OCS Long Put Strategy
OCS (Oculis Holding AG), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Oculis Holding AG, a clinical-stage biopharmaceutical company, develops novel topical treatments for ophthalmic diseases for both back- and front-of-the-eye. The company's lead candidate is OCS-01, a topical dexamethasone formulation, which is in Phase 3 clinical trials for the treatment of diabetic macular edema; OCS-02, a topical biologic candidate that is in Phase 2b clinical trials for the treatment for keratoconjunctivitis sicca, or dry eye disease; and OCS-05, a novel neuroprotective agent for acute optic neuritis and other neuro-ophtha disorders, such as glaucoma, diabetic retinopathy, geographic atrophy, and neurotrophic keratitis. The company is based in Zug, Switzerland.
OCS (Oculis Holding AG) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.79B, a beta of 0.20 versus the broader market, a 52-week range of 16-34.475, average daily share volume of 370K, a public-listing history dating back to 2021, approximately 49 full-time employees. These structural characteristics shape how OCS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.20 indicates OCS 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 OCS?
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 OCS snapshot
As of May 15, 2026, spot at $30.34, ATM IV 184.30%, expected move 52.84%. The long put on OCS 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 OCS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for OCS is inferred from ATM IV at 184.30% alone, with a market-implied 1-standard-deviation move of approximately 52.84% (roughly $16.03 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 OCS expiries trade a higher absolute premium for lower per-day decay. Position sizing on OCS should anchor to the underlying notional of $30.34 per share and to the trader's directional view on OCS stock.
OCS long put setup
The OCS 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 OCS near $30.34, the first option leg uses a $30.34 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OCS 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 OCS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $30.34 | N/A |
OCS long put 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 equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
OCS long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on OCS. 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 put on OCS
Long puts on OCS hedge an existing long OCS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying OCS exposure being hedged.
OCS thesis for this long put
The market-implied 1-standard-deviation range for OCS extends from approximately $14.31 on the downside to $46.37 on the upside. A OCS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long OCS position with one put per 100 shares held. As a Healthcare name, OCS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OCS-specific events.
OCS 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. OCS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OCS alongside the broader basket even when OCS-specific fundamentals are unchanged. Long-premium structures like a long put on OCS 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 OCS chain quotes before placing a trade.
Frequently asked questions
- What is a long put on OCS?
- A long put on OCS is the long put strategy applied to OCS (stock). 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 OCS stock trading near $30.34, the strikes shown on this page are snapped to the nearest listed OCS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OCS 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 OCS long put priced from the end-of-day chain at a 30-day expiry (ATM IV 184.30%), 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 OCS long put?
- The breakeven for the OCS long put priced on this page is no defined breakeven on the modeled curve 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 OCS market-implied 1-standard-deviation expected move is approximately 52.84%; 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 OCS?
- Long puts on OCS hedge an existing long OCS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying OCS exposure being hedged.
- How does current OCS implied volatility affect this long put?
- Current OCS ATM IV is 184.30%; IV rank context is unavailable in the current snapshot.