ORR Long Put Strategy
ORR (Militia Long/Short Equity ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
ORR is an actively managed ETF aiming for capital appreciation through both long and short equity positions. The long portfolio targets undervalued or growth potential equities, with a focus on developed markets. Long positions may exceed 100% of net assets, capped typically at 150%. Short positions focus on U.S.-listed companies and ETFs expected to decline, influenced by declining future cash flow projections. ORR can have short exposure up to 100% and may include inverse or leveraged ETFs. The fund actively trades positions, resulting in high annual portfolio turnover.
ORR (Militia Long/Short Equity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $36.0M, a beta of 0.09 versus the broader market, a 52-week range of 27.74-39.39, average daily share volume of 274K, a public-listing history dating back to 2007. These structural characteristics shape how ORR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.09 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 long put on ORR?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current ORR snapshot
As of May 15, 2026, spot at $36.59, ATM IV 21.80%, expected move 6.25%. The long put on ORR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this long put structure on ORR specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ORR is inferred from ATM IV at 21.80% alone, with a market-implied 1-standard-deviation move of approximately 6.25% (roughly $2.29 on the underlying). The 34-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 $36.59 per share and to the trader's directional view on ORR etf.
ORR long put setup
The ORR long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ORR near $36.59, 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 34-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) |
|---|---|---|---|
| Buy 1 | Put | $37.00 | $1.13 |
ORR long put risk and reward
- Net Premium / Debit
- -$113.00
- Max Profit (per contract)
- $3,586.00
- Max Loss (per contract)
- -$113.00
- Breakeven(s)
- $35.87
- Risk / Reward Ratio
- 31.735
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
ORR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long 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% | +$3,586.00 |
| $8.10 | -77.9% | +$2,777.09 |
| $16.19 | -55.8% | +$1,968.17 |
| $24.28 | -33.7% | +$1,159.26 |
| $32.37 | -11.5% | +$350.34 |
| $40.46 | +10.6% | -$113.00 |
| $48.54 | +32.7% | -$113.00 |
| $56.63 | +54.8% | -$113.00 |
| $64.72 | +76.9% | -$113.00 |
| $72.81 | +99.0% | -$113.00 |
When traders use long put on ORR
Long puts on ORR hedge an existing long ORR etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ORR exposure being hedged.
ORR thesis for this long put
The market-implied 1-standard-deviation range for ORR extends from approximately $34.30 on the downside to $38.88 on the upside. A ORR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ORR position with one put per 100 shares held. 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 long put positions are structurally 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. 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. Long-premium structures like a long put on ORR 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 ORR chain quotes before placing a trade.
Frequently asked questions
- What is a long put on ORR?
- A long put on ORR is the long put strategy applied to ORR (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With ORR etf trading near $36.59, the strikes shown on this page are snapped to the nearest listed ORR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORR long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the ORR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 21.80%), the computed maximum profit is $3,586.00 per contract and the computed maximum loss is -$113.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ORR long put?
- The breakeven for the ORR long put priced on this page is roughly $35.87 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ORR market-implied 1-standard-deviation expected move is approximately 6.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on ORR?
- Long puts on ORR hedge an existing long ORR etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ORR exposure being hedged.
- How does current ORR implied volatility affect this long put?
- Current ORR ATM IV is 21.80%; IV rank context is unavailable in the current snapshot.