Best Options Strategy for HIMS
Looking for the best options strategy for Hims & Hers Health (HIMS)? There is no single answer — the right play depends on your outlook, your risk tolerance and current implied volatility. Below, our free engine shows the highest-scoring defined-risk strategy on the live HIMS option chain right now, and a simple map from your view on HIMS to the strategy that fits it. Model any of them in the calculator before you trade.
About HIMS
Hims & Hers Health (HIMS) is a major company in telehealth and online pharmacy. Options traders on HIMS tend to watch subscriber growth, GLP-1 offerings and earnings, since these can drive large moves in the share price.
HIMS for options traders
Hims & Hers Health is a direct-to-consumer telehealth platform focused on stigma-sensitive categories like hair loss, sexual health, and weight management. Because its growth story depends heavily on subscriber momentum, competitive pricing dynamics, and regulatory decisions around compounded drugs, the stock is prone to sharp, sentiment-driven swings. Implied volatility runs well above the broad market average and tends to spike dramatically around earnings and any FDA or regulatory headline touching its core product lines.
That persistently high IV makes HIMS a favorite hunting ground for premium sellers willing to tolerate event risk — short straddles or iron condors can extract meaningful credit during quieter stretches. At the same time, the name's outsized move history attracts directional traders who buy calls or puts ahead of known catalysts. Options liquidity is reasonable in near-term expirations, though the bid-ask spread can widen on longer-dated strikes, so careful order routing matters when legging into multi-leg structures.
Today's top-scoring strategy for HIMS
Our engine ranks defined-risk strategies on the live HIMS chain by probability of profit and risk/reward, then surfaces the best-scoring one. It is an educational illustration, not advice.
| Action | Qty | Type | Strike | Premium |
|---|---|---|---|---|
| Sell | 1× | CALL | $32 | $0.26 |
| Buy | 1× | CALL | $34 | $0.05 |
Simulation
Forward simulation of 6,000 lognormal price paths to expiration — not a historical backtest.
Strategy analysis
Greeks vs price
Price × volatility (today)
| −30% | −15% | IV | +15% | +30% | |
|---|---|---|---|---|---|
| $37 | −$167 | −$158 | −$151 | −$143 | −$137 |
| $35 | −$144 | −$135 | −$127 | −$121 | −$115 |
| $34 | −$103 | −$98 | −$95 | −$92 | −$89 |
| $32 | −$52 | −$55 | −$58 | −$59 | −$60 |
| $31 | −$9 | −$17 | −$24 | −$29 | −$33 |
| $29 | $13 | $7 | $1 | −$5 | −$10 |
| $28 | $20 | $17 | $14 | $10 | $6 |
| $26 | $21 | $20 | $19 | $17 | $15 |
| $25 | $21 | $21 | $21 | $20 | $19 |
| $23 | $21 | $21 | $21 | $21 | $21 |
| $22 | $21 | $21 | $21 | $21 | $21 |
Illustrative example at HIMS's latest available price, computed with the same engine as the tool. Live option fills and the real IV skew refresh during US market hours.
Implied volatility
HIMS is currently trading with moderate implied volatility, broadly in line with other large-cap stocks. On the options we scanned that was around 32% implied volatility, and higher implied volatility means richer premiums and wider expected moves.
Options on HIMS currently price in about 32% implied volatility, versus roughly 109% the stock has actually realised over the past month. That makes options relatively cheap — an edge for strategies that buy premium, such as long calls, long puts and debit spreads.
Off that volatility, the options market is pricing a move of about ±$2.75 (±9%) in HIMS by 2026-10-02 — a range of roughly $26.61 to $32.11. Strikes inside that band hold most of the premium and see most of the action.
Across strikes, downside puts on HIMS trade at a higher implied volatility than upside calls — the market is paying up for crash protection. That skew favours selling put spreads or buying calls over symmetric trades.
HIMS insider trading activity (SEC Form 4)
Open-market insider transactions at HIMS over roughly the last six months, from SEC Form 4 filings. Open-market buys are the rarer, more telling signal — routine selling under pre-arranged plans is common, so read a net-selling figure with that in mind.
| Insider | Action | Shares | Value | Date |
|---|---|---|---|---|
| Okupe Oluyemi | Sell | 7,163 | $229K | 2026-07-17 |
| Okupe Oluyemi | Sell | 7,163 | $261K | 2026-07-06 |
| Okupe Oluyemi | Sell | 18,197 | $619K | 2026-06-22 |
| Carroll Patrick Harrison | Sell | 23,726 | $830K | 2026-06-18 |
| WELLS DAVID B | Buy | 48,400 | $1.2M | 2026-05-26 |
| Okupe Oluyemi | Sell | 7,950 | $188K | 2026-05-18 |
Source: SEC Form 4 filings via Finnhub. Open-market purchases (P) and sales (S) only — grants, option exercises, gifts and tax withholding are excluded. Informational context, not investment advice.
Earnings & IV crush
HIMS's next earnings report is due around November 9, 2026. Options that expire after it price in a binary move, so their implied volatility is elevated and usually collapses right after the announcement — an "IV crush". If your expiration falls before this date, the trade sidesteps the event.
Key figures
- Market cap
- $6.7B
- Beta (vs market)
- 2.42
- 52-week range
- $13.74–$65.30 (30% up the range)
- Short interest
- 32.1% of float · 4.1 days to cover
With 32.1% of HIMS's float sold short, squeeze and gap risk are elevated — one reason its options can stay expensive.
How to choose an options strategy for HIMS
Start with your outlook on HIMS, then match it to a defined-risk structure. Here are the most common choices and when each makes sense:
Bullish
Buy a call for leverage with capped risk, or a bull call spread to lower the cost and breakeven when you have a target price.
Long Call → Bull Call Spread →Bearish
Buy a put to profit from a decline with defined risk, or a bear put spread to cheapen the trade when you expect a measured move down.
Long Put → Bear Put Spread →Neutral
Sell an iron condor to collect premium while HIMS stays between two strikes, or write a covered call against shares you already own.
Iron Condor → Covered Call →⧉ Embed this free calculator on your site →
How we pick the best strategy
For each ticker we pull the live option chain, build every supported strategy around the at-the-money strikes, and score them on probability of profit, risk/reward and capital efficiency — favouring defined-risk structures where the maximum loss is known up front. Methodology →
Open HIMS in the free calculator →
Frequently asked questions
What is the best options strategy for HIMS?
It depends on your outlook. Bullish traders often use a long call or bull call spread on HIMS; bearish traders a long put or bear put spread; neutral traders an iron condor or covered call. Our live scan above shows the current highest-scoring defined-risk play.
Are HIMS options liquid enough to trade?
Hims & Hers Health (HIMS) is among the most actively-traded US options, which usually means tight bid/ask spreads and plenty of strikes and expirations — though you should always check the open interest and spread on the exact contract.
How much money do I need to trade HIMS options?
Buying a single HIMS call or put can cost as little as the premium (often one to a few hundred dollars), while income strategies like a cash-secured put need enough capital to buy 100 shares if assigned.
Is this financial advice?
No. Everything here is educational and uses delayed, third-party data. It is not a recommendation to trade HIMS or any security. Do your own research.
What does Hims & Hers Health do?
Hims & Hers Health (HIMS) operates in the Drug Manufacturers - Specialty & Generic industry. The "About Hims & Hers Health" section above gives a fuller picture of what the company does and how it earns money.
Does Hims & Hers Health pay a dividend?
We don't show a confirmed dividend yield for Hims & Hers Health here, so treat it as uncertain: before writing calls, check its current dividend and ex-dividend date with your broker — an approaching ex-dividend date can trigger early assignment on in-the-money short calls.
When does Hims & Hers Health next report earnings?
Hims & Hers Health's next earnings are expected around November 9, 2026. Implied volatility usually climbs into the report and drops sharply afterwards (IV crush) — important for any options position held over the date.
Price trend
Tickers related to HIMS
Comparing HIMS with similar names can help you choose the best options strategy:
Company information
- Headquarters
- 2269 Chestnut Street, Suite 523, San Francisco, CA, 94123, United States
- Industry
- Drug Manufacturers - Specialty & Generic
- Employees
- 2,442
- CEO
- Mr. Andrew Dudum
- Phone
- 415 851 0195
- Website
- www.hims.com
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