot at $38.61, ATM IV 13.80%, IV rank 2.76%, expected move 3.96%. The cash-secured put on ORR below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this cash-secured put structure on ORR specifically: ORR IV at 13.80% is on the cheap side of its 1-year range, which means a premium-selling ORR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 3.96% (roughly $1.53 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORR should anchor to the underlying notional of $38.61 per share and to the trader's directional view on ORR etf.
ORR cash-secured put setup
The ORR cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ORR at $38.61 on that close, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORR chain at a 35-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 ORR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $37.00 | $0.93 |
ORR cash-secured put risk and reward
- Net Premium / Debit
- +$92.50
- Max Profit (per contract)
- $92.50
- Max Loss (per contract)
- -$3,606.50
- Breakeven(s)
- $36.08
- Risk / Reward Ratio
- 0.026
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ORR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ORR. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$3,606.50 |
| $8.55 | -77.9% | -$2,752.92 |
| $17.08 | -55.8% | -$1,899.34 |
| $25.62 | -33.7% | -$1,045.77 |
| $34.15 | -11.5% | -$192.19 |
| $42.69 | +10.6% | +$92.50 |
| $51.22 | +32.7% | +$92.50 |
| $59.76 | +54.8% | +$92.50 |
| $68.30 | +76.9% | +$92.50 |
| $76.83 | +99.0% | +$92.50 |
When traders use cash-secured put on ORR
Cash-secured puts on ORR earn premium while a trader waits to acquire ORR etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ORR.
ORR thesis for this cash-secured put
The market-implied 1-standard-deviation range for ORR extends from approximately $37.08 on the downside to $40.14 on the upside. A ORR cash-secured put lets a trader earn premium while waiting to acquire ORR at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current ORR IV rank near 2.76% 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 ORR at 13.80%. As a Financial Services name, ORR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORR-specific events.
ORR cash-secured put positions are structurally neutral to slightly 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. ORR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORR alongside the broader basket even when ORR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ORR carry tail risk when realized volatility exceeds the implied move; review historical ORR earnings reactions and macro stress periods before sizing. Always rebuild the position from current ORR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ORR?
- A cash-secured put on ORR is the cash-secured put strategy applied to ORR (etf). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With ORR etf at $38.61 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ORR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ORR cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the ORR cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 13.80%), the computed maximum profit is $92.50 per contract and the computed maximum loss is -$3,606.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ORR cash-secured put?
- The breakeven for the ORR cash-secured put priced on this page is roughly $36.08 at expiration, derived from the August 14, 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 ORR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on ORR?
- Cash-secured puts on ORR earn premium while a trader waits to acquire ORR etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ORR.
- How does current ORR implied volatility affect this cash-secured put?
- ORR ATM IV is at 13.80% with IV rank near 2.76%, 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.