ACHC Bear Put Spread Strategy
ACHC (Acadia Healthcare Company, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
Acadia Healthcare Company, Inc. provides behavioral healthcare services in the United States and Puerto Rico. The company offers behavioral healthcare services to its patients in various settings, including inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers, and outpatient clinics. As of March 31, 2022, it operated a network of 238 behavioral healthcare facilities with approximately 10,600 beds. The company was founded in 2005 and is headquartered in Franklin, Tennessee.
ACHC (Acadia Healthcare Company, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $2.50B, a beta of 0.73 versus the broader market, a 52-week range of 11.43-30.2, average daily share volume of 3.4M, a public-listing history dating back to 1994, approximately 26K full-time employees. These structural characteristics shape how ACHC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.73 places ACHC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on ACHC?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current ACHC snapshot
As of May 15, 2026, spot at $26.01, ATM IV 59.90%, IV rank 13.52%, expected move 17.17%. The bear put spread on ACHC 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 bear put spread structure on ACHC specifically: ACHC IV at 59.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a ACHC bear put spread, with a market-implied 1-standard-deviation move of approximately 17.17% (roughly $4.47 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 ACHC expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACHC should anchor to the underlying notional of $26.01 per share and to the trader's directional view on ACHC stock.
ACHC bear put spread setup
The ACHC bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ACHC near $26.01, the first option leg uses a $26.01 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACHC 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 ACHC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $26.01 | N/A |
| Sell 1 | Put | $24.71 | N/A |
ACHC bear put spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
ACHC bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on ACHC. 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.
When traders use bear put spread on ACHC
Bear put spreads on ACHC reduce the cost of a bearish ACHC stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
ACHC thesis for this bear put spread
The market-implied 1-standard-deviation range for ACHC extends from approximately $21.54 on the downside to $30.48 on the upside. A ACHC bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ACHC, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ACHC IV rank near 13.52% 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 ACHC at 59.90%. As a Healthcare name, ACHC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACHC-specific events.
ACHC bear put spread positions are structurally moderately bearish; 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. ACHC positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ACHC alongside the broader basket even when ACHC-specific fundamentals are unchanged. Long-premium structures like a bear put spread on ACHC are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current ACHC chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on ACHC?
- A bear put spread on ACHC is the bear put spread strategy applied to ACHC (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With ACHC stock trading near $26.01, the strikes shown on this page are snapped to the nearest listed ACHC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ACHC bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ACHC bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 59.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ACHC bear put spread?
- The breakeven for the ACHC bear put spread priced on this page is no defined breakeven on the modeled curve 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 ACHC market-implied 1-standard-deviation expected move is approximately 17.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on ACHC?
- Bear put spreads on ACHC reduce the cost of a bearish ACHC stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current ACHC implied volatility affect this bear put spread?
- ACHC ATM IV is at 59.90% with IV rank near 13.52%, 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.