How are MSTZ 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 MSTZ cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 128.80%), the computed maximum profit is $140.00 per contract and the computed maximum loss is -$959.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the MSTZ cash-secured put priced on this page is roughly $9.60 at expiration, derived from the August 14, 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 MSTZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 36.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

MSTZ ATM IV is at 128.80% with IV rank near 21.28%, 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.

MSTZ Cash-Secured Put Strategy

MSTZ (T-REX 2X Inverse MSTR Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.

This fund generally commits a minimum of 80% of its net assets, along with any borrowed capital for investment purposes, into swap agreements. These agreements are structured to provide a daily return that aims to be 200% inverse (twice the opposite) of the performance of MSTR. MSTR refers to MicroStrategy Inc., an enterprise specializing in analytics and mobility software solutions. It's important to note that this fund maintains a non-diversified portfolio.

MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $185.9M, a beta of -3.37 versus the broader market, a 52-week range of 4.03-28.71, average daily share volume of 19.6M, a public-listing history dating back to 2024. These structural characteristics shape how MSTZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -3.37 indicates MSTZ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a cash-secured put on MSTZ?

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.

MSTZ snapshot

As of August 14, 2026, spot at $11.71, ATM IV 128.80%, IV rank 21.28%, expected move 36.93%. The cash-secured put on MSTZ below is built from the August 14, 2026 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 cash-secured put structure on MSTZ specifically: MSTZ IV at 128.80% is on the cheap side of its 1-year range, which means a premium-selling MSTZ cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 36.93% (roughly $4.32 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 MSTZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on MSTZ should anchor to the underlying notional of $11.71 per share and to the trader's directional view on MSTZ etf.

MSTZ cash-secured put setup

The MSTZ cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MSTZ at $11.71 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MSTZ 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 MSTZ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$11.00	$1.40

MSTZ cash-secured put risk and reward

Net Premium / Debit: +$140.00
Max Profit (per contract): $140.00
Max Loss (per contract): -$959.00
Breakeven(s): $9.60
Risk / Reward Ratio: 0.146

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

MSTZ cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on MSTZ. 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%	-$959.00
$2.60	-77.8%	-$700.20
$5.19	-55.7%	-$441.39
$7.77	-33.6%	-$182.59
$10.36	-11.5%	+$76.22
$12.95	+10.6%	+$140.00
$15.54	+32.7%	+$140.00
$18.13	+54.8%	+$140.00
$20.71	+76.9%	+$140.00
$23.30	+99.0%	+$140.00

When traders use cash-secured put on MSTZ

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

MSTZ thesis for this cash-secured put

The market-implied 1-standard-deviation range for MSTZ extends from approximately $7.39 on the downside to $16.03 on the upside. A MSTZ cash-secured put lets a trader earn premium while waiting to acquire MSTZ 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 MSTZ IV rank near 21.28% 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 MSTZ at 128.80%. As a Financial Services name, MSTZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MSTZ-specific events.

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

Frequently asked questions

What is a cash-secured put on MSTZ?: A cash-secured put on MSTZ is the cash-secured put strategy applied to MSTZ (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 MSTZ etf at $11.71 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed MSTZ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are MSTZ 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 MSTZ cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 128.80%), the computed maximum profit is $140.00 per contract and the computed maximum loss is -$959.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MSTZ cash-secured put?: The breakeven for the MSTZ cash-secured put priced on this page is roughly $9.60 at expiration, derived from the August 14, 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 MSTZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 36.93%; 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 MSTZ?: Cash-secured puts on MSTZ earn premium while a trader waits to acquire MSTZ etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MSTZ.
How does current MSTZ implied volatility affect this cash-secured put?: MSTZ ATM IV is at 128.80% with IV rank near 21.28%, 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.