APYX Cash-Secured Put Strategy
APYX (Apyx Medical Corporation), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Apyx Medical Corporation, an energy technology company, develops, manufactures, and sells medical devices in the cosmetic and surgical markets worldwide. The company operates in two segments, Advanced Energy and Original Equipment Manufacturing (OEM). It offers Helium Plasma Generator for delivery of RF energy and helium to cut, coagulate and ablate soft tissue during open and laparoscopic surgical procedures. The company offers Renuvion branded products for the cosmetic surgery market that enable plastic surgeons, fascial plastic surgeons, and cosmetic physicians to provide controlled heat to the tissue to achieve their desired results; and J-Plasma branded products for the hospital surgical market. It also develops, manufactures, and sells disposable hand pieces, and OEM generators and accessories. The company was formerly known as Bovie Medical Corporation and changed its name to Apyx Medical Corporation in January 2019.
APYX (Apyx Medical Corporation) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $160.8M, a beta of 1.35 versus the broader market, a 52-week range of 1.335-4.5, average daily share volume of 158K, a public-listing history dating back to 2019, approximately 220 full-time employees. These structural characteristics shape how APYX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.35 indicates APYX 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 APYX?
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 APYX snapshot
As of May 15, 2026, spot at $4.08, ATM IV 95.50%, IV rank 43.64%, expected move 27.38%. The cash-secured put on APYX 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 APYX specifically: APYX IV at 95.50% is mid-range versus its 1-year history, so the credit collected on a APYX cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 27.38% (roughly $1.12 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 APYX expiries trade a higher absolute premium for lower per-day decay. Position sizing on APYX should anchor to the underlying notional of $4.08 per share and to the trader's directional view on APYX stock.
APYX cash-secured put setup
The APYX 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 APYX near $4.08, the first option leg uses a $3.88 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed APYX 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 APYX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $3.88 | N/A |
APYX cash-secured put 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
APYX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on APYX. 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 cash-secured put on APYX
Cash-secured puts on APYX earn premium while a trader waits to acquire APYX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning APYX.
APYX thesis for this cash-secured put
The market-implied 1-standard-deviation range for APYX extends from approximately $2.96 on the downside to $5.20 on the upside. A APYX cash-secured put lets a trader earn premium while waiting to acquire APYX 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 APYX IV rank near 43.64% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on APYX should anchor more to the directional view and the expected-move geometry. As a Healthcare name, APYX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to APYX-specific events.
APYX 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. APYX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move APYX alongside the broader basket even when APYX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on APYX carry tail risk when realized volatility exceeds the implied move; review historical APYX earnings reactions and macro stress periods before sizing. Always rebuild the position from current APYX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on APYX?
- A cash-secured put on APYX is the cash-secured put strategy applied to APYX (stock). 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 APYX stock trading near $4.08, the strikes shown on this page are snapped to the nearest listed APYX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are APYX 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 APYX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 95.50%), 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 APYX cash-secured put?
- The breakeven for the APYX cash-secured put 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 APYX market-implied 1-standard-deviation expected move is approximately 27.38%; 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 APYX?
- Cash-secured puts on APYX earn premium while a trader waits to acquire APYX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning APYX.
- How does current APYX implied volatility affect this cash-secured put?
- APYX ATM IV is at 95.50% with IV rank near 43.64%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.