AGYS Bear Put Spread Strategy
AGYS (Agilysys, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Agilysys, Inc. operates as a developer and marketer of software-enabled solutions and services to the hospitality industry in North America, Europe, the Asia-Pacific, and India. The company offers software solutions fully integrated with third party hardware and operating systems; cloud applications, support, and maintenance; subscription and maintenance; and professional services. Its hospitality software solutions comprise hospitality experience cloud offers solution ecosystems that combine core operational systems for property management, point-of-sale (POS), and inventory and procurement; and Hospitality Solution Studios. The company also provides food and beverage ecosystem solutions, such as the InfoGenesis POS, as well as IG Kiosk, a self-service, customer-facing kiosk point of sale solution. Its food and beverage experience enhancer solutions include IG KDS digital kitchen management solution; IG OnDemand; IG Fly; IG Quick Pay payment solution; IG Smart Menu; IG Digital Menu Board; IG PanOptic; Pay; eCash; gift card solution; and Analyze. In addition, the company offers hospitality and leisure ecosystem solutions comprising LMS, an on-premises or hosted, web, and mobile-enabled PMS solution; Versa; and Stay, a cloud-native SaaS property management system.
AGYS (Agilysys, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $2.89B, a trailing P/E of 74.17, a beta of 0.40 versus the broader market, a 52-week range of 61.5-145.25, average daily share volume of 383K, a public-listing history dating back to 1980, approximately 2K full-time employees. These structural characteristics shape how AGYS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.40 indicates AGYS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 74.17 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a bear put spread on AGYS?
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 AGYS snapshot
As of June 29, 2026, spot at $102.88, ATM IV 53.90%, IV rank 7.53%, expected move 15.45%. The bear put spread on AGYS 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 18-day expiry.
Why this bear put spread structure on AGYS specifically: AGYS IV at 53.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a AGYS bear put spread, with a market-implied 1-standard-deviation move of approximately 15.45% (roughly $15.90 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AGYS expiries trade a higher absolute premium for lower per-day decay. Position sizing on AGYS should anchor to the underlying notional of $102.88 per share and to the trader's directional view on AGYS stock.
AGYS bear put spread setup
The AGYS 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 AGYS near $102.88, the first option leg uses a $105.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AGYS chain at a 18-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 AGYS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $105.00 | $6.10 |
| Sell 1 | Put | $100.00 | $3.18 |
AGYS bear put spread risk and reward
- Net Premium / Debit
- -$292.50
- Max Profit (per contract)
- $207.50
- Max Loss (per contract)
- -$292.50
- Breakeven(s)
- $102.08
- Risk / Reward Ratio
- 0.709
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.
AGYS bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on AGYS. 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% | +$207.50 |
| $22.76 | -77.9% | +$207.50 |
| $45.50 | -55.8% | +$207.50 |
| $68.25 | -33.7% | +$207.50 |
| $90.99 | -11.6% | +$207.50 |
| $113.74 | +10.6% | -$292.50 |
| $136.49 | +32.7% | -$292.50 |
| $159.23 | +54.8% | -$292.50 |
| $181.98 | +76.9% | -$292.50 |
| $204.73 | +99.0% | -$292.50 |
When traders use bear put spread on AGYS
Bear put spreads on AGYS reduce the cost of a bearish AGYS stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
AGYS thesis for this bear put spread
The market-implied 1-standard-deviation range for AGYS extends from approximately $86.98 on the downside to $118.78 on the upside. A AGYS bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on AGYS, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current AGYS IV rank near 7.53% 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 AGYS at 53.90%. As a Technology name, AGYS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AGYS-specific events.
AGYS 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. AGYS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AGYS alongside the broader basket even when AGYS-specific fundamentals are unchanged. Long-premium structures like a bear put spread on AGYS 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 AGYS chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on AGYS?
- A bear put spread on AGYS is the bear put spread strategy applied to AGYS (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 AGYS stock trading near $102.88, the strikes shown on this page are snapped to the nearest listed AGYS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AGYS 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 AGYS bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 53.90%), the computed maximum profit is $207.50 per contract and the computed maximum loss is -$292.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AGYS bear put spread?
- The breakeven for the AGYS bear put spread priced on this page is roughly $102.08 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 AGYS market-implied 1-standard-deviation expected move is approximately 15.45%; 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 AGYS?
- Bear put spreads on AGYS reduce the cost of a bearish AGYS 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 AGYS implied volatility affect this bear put spread?
- AGYS ATM IV is at 53.90% with IV rank near 7.53%, 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.