How are RETL 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 RETL cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.80%), the computed maximum profit is $50.00 per contract and the computed maximum loss is -$849.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the RETL cash-secured put priced on this page is roughly $8.50 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 RETL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

RETL ATM IV is at 32.80% with IV rank near 0.00%, 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.

RETL Cash-Secured Put Strategy

RETL (Direxion Daily Retail Bull 3X Shares), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The fund invests at least 80% of its net assets in financial instruments, such as swap agreements, securities of the index, and ETFs that track the index, that, in combination, provide 3X daily leveraged exposure to the index, consistent with the fund's investment objective. The index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the GICS retail sub-industry. The fund is non-diversified.

RETL (Direxion Daily Retail Bull 3X Shares) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $33.7M, a beta of 3.46 versus the broader market, a 52-week range of 6.49-11.29, average daily share volume of 619K, a public-listing history dating back to 2010. These structural characteristics shape how RETL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.46 indicates RETL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. RETL 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 RETL?

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.

RETL snapshot

As of August 14, 2026, spot at $9.23, ATM IV 32.80%, IV rank 0.00%, expected move 9.40%. The cash-secured put on RETL 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 RETL specifically: RETL IV at 32.80% is on the cheap side of its 1-year range, which means a premium-selling RETL cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.40% (roughly $0.87 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 RETL expiries trade a higher absolute premium for lower per-day decay. Position sizing on RETL should anchor to the underlying notional of $9.23 per share and to the trader's directional view on RETL etf.

RETL cash-secured put setup

The RETL 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 RETL at $9.23 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RETL 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 RETL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$9.00	$0.50

RETL cash-secured put risk and reward

Net Premium / Debit: +$50.00
Max Profit (per contract): $50.00
Max Loss (per contract): -$849.00
Breakeven(s): $8.50
Risk / Reward Ratio: 0.059

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

RETL cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on RETL. 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%	-$849.00
$2.05	-77.8%	-$645.03
$4.09	-55.7%	-$441.06
$6.13	-33.6%	-$237.09
$8.17	-11.5%	-$33.12
$10.21	+10.6%	+$50.00
$12.25	+32.7%	+$50.00
$14.29	+54.8%	+$50.00
$16.33	+76.9%	+$50.00
$18.37	+99.0%	+$50.00

When traders use cash-secured put on RETL

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

RETL thesis for this cash-secured put

The market-implied 1-standard-deviation range for RETL extends from approximately $8.36 on the downside to $10.10 on the upside. A RETL cash-secured put lets a trader earn premium while waiting to acquire RETL 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 RETL IV rank near 0.00% 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 RETL at 32.80%. As a Financial Services name, RETL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RETL-specific events.

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

Frequently asked questions

What is a cash-secured put on RETL?: A cash-secured put on RETL is the cash-secured put strategy applied to RETL (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 RETL etf at $9.23 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed RETL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are RETL 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 RETL cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.80%), the computed maximum profit is $50.00 per contract and the computed maximum loss is -$849.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a RETL cash-secured put?: The breakeven for the RETL cash-secured put priced on this page is roughly $8.50 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 RETL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.40%; 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 RETL?: Cash-secured puts on RETL earn premium while a trader waits to acquire RETL etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RETL.
How does current RETL implied volatility affect this cash-secured put?: RETL ATM IV is at 32.80% with IV rank near 0.00%, 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.