OLMA Options Chain Analysis: Evaluating Strategies with Days Until May 15th Expiration

When new options contracts become available for a stock like Olema Pharmaceuticals Inc (OLMA), investors gain additional flexibility in structuring their positions across different time horizons. With the variety of expiration dates now in the market and the number of days until May 15th making these contracts particularly relevant for medium-term strategies, understanding how to evaluate the available opportunities becomes essential. The Stock Options Channel analysis team deployed their YieldBoost formula to examine the OLMA options chain and identified two contracts worth exploring—one put strategy and one call approach—each offering distinct risk-reward profiles for different investor objectives.

Exploring Put Option Strategies Within the Options Chain

For investors interested in building a position in OLMA stock but seeking a way to reduce the effective purchase price, put option strategies can offer compelling opportunities. The analysis identifies a put contract at the $25.00 strike price with a current bid of $4.00. An investor who sells-to-open this put contract commits to purchasing shares at $25.00 if assigned, but also collects the premium upfront. This combination brings the effective cost basis down to $21.00 (prior to brokerage fees).

For those looking at the current trading level of $25.64 per share, this put strike represents roughly a 2% discount to where OLMA is trading today. Because the strike sits below current market price, there is probability that the put contract could expire without being exercised—the analytical data suggests approximately 65% likelihood of this outcome. Should this scenario occur, the $4.00 premium would translate into a 16.00% return on the cash reserved to cover the put obligation, or 55.64% when calculated on an annualized basis using the YieldBoost metric.

The trailing twelve-month price history for Olema Pharmaceuticals provides context for evaluating whether the $25.00 strike represents an attractive entry point relative to the stock’s recent trading range. Historical volatility patterns and the probability metrics tracked by Stock Options Channel help investors understand whether this put strategy aligns with their market outlook.

Call Option Strategies for Return Enhancement Consideration

From the call side of the options chain, a $26.00 strike contract carries a current bid of $4.60. An investor pursuing a covered call approach—purchasing OLMA at the current market price of $25.64 and simultaneously selling-to-open the call—commits to delivering shares at $26.00 if the call is exercised. Combined with the $4.60 premium collected, this structure produces a total return of 19.34% if assignment occurs at the May 15th expiration window (excluding any dividends and before commission costs).

The $26.00 strike sits approximately 1% above the current trading price, meaning this call contract is currently out-of-the-money. The probability analysis indicates roughly 37% odds that the call expires without being exercised. Should this occur, the investor retains both the OLMA shares and the premium collected, which represents a 17.94% return boost or 62.39% annualized yield according to the YieldBoost calculation. This dual-outcome framework highlights the covered call’s appeal: generating income while maintaining stock ownership, though accepting the tradeoff that significant upside moves could be capped at the $26.00 level.

Volatility Framework: Understanding Implied vs. Historical Measures

Volatility represents a critical input in pricing options contracts, and comparing different volatility measurements provides insight into market expectations. The put contract example shows implied volatility of 123%, while the call contract displays 129% implied volatility. These figures reflect what the market is pricing in terms of expected future price movement for OLMA.

In contrast, the actual trailing twelve-month volatility calculated from OLMA’s recent 251 trading-day price history computes to 120%. The variance between implied volatility (what the market expects going forward) and historical volatility (what actually occurred) can signal whether options are trading at a premium or discount relative to recent price behavior. With the options priced relatively in line with past trading patterns, both strategies reflect fair-value pricing rather than extreme optimism or pessimism.

Applying Options Analysis to Your Strategy with Days Until May 15th

The ability to evaluate multiple options contracts using systematic frameworks like YieldBoost enables investors to move beyond simple price-watching into structured decision-making. Whether focusing on the put’s potential for reduced entry cost or the covered call’s income-generation capability, the days until May 15th expiration provide a defined timeframe for either scenario to play out. Understanding the Greeks, probability analysis, and volatility metrics allows investors to align specific options strategies with their market expectations and return objectives.

For those interested in exploring additional put and call opportunities, Stock Options Channel provides detailed contract analysis, tracking probability changes over time and publishing comprehensive option trading histories on their platform.