ARAY Cash-Secured Put Strategy
ARAY (Accuray Incorporated), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Accuray Incorporated specializes in the design, development, production, and sale of advanced radiosurgery and radiation therapy equipment aimed at treating tumors. Their market footprint spans across North and South America, Australia, New Zealand, Europe, the Middle East, India, Africa, Japan, China, and the broader Asia Pacific region. Among their core offerings is the CyberKnife System, a sophisticated robotic platform for stereotactic radiosurgery and stereotactic body radiation therapy. This system is employed to target both primary and metastatic tumors located outside the brain, specifically addressing areas such as the spine, breast, kidney, liver, lung, pancreas, and prostate. They also provide the TomoTherapy System, which encompasses the Radixact System, designed to deliver highly precise radiation treatments (up to 50 patients daily) through integrated planning, delivery, and data management capabilities. Complementing these are the iDMS data management system and the Accuray precision treatment planning system, both offering comprehensive solutions for treatment planning and data handling.
ARAY (Accuray Incorporated) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $33.3M, a beta of 1.39 versus the broader market, a 52-week range of 0.22-2.1, average daily share volume of 2.8M, a public-listing history dating back to 2007, approximately 990 full-time employees. These structural characteristics shape how ARAY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.39 indicates ARAY 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 ARAY?
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.
ARAY snapshot
As of August 14, 2026, spot at $0.28, ATM IV 24.90%, IV rank 2.58%, expected move 7.14%. The cash-secured put on ARAY below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this cash-secured put structure on ARAY specifically: ARAY IV at 24.90% is on the cheap side of its 1-year range, which means a premium-selling ARAY cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.14% (roughly $0.02 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ARAY expiries trade a higher absolute premium for lower per-day decay. Position sizing on ARAY should anchor to the underlying notional of $0.28 per share and to the trader's directional view on ARAY stock.
ARAY cash-secured put setup
The ARAY 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 ARAY at $0.28 on that close, the first option leg uses a $0.27 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ARAY chain at a 35-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 ARAY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $0.27 | N/A |
ARAY 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.
ARAY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ARAY. 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 ARAY
Cash-secured puts on ARAY earn premium while a trader waits to acquire ARAY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ARAY.
ARAY thesis for this cash-secured put
The market-implied 1-standard-deviation range for ARAY extends from approximately $0.26 on the downside to $0.30 on the upside. A ARAY cash-secured put lets a trader earn premium while waiting to acquire ARAY 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 ARAY IV rank near 2.58% 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 ARAY at 24.90%. As a Healthcare name, ARAY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ARAY-specific events.
ARAY 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. ARAY positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ARAY alongside the broader basket even when ARAY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ARAY carry tail risk when realized volatility exceeds the implied move; review historical ARAY earnings reactions and macro stress periods before sizing. Always rebuild the position from current ARAY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ARAY?
- A cash-secured put on ARAY is the cash-secured put strategy applied to ARAY (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 ARAY stock at $0.28 on the most recent close, the strikes shown on this page are snapped to the nearest listed ARAY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ARAY 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 ARAY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 24.90%), 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 ARAY cash-secured put?
- The breakeven for the ARAY cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ARAY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.14%; 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 ARAY?
- Cash-secured puts on ARAY earn premium while a trader waits to acquire ARAY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ARAY.
- How does current ARAY implied volatility affect this cash-secured put?
- ARAY ATM IV is at 24.90% with IV rank near 2.58%, 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.