OMDA Bear Put Spread Strategy
OMDA (Omada Health), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.
Omada Health is a U.S.-based virtual-care provider offering clinically validated programs for chronic conditions like cardiometabolic disease, musculoskeletal care, and behavioral health—delivered digitally between doctor visits.
OMDA (Omada Health) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $953.6M, a beta of 1.69 versus the broader market, a 52-week range of 10.28-28.4, average daily share volume of 1.3M, a public-listing history dating back to 2025, approximately 849 full-time employees. These structural characteristics shape how OMDA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.69 indicates OMDA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bear put spread on OMDA?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current OMDA snapshot
As of May 15, 2026, spot at $16.74, ATM IV 76.40%, IV rank 6.83%, expected move 21.90%. The bear put spread on OMDA 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 bear put spread structure on OMDA specifically: OMDA IV at 76.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a OMDA bear put spread, with a market-implied 1-standard-deviation move of approximately 21.90% (roughly $3.67 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 OMDA expiries trade a higher absolute premium for lower per-day decay. Position sizing on OMDA should anchor to the underlying notional of $16.74 per share and to the trader's directional view on OMDA stock.
OMDA bear put spread setup
The OMDA bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OMDA near $16.74, the first option leg uses a $16.74 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OMDA 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 OMDA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $16.74 | N/A |
| Sell 1 | Put | $15.90 | N/A |
OMDA bear put spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
OMDA bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on OMDA. 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 bear put spread on OMDA
Bear put spreads on OMDA reduce the cost of a bearish OMDA stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
OMDA thesis for this bear put spread
The market-implied 1-standard-deviation range for OMDA extends from approximately $13.07 on the downside to $20.41 on the upside. A OMDA bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on OMDA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OMDA IV rank near 6.83% 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 OMDA at 76.40%. As a Healthcare name, OMDA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OMDA-specific events.
OMDA bear put spread positions are structurally moderately 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. OMDA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OMDA alongside the broader basket even when OMDA-specific fundamentals are unchanged. Long-premium structures like a bear put spread on OMDA 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 OMDA chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on OMDA?
- A bear put spread on OMDA is the bear put spread strategy applied to OMDA (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With OMDA stock trading near $16.74, the strikes shown on this page are snapped to the nearest listed OMDA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OMDA bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the OMDA bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 76.40%), 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 OMDA bear put spread?
- The breakeven for the OMDA bear put spread 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 OMDA market-implied 1-standard-deviation expected move is approximately 21.90%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on OMDA?
- Bear put spreads on OMDA reduce the cost of a bearish OMDA stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current OMDA implied volatility affect this bear put spread?
- OMDA ATM IV is at 76.40% with IV rank near 6.83%, 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.