OCUL Cash-Secured Put Strategy
OCUL (Ocular Therapeutix, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Ocular Therapeutix, Inc., a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology. The company markets ReSure Sealant, an ophthalmic device to prevent wound leaks in corneal incisions following cataract surgery; and DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis. It is also developing OTX-TKI, an axitinib intravitreal implant that is in phase 1 clinical trials for the treatment of wet age-related macular degeneration and other retinal diseases; OTX-TIC, a travoprost intracameral implant, which is in phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension; OTX-CSI, a cyclosporine intracanalicular insert that has completed phase 2 clinical trials for the treatment of dry eye disease; and OTX-DED, a dexamethasone intracanalicular insert, which is in phase 2 clinical trials for the short-term treatment of the signs and symptoms of dry eye disease. The company has a strategic collaboration with Regeneron Pharmaceuticals, Inc. (Regeneron) for the development and commercialization of products using the Company's sustained-release hydrogel in combination with Regeneron's large molecule VEGF-targeting compounds for the treatment of retinal diseases; and AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC, as well as a discovery collaboration with Mosaic Biosciences to identify new targets and therapeutic agents for the treatment of dry age-related macular degeneration (dMAD). Ocular Therapeutix, Inc. was incorporated in 2006 and is headquartered in Bedford, Massachusetts.
OCUL (Ocular Therapeutix, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.02B, a beta of 0.93 versus the broader market, a 52-week range of 6.23-16.44, average daily share volume of 5.4M, a public-listing history dating back to 2014, approximately 274 full-time employees. These structural characteristics shape how OCUL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.93 places OCUL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a cash-secured put on OCUL?
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.
Current OCUL snapshot
As of May 15, 2026, spot at $9.16, ATM IV 88.13%, IV rank 14.71%, expected move 25.27%. The cash-secured put on OCUL 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 28-day expiry.
Why this cash-secured put structure on OCUL specifically: OCUL IV at 88.13% is on the cheap side of its 1-year range, which means a premium-selling OCUL cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 25.27% (roughly $2.31 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OCUL expiries trade a higher absolute premium for lower per-day decay. Position sizing on OCUL should anchor to the underlying notional of $9.16 per share and to the trader's directional view on OCUL stock.
OCUL cash-secured put setup
The OCUL cash-secured 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 OCUL near $9.16, the first option leg uses a $8.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OCUL chain at a 28-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 OCUL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $8.50 | $0.53 |
OCUL cash-secured put risk and reward
- Net Premium / Debit
- +$52.50
- Max Profit (per contract)
- $52.50
- Max Loss (per contract)
- -$796.50
- Breakeven(s)
- $7.98
- Risk / Reward Ratio
- 0.066
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
OCUL cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on OCUL. 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 | -99.9% | -$796.50 |
| $2.03 | -77.8% | -$594.08 |
| $4.06 | -55.7% | -$391.66 |
| $6.08 | -33.6% | -$189.23 |
| $8.11 | -11.5% | +$13.19 |
| $10.13 | +10.6% | +$52.50 |
| $12.16 | +32.7% | +$52.50 |
| $14.18 | +54.8% | +$52.50 |
| $16.20 | +76.9% | +$52.50 |
| $18.23 | +99.0% | +$52.50 |
When traders use cash-secured put on OCUL
Cash-secured puts on OCUL earn premium while a trader waits to acquire OCUL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OCUL.
OCUL thesis for this cash-secured put
The market-implied 1-standard-deviation range for OCUL extends from approximately $6.85 on the downside to $11.47 on the upside. A OCUL cash-secured put lets a trader earn premium while waiting to acquire OCUL 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 OCUL IV rank near 14.71% 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 OCUL at 88.13%. As a Healthcare name, OCUL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OCUL-specific events.
OCUL 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. OCUL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OCUL alongside the broader basket even when OCUL-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on OCUL carry tail risk when realized volatility exceeds the implied move; review historical OCUL earnings reactions and macro stress periods before sizing. Always rebuild the position from current OCUL chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on OCUL?
- A cash-secured put on OCUL is the cash-secured put strategy applied to OCUL (stock). 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 OCUL stock trading near $9.16, the strikes shown on this page are snapped to the nearest listed OCUL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OCUL 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 OCUL cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 88.13%), the computed maximum profit is $52.50 per contract and the computed maximum loss is -$796.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OCUL cash-secured put?
- The breakeven for the OCUL cash-secured put priced on this page is roughly $7.98 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 OCUL market-implied 1-standard-deviation expected move is approximately 25.27%; 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 OCUL?
- Cash-secured puts on OCUL earn premium while a trader waits to acquire OCUL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OCUL.
- How does current OCUL implied volatility affect this cash-secured put?
- OCUL ATM IV is at 88.13% with IV rank near 14.71%, 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.