How are BTCL 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 BTCL cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 73.00%), the computed maximum profit is $80.00 per contract and the computed maximum loss is -$1,819.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BTCL cash-secured put?

The breakeven for the BTCL cash-secured put priced on this page is roughly $18.20 at expiration, derived from the September 29, 2026 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 BTCL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BTCL implied volatility affect this cash-secured put?

BTCL ATM IV is at 73.00% with IV rank near 2.20%, 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.

BTCL Cash-Secured Put Strategy

BTCL (World Funds Trust - T-Rex 2X Long Bitcoin Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of the Reference Assets on a daily basis. The fund is non-diversified.

BTCL (World Funds Trust - T-Rex 2X Long Bitcoin Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $40.7M, a beta of 1.87 versus the broader market, a 52-week range of 10.4-68.29, average daily share volume of 93K, a public-listing history dating back to 2024. These structural characteristics shape how BTCL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.87 indicates BTCL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. BTCL 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 BTCL?

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.

BTCL snapshot

As of September 29, 2026, spot at $19.95, ATM IV 73.00%, IV rank 2.20%, expected move 20.93%. The cash-secured put on BTCL below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this cash-secured put structure on BTCL specifically: BTCL IV at 73.00% is on the cheap side of its 1-year range, which means a premium-selling BTCL cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.93% (roughly $4.18 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BTCL expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTCL should anchor to the underlying notional of $19.95 per share and to the trader's directional view on BTCL etf.

BTCL cash-secured put setup

The BTCL cash-secured put below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BTCL at $19.95 on that close, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTCL chain at a 17-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 BTCL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$19.00	$0.80

BTCL cash-secured put risk and reward

Net Premium / Debit: +$80.00
Max Profit (per contract): $80.00
Max Loss (per contract): -$1,819.00
Breakeven(s): $18.20
Risk / Reward Ratio: 0.044

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

BTCL cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BTCL. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$1,819.00
$4.42	-77.8%	-$1,378.01
$8.83	-55.7%	-$937.01
$13.24	-33.6%	-$496.02
$17.65	-11.5%	-$55.02
$22.06	+10.6%	+$80.00
$26.47	+32.7%	+$80.00
$30.88	+54.8%	+$80.00
$35.29	+76.9%	+$80.00
$39.70	+99.0%	+$80.00

When traders use cash-secured put on BTCL

Cash-secured puts on BTCL earn premium while a trader waits to acquire BTCL etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BTCL.

BTCL thesis for this cash-secured put

The market-implied 1-standard-deviation range for BTCL extends from approximately $15.77 on the downside to $24.13 on the upside. A BTCL cash-secured put lets a trader earn premium while waiting to acquire BTCL 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 BTCL IV rank near 2.20% 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 BTCL at 73.00%. As a Financial Services name, BTCL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTCL-specific events.

BTCL 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. BTCL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTCL alongside the broader basket even when BTCL-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BTCL carry tail risk when realized volatility exceeds the implied move; review historical BTCL earnings reactions and macro stress periods before sizing. Always rebuild the position from current BTCL chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on BTCL?: A cash-secured put on BTCL is the cash-secured put strategy applied to BTCL (etf). 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 BTCL etf at $19.95 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed BTCL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BTCL 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 BTCL cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 73.00%), the computed maximum profit is $80.00 per contract and the computed maximum loss is -$1,819.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BTCL cash-secured put?: The breakeven for the BTCL cash-secured put priced on this page is roughly $18.20 at expiration, derived from the September 29, 2026 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 BTCL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.93%; 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 BTCL?: Cash-secured puts on BTCL earn premium while a trader waits to acquire BTCL etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BTCL.
How does current BTCL implied volatility affect this cash-secured put?: BTCL ATM IV is at 73.00% with IV rank near 2.20%, 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.