ORN Cash-Secured Put Strategy
ORN (Orion Group Holdings, Inc.), in the Industrials sector, (Engineering & Construction industry), listed on NYSE.
Orion Group Holdings, Inc. functions as a specialized construction company, contributing its expertise across the building, industrial, and infrastructure sectors. Its operations span a wide geographical area, encompassing the continental United States, Alaska, Canada, and the Caribbean Basin. The company organizes its business into two primary divisions: Marine and Concrete. Through its Marine segment, Orion offers a comprehensive range of services, including the construction, restoration, dredging, maintenance, and repair of diverse marine infrastructure. This includes critical marine transportation facilities such as public and cruise ship ports, private terminals, specialized navy terminals, and recreational marinas and docks. The company also provides ongoing upkeep, emergency repairs, inspections, demolition, and salvage services for these facilities.
ORN (Orion Group Holdings, Inc.) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $664.3M, a trailing P/E of 76.63, a beta of 1.38 versus the broader market, a 52-week range of 6.44-16.57, average daily share volume of 373K, a public-listing history dating back to 2007, approximately 2K full-time employees. These structural characteristics shape how ORN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.38 indicates ORN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 76.63 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a cash-secured put on ORN?
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 ORN snapshot
As of June 26, 2026, spot at $16.18, ATM IV 37.80%, IV rank 8.96%, expected move 10.84%. The cash-secured put on ORN 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 21-day expiry.
Why this cash-secured put structure on ORN specifically: ORN IV at 37.80% is on the cheap side of its 1-year range, which means a premium-selling ORN cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.84% (roughly $1.75 on the underlying). The 21-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORN expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORN should anchor to the underlying notional of $16.18 per share and to the trader's directional view on ORN stock.
ORN cash-secured put setup
The ORN 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 ORN near $16.18, the first option leg uses a $15.37 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORN chain at a 21-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 ORN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $15.37 | N/A |
ORN cash-secured put 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ORN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ORN. 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 cash-secured put on ORN
Cash-secured puts on ORN earn premium while a trader waits to acquire ORN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ORN.
ORN thesis for this cash-secured put
The market-implied 1-standard-deviation range for ORN extends from approximately $14.43 on the downside to $17.93 on the upside. A ORN cash-secured put lets a trader earn premium while waiting to acquire ORN 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 ORN IV rank near 8.96% 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 ORN at 37.80%. As a Industrials name, ORN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORN-specific events.
ORN 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. ORN positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ORN alongside the broader basket even when ORN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ORN carry tail risk when realized volatility exceeds the implied move; review historical ORN earnings reactions and macro stress periods before sizing. Always rebuild the position from current ORN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ORN?
- A cash-secured put on ORN is the cash-secured put strategy applied to ORN (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 ORN stock trading near $16.18, the strikes shown on this page are snapped to the nearest listed ORN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ORN 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 ORN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 37.80%), 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 ORN cash-secured put?
- The breakeven for the ORN cash-secured put 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 ORN market-implied 1-standard-deviation expected move is approximately 10.84%; 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 ORN?
- Cash-secured puts on ORN earn premium while a trader waits to acquire ORN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ORN.
- How does current ORN implied volatility affect this cash-secured put?
- ORN ATM IV is at 37.80% with IV rank near 8.96%, 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.