OPRX Bear Put Spread Strategy
OPRX (OptimizeRx Corp.), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.
OptimizeRx Corp. is digital health company, engaged in the provision of digital health messaging via electronic health records, which serve as a direct channel for pharmaceutical companies to communicate with healthcare providers. It offers electronic health record (EHR) workflow solutions which include financial messaging, patient education, and brand messaging and brand support. The company was founded by David A. Harrell in 2006 and is headquartered in Waltham, MA.
OPRX (OptimizeRx Corp.) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $96.1M, a trailing P/E of 14.05, a beta of 1.10 versus the broader market, a 52-week range of 4.54-22.25, average daily share volume of 480K, a public-listing history dating back to 2007, approximately 136 full-time employees. These structural characteristics shape how OPRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.10 places OPRX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on OPRX?
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 OPRX snapshot
As of June 30, 2026, spot at $5.70, ATM IV 119.10%, IV rank 23.68%, expected move 34.14%. The bear put spread on OPRX 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 17-day expiry.
Why this bear put spread structure on OPRX specifically: OPRX IV at 119.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a OPRX bear put spread, with a market-implied 1-standard-deviation move of approximately 34.14% (roughly $1.95 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OPRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPRX should anchor to the underlying notional of $5.70 per share and to the trader's directional view on OPRX stock.
OPRX bear put spread setup
The OPRX 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 OPRX near $5.70, the first option leg uses a $5.70 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPRX chain at a 17-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 OPRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $5.70 | N/A |
| Sell 1 | Put | $5.42 | N/A |
OPRX 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.
OPRX bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on OPRX. 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 OPRX
Bear put spreads on OPRX reduce the cost of a bearish OPRX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
OPRX thesis for this bear put spread
The market-implied 1-standard-deviation range for OPRX extends from approximately $3.75 on the downside to $7.65 on the upside. A OPRX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on OPRX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OPRX IV rank near 23.68% 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 OPRX at 119.10%. As a Healthcare name, OPRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPRX-specific events.
OPRX 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. OPRX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPRX alongside the broader basket even when OPRX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on OPRX 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 OPRX chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on OPRX?
- A bear put spread on OPRX is the bear put spread strategy applied to OPRX (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 OPRX stock trading near $5.70, the strikes shown on this page are snapped to the nearest listed OPRX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OPRX 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 OPRX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 119.10%), 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 OPRX bear put spread?
- The breakeven for the OPRX 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 OPRX market-implied 1-standard-deviation expected move is approximately 34.14%; 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 OPRX?
- Bear put spreads on OPRX reduce the cost of a bearish OPRX 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 OPRX implied volatility affect this bear put spread?
- OPRX ATM IV is at 119.10% with IV rank near 23.68%, 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.