How are TSLR 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 TSLR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 89.70%), the computed maximum profit is $217.50 per contract and the computed maximum loss is -$2,281.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the TSLR cash-secured put priced on this page is roughly $22.83 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TSLR market-implied 1-standard-deviation expected move is approximately 25.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

TSLR ATM IV is at 89.70% with IV rank near 21.33%, 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.

TSLR Cash-Secured Put Strategy

TSLR (GraniteShares 2x Long TSLA Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of TSLA for periods greater than a day.

TSLR (GraniteShares 2x Long TSLA Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $167.9M, a beta of 3.22 versus the broader market, a 52-week range of 14.1-39.54, average daily share volume of 2.4M, a public-listing history dating back to 2023. These structural characteristics shape how TSLR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.22 indicates TSLR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a cash-secured put on TSLR?

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.

Current TSLR snapshot

As of May 15, 2026, spot at $25.93, ATM IV 89.70%, IV rank 21.33%, expected move 25.72%. The cash-secured put on TSLR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.

Why this cash-secured put structure on TSLR specifically: TSLR IV at 89.70% is on the cheap side of its 1-year range, which means a premium-selling TSLR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 25.72% (roughly $6.67 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSLR should anchor to the underlying notional of $25.93 per share and to the trader's directional view on TSLR etf.

TSLR cash-secured put setup

The TSLR cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TSLR near $25.93, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSLR chain at a 34-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 TSLR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$25.00	$2.18

TSLR cash-secured put risk and reward

Net Premium / Debit: +$217.50
Max Profit (per contract): $217.50
Max Loss (per contract): -$2,281.50
Breakeven(s): $22.83
Risk / Reward Ratio: 0.095

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

TSLR cash-secured put payoff curve

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

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$2,281.50
$5.74	-77.9%	-$1,708.28
$11.47	-55.7%	-$1,135.07
$17.21	-33.6%	-$561.85
$22.94	-11.5%	+$11.36
$28.67	+10.6%	+$217.50
$34.40	+32.7%	+$217.50
$40.14	+54.8%	+$217.50
$45.87	+76.9%	+$217.50
$51.60	+99.0%	+$217.50

When traders use cash-secured put on TSLR

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

TSLR thesis for this cash-secured put

The market-implied 1-standard-deviation range for TSLR extends from approximately $19.26 on the downside to $32.60 on the upside. A TSLR cash-secured put lets a trader earn premium while waiting to acquire TSLR 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 TSLR IV rank near 21.33% 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 TSLR at 89.70%. As a Financial Services name, TSLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSLR-specific events.

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

Frequently asked questions

What is a cash-secured put on TSLR?: A cash-secured put on TSLR is the cash-secured put strategy applied to TSLR (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 TSLR etf trading near $25.93, the strikes shown on this page are snapped to the nearest listed TSLR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TSLR 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 TSLR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 89.70%), the computed maximum profit is $217.50 per contract and the computed maximum loss is -$2,281.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSLR cash-secured put?: The breakeven for the TSLR cash-secured put priced on this page is roughly $22.83 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TSLR market-implied 1-standard-deviation expected move is approximately 25.72%; 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 TSLR?: Cash-secured puts on TSLR earn premium while a trader waits to acquire TSLR etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TSLR.
How does current TSLR implied volatility affect this cash-secured put?: TSLR ATM IV is at 89.70% with IV rank near 21.33%, 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.