OPY Bear Put Spread Strategy
OPY (Oppenheimer Holdings Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.
Headquartered in New York since its founding in 1881, Oppenheimer Holdings Inc. serves as a prominent middle-market investment bank and full-service broker-dealer, extending its operations across the Americas, Europe, the Middle East, and Asia. The company provides a comprehensive suite of financial services to a diverse clientele, including affluent individuals, corporate executives, public and private enterprises, institutions, governmental bodies, financial sponsors, and investors globally. Its extensive brokerage offerings cover a wide range of assets, from exchange-traded and over-the-counter corporate equities and debt to money market instruments, options, futures, municipal bonds, mutual funds, exchange-traded funds, and unit investment trusts, complemented by financial planning and wealth management advice, as well as margin lending. Oppenheimer's asset management division delivers tailored investment solutions, encompassing separately managed accounts, discretionary portfolio programs, advisory and consultation services, alternative investments, and specialized fixed income strategies. For businesses and institutions, the firm provides robust investment banking services, including strategic guidance, capital market products, merger and acquisition facilitation, and equity and debt capital market offerings. Additionally, it offers institutional equity services such as sales, trading, research, derivatives, and convertible bond expertise, alongside institutional fixed income sales, trading, research, public finance, and municipal trading.
OPY (Oppenheimer Holdings Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $1.12B, a trailing P/E of 11.51, a beta of 1.09 versus the broader market, a 52-week range of 63.81-118.77, average daily share volume of 90K, a public-listing history dating back to 1982, approximately 3K full-time employees. These structural characteristics shape how OPY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places OPY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 11.51 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. OPY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bear put spread on OPY?
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 OPY snapshot
As of June 26, 2026, spot at $104.91, ATM IV 44.40%, IV rank 4.99%, expected move 12.73%. The bear put spread on OPY 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 53-day expiry.
Why this bear put spread structure on OPY specifically: OPY IV at 44.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a OPY bear put spread, with a market-implied 1-standard-deviation move of approximately 12.73% (roughly $13.35 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OPY expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPY should anchor to the underlying notional of $104.91 per share and to the trader's directional view on OPY stock.
OPY bear put spread setup
The OPY 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 OPY near $104.91, the first option leg uses a $105.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPY chain at a 53-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 OPY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $105.00 | $6.85 |
| Sell 1 | Put | $100.00 | $4.40 |
OPY bear put spread risk and reward
- Net Premium / Debit
- -$245.00
- Max Profit (per contract)
- $255.00
- Max Loss (per contract)
- -$245.00
- Breakeven(s)
- $102.55
- Risk / Reward Ratio
- 1.041
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.
OPY bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on OPY. 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% | +$255.00 |
| $23.21 | -77.9% | +$255.00 |
| $46.40 | -55.8% | +$255.00 |
| $69.60 | -33.7% | +$255.00 |
| $92.79 | -11.6% | +$255.00 |
| $115.99 | +10.6% | -$245.00 |
| $139.18 | +32.7% | -$245.00 |
| $162.38 | +54.8% | -$245.00 |
| $185.57 | +76.9% | -$245.00 |
| $208.77 | +99.0% | -$245.00 |
When traders use bear put spread on OPY
Bear put spreads on OPY reduce the cost of a bearish OPY stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
OPY thesis for this bear put spread
The market-implied 1-standard-deviation range for OPY extends from approximately $91.56 on the downside to $118.26 on the upside. A OPY bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on OPY, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OPY IV rank near 4.99% 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 OPY at 44.40%. As a Financial Services name, OPY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPY-specific events.
OPY 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. OPY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPY alongside the broader basket even when OPY-specific fundamentals are unchanged. Long-premium structures like a bear put spread on OPY 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 OPY chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on OPY?
- A bear put spread on OPY is the bear put spread strategy applied to OPY (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 OPY stock trading near $104.91, the strikes shown on this page are snapped to the nearest listed OPY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OPY 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 OPY bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 44.40%), the computed maximum profit is $255.00 per contract and the computed maximum loss is -$245.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OPY bear put spread?
- The breakeven for the OPY bear put spread priced on this page is roughly $102.55 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 OPY market-implied 1-standard-deviation expected move is approximately 12.73%; 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 OPY?
- Bear put spreads on OPY reduce the cost of a bearish OPY 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 OPY implied volatility affect this bear put spread?
- OPY ATM IV is at 44.40% with IV rank near 4.99%, 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.