OLLI Long Put Strategy
OLLI (Ollie's Bargain Outlet Holdings, Inc.), in the Consumer Defensive sector, (Discount Stores industry), listed on NASDAQ.
Ollie's Bargain Outlet Holdings, Inc. operates as a leading discount retailer, offering a wide variety of brand-name goods. The company's diverse inventory includes home essentials such as housewares, bed and bath products, and floor coverings, as well as food items, health and beauty aids, books, stationery, toys, and electronics. Additionally, they stock hardware, confectionery, apparel, sporting goods, pet supplies, and lawn and garden items. Ollie's markets its products under various proprietary labels, including Ollie's, Ollie's Bargain Outlet, Good Stuff Cheap, Ollie's Army, Real Brands Real Cheap!, Real Brands! Real Bargains, Sarasota Breeze, Steelton Tools, American Way, and Middleton Home. As of August 3, 2022, the company maintained 450 retail locations across 29 states, covering approximately half of the United States.
OLLI (Ollie's Bargain Outlet Holdings, Inc.) trades in the Consumer Defensive sector, specifically Discount Stores, with a market capitalization of approximately $4.73B, a trailing P/E of 19.10, a beta of 0.50 versus the broader market, a 52-week range of 60.29-140.54, average daily share volume of 1.9M, a public-listing history dating back to 2015, approximately 13K full-time employees. These structural characteristics shape how OLLI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.50 indicates OLLI 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 OLLI?
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.
OLLI snapshot
As of August 14, 2026, spot at $76.25, ATM IV 52.70%, IV rank 47.07%, expected move 15.11%. The long put on OLLI 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 63-day expiry.
Why this long put structure on OLLI specifically: OLLI IV at 52.70% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 15.11% (roughly $11.52 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OLLI expiries trade a higher absolute premium for lower per-day decay. Position sizing on OLLI should anchor to the underlying notional of $76.25 per share and to the trader's directional view on OLLI stock.
OLLI long put setup
The OLLI long 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 OLLI at $76.25 on that close, the first option leg uses a $75.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OLLI chain at a 63-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 OLLI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $75.00 | $5.50 |
OLLI long put risk and reward
- Net Premium / Debit
- -$550.00
- Max Profit (per contract)
- $6,949.00
- Max Loss (per contract)
- -$550.00
- Breakeven(s)
- $69.50
- Risk / Reward Ratio
- 12.635
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
OLLI long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on OLLI. 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% | +$6,949.00 |
| $16.87 | -77.9% | +$5,263.18 |
| $33.73 | -55.8% | +$3,577.36 |
| $50.58 | -33.7% | +$1,891.54 |
| $67.44 | -11.6% | +$205.72 |
| $84.30 | +10.6% | -$550.00 |
| $101.16 | +32.7% | -$550.00 |
| $118.02 | +54.8% | -$550.00 |
| $134.88 | +76.9% | -$550.00 |
| $151.73 | +99.0% | -$550.00 |
When traders use long put on OLLI
Long puts on OLLI hedge an existing long OLLI stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying OLLI exposure being hedged.
OLLI thesis for this long put
The market-implied 1-standard-deviation range for OLLI extends from approximately $64.73 on the downside to $87.77 on the upside. A OLLI long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long OLLI position with one put per 100 shares held. Current OLLI IV rank near 47.07% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on OLLI should anchor more to the directional view and the expected-move geometry. As a Consumer Defensive name, OLLI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OLLI-specific events.
OLLI 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. OLLI positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OLLI alongside the broader basket even when OLLI-specific fundamentals are unchanged. Long-premium structures like a long put on OLLI 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 OLLI chain quotes before placing a trade.
Frequently asked questions
- What is a long put on OLLI?
- A long put on OLLI is the long put strategy applied to OLLI (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 OLLI stock at $76.25 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed OLLI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OLLI 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 OLLI long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 52.70%), the computed maximum profit is $6,949.00 per contract and the computed maximum loss is -$550.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OLLI long put?
- The breakeven for the OLLI long put priced on this page is roughly $69.50 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 OLLI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.11%; 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 OLLI?
- Long puts on OLLI hedge an existing long OLLI stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying OLLI exposure being hedged.
- How does current OLLI implied volatility affect this long put?
- OLLI ATM IV is at 52.70% with IV rank near 47.07%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.