How are AR long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the AR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 40.56%), the computed maximum profit is $3,356.50 per contract and the computed maximum loss is -$142.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AR long put?

The breakeven for the AR long put priced on this page is roughly $33.58 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 AR market-implied 1-standard-deviation expected move is approximately 11.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AR implied volatility affect this long put?

AR ATM IV is at 40.56% with IV rank near 39.67%, 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.

AR Long Put Strategy

AR (Antero Resources Corporation), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NYSE.

Antero Resources Corporation functions as an independent energy enterprise, primarily engaged in identifying, acquiring, developing, and extracting natural gas, natural gas liquids (NGLs), and crude oil deposits throughout the United States. As of the close of 2021 (December 31st), the company held significant land positions, including roughly 502,000 net acres within the Appalachian Basin and an additional 174,000 net acres in the Upper Devonian Shale. Its infrastructure in the Appalachian Basin also featured 494 miles of operational gas gathering pipelines and 21 compressor stations. The firm's estimated proven reserves were substantial, totaling 17.7 trillion cubic feet of natural gas equivalent. This quantity was composed of 10.2 trillion cubic feet of natural gas, 718 million barrels of ethane expected to be recovered, 501 million barrels of other NGLs (such as propane, isobutane, normal butane, and natural gasoline), and 36 million barrels of oil. Established in 2002, Antero Resources Corporation originally operated under the name Antero Resources Appalachian Corporation, adopting its current identity in June 2013.

AR (Antero Resources Corporation) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $10.90B, a trailing P/E of 11.30, a beta of 0.32 versus the broader market, a 52-week range of 29.1-45.75, average daily share volume of 5.1M, a public-listing history dating back to 2013, approximately 616 full-time employees. These structural characteristics shape how AR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.32 indicates AR 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 11.30 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.

What is a long put on AR?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current AR snapshot

As of June 30, 2026, spot at $35.39, ATM IV 40.56%, IV rank 39.67%, expected move 11.63%. The long put on AR 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 31-day expiry.

Why this long put structure on AR specifically: AR IV at 40.56% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 11.63% (roughly $4.12 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AR expiries trade a higher absolute premium for lower per-day decay. Position sizing on AR should anchor to the underlying notional of $35.39 per share and to the trader's directional view on AR stock.

AR long put setup

The AR long 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 AR near $35.39, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AR chain at a 31-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 AR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$35.00	$1.43

AR long put risk and reward

Net Premium / Debit: -$142.50
Max Profit (per contract): $3,356.50
Max Loss (per contract): -$142.50
Breakeven(s): $33.58
Risk / Reward Ratio: 23.554

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

AR long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on AR. 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	-100.0%	+$3,356.50
$7.83	-77.9%	+$2,574.12
$15.66	-55.8%	+$1,791.74
$23.48	-33.6%	+$1,009.35
$31.31	-11.5%	+$226.97
$39.13	+10.6%	-$142.50
$46.95	+32.7%	-$142.50
$54.78	+54.8%	-$142.50
$62.60	+76.9%	-$142.50
$70.42	+99.0%	-$142.50

When traders use long put on AR

Long puts on AR hedge an existing long AR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying AR exposure being hedged.

AR thesis for this long put

The market-implied 1-standard-deviation range for AR extends from approximately $31.27 on the downside to $39.51 on the upside. A AR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long AR position with one put per 100 shares held. Current AR IV rank near 39.67% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on AR should anchor more to the directional view and the expected-move geometry. As a Energy name, AR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AR-specific events.

AR long put positions are structurally 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. AR positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AR alongside the broader basket even when AR-specific fundamentals are unchanged. Long-premium structures like a long put on AR 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 AR chain quotes before placing a trade.

Frequently asked questions

What is a long put on AR?: A long put on AR is the long put strategy applied to AR (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With AR stock trading near $35.39, the strikes shown on this page are snapped to the nearest listed AR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are AR long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the AR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 40.56%), the computed maximum profit is $3,356.50 per contract and the computed maximum loss is -$142.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AR long put?: The breakeven for the AR long put priced on this page is roughly $33.58 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 AR market-implied 1-standard-deviation expected move is approximately 11.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on AR?: Long puts on AR hedge an existing long AR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying AR exposure being hedged.
How does current AR implied volatility affect this long put?: AR ATM IV is at 40.56% with IV rank near 39.67%, 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.