ORIO Bear Put Spread Strategy
ORIO (Orion Digital Corp.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.
Orion Digital Corp. operates as a global financial technology firm, with its reach extending across Canada, Europe, and other international markets. The company is dedicated to empowering its members through digital solutions that pave the way for increased wealth accumulation and financial autonomy. Its suite of offerings includes MogoTrade, a specialized stock trading application; the Moka platform; and MogoMoney, which facilitates online personal loans. Furthermore, Orion Digital Corp. provides digital mortgage and various loan services, and it manages a payment processing infrastructure that supports next-generation card programs for businesses in Europe and Canada. Known previously as Mogo Inc., the entity is scheduled to officially adopt the name Orion Digital Corp. in December 2025. The company's corporate headquarters are situated in Vancouver, Canada.
ORIO (Orion Digital Corp.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $20.0M, a beta of 2.83 versus the broader market, a 52-week range of 0.61-2.07, average daily share volume of 42K, a public-listing history dating back to 2017, approximately 2K full-time employees. These structural characteristics shape how ORIO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.83 indicates ORIO has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. ORIO 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 ORIO?
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.
ORIO snapshot
As of August 14, 2026, spot at $0.88, ATM IV 24.10%, IV rank 1.61%, expected move 6.91%. The bear put spread on ORIO below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this bear put spread structure on ORIO specifically: ORIO IV at 24.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a ORIO bear put spread, with a market-implied 1-standard-deviation move of approximately 6.91% (roughly $0.06 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORIO expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORIO should anchor to the underlying notional of $0.88 per share and to the trader's directional view on ORIO stock.
ORIO bear put spread setup
The ORIO 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 ORIO at $0.88 on that close, the first option leg uses a $0.88 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORIO chain at a 35-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 ORIO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $0.88 | N/A |
| Sell 1 | Put | $0.84 | N/A |
ORIO 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.
ORIO bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on ORIO. 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 ORIO
Bear put spreads on ORIO reduce the cost of a bearish ORIO stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
ORIO thesis for this bear put spread
The market-implied 1-standard-deviation range for ORIO extends from approximately $0.82 on the downside to $0.94 on the upside. A ORIO bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ORIO, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ORIO IV rank near 1.61% 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 ORIO at 24.10%. As a Technology name, ORIO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORIO-specific events.
ORIO 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. ORIO positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORIO alongside the broader basket even when ORIO-specific fundamentals are unchanged. Long-premium structures like a bear put spread on ORIO 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 ORIO chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on ORIO?
- A bear put spread on ORIO is the bear put spread strategy applied to ORIO (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 ORIO stock at $0.88 on the most recent close, the strikes shown on this page are snapped to the nearest listed ORIO chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ORIO 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 ORIO bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 24.10%), 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 ORIO bear put spread?
- The breakeven for the ORIO bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 ORIO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.91%; 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 ORIO?
- Bear put spreads on ORIO reduce the cost of a bearish ORIO 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 ORIO implied volatility affect this bear put spread?
- ORIO ATM IV is at 24.10% with IV rank near 1.61%, 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.