OPY Cash-Secured Put 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 cash-secured put on OPY?
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 OPY snapshot
As of June 26, 2026, spot at $104.91, ATM IV 44.40%, IV rank 4.99%, expected move 12.73%. The cash-secured put 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 cash-secured put structure on OPY specifically: OPY IV at 44.40% is on the cheap side of its 1-year range, which means a premium-selling OPY cash-secured put collects less credit per unit of strike-width risk, 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 cash-secured put setup
The OPY 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 OPY near $104.91, the first option leg uses a $100.00 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) |
|---|---|---|---|
| Sell 1 | Put | $100.00 | $4.40 |
OPY cash-secured put risk and reward
- Net Premium / Debit
- +$440.00
- Max Profit (per contract)
- $440.00
- Max Loss (per contract)
- -$9,559.00
- Breakeven(s)
- $95.60
- Risk / Reward Ratio
- 0.046
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
OPY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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% | -$9,559.00 |
| $23.21 | -77.9% | -$7,239.49 |
| $46.40 | -55.8% | -$4,919.98 |
| $69.60 | -33.7% | -$2,600.48 |
| $92.79 | -11.6% | -$280.97 |
| $115.99 | +10.6% | +$440.00 |
| $139.18 | +32.7% | +$440.00 |
| $162.38 | +54.8% | +$440.00 |
| $185.57 | +76.9% | +$440.00 |
| $208.77 | +99.0% | +$440.00 |
When traders use cash-secured put on OPY
Cash-secured puts on OPY earn premium while a trader waits to acquire OPY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OPY.
OPY thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire OPY 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 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 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. 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. Short-premium structures like a cash-secured put on OPY carry tail risk when realized volatility exceeds the implied move; review historical OPY earnings reactions and macro stress periods before sizing. Always rebuild the position from current OPY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on OPY?
- A cash-secured put on OPY is the cash-secured put strategy applied to OPY (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 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 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 OPY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 44.40%), the computed maximum profit is $440.00 per contract and the computed maximum loss is -$9,559.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OPY cash-secured put?
- The breakeven for the OPY cash-secured put priced on this page is roughly $95.60 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 cash-secured put on OPY?
- Cash-secured puts on OPY earn premium while a trader waits to acquire OPY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning OPY.
- How does current OPY implied volatility affect this cash-secured put?
- 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.