BOC Cash-Secured Put Strategy
BOC (Boston Omaha Corporation), in the Communication Services sector, (Advertising Agencies industry), listed on NYSE.
Boston Omaha Corporation, together with its subsidiaries, engages in the outdoor billboard advertising business in the southeast United States. It is also involved in the surety insurance and related brokerage, broadband, and investment businesses. The company provides high-speed internet service to approximately 7,000 subscribers in communities in southern Arizona; and 10,000 subscribers in Salt Lake City, Park City, Ogden, Provo, and surrounding communities. As of March 25, 2022, it operated approximately 3,900 billboards containing approximately 7,400 advertising faces of which 80 are digital displays. The company was formerly known as REO Plus, Inc. and changed its name to Boston Omaha Corporation in March 2015. Boston Omaha Corporation was incorporated in 2009 and is headquartered in Omaha, Nebraska.
BOC (Boston Omaha Corporation) trades in the Communication Services sector, specifically Advertising Agencies, with a market capitalization of approximately $342.6M, a beta of 0.67 versus the broader market, a 52-week range of 10.9-15.1, average daily share volume of 151K, a public-listing history dating back to 2017, approximately 407 full-time employees. These structural characteristics shape how BOC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.67 indicates BOC has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a cash-secured put on BOC?
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 BOC snapshot
As of May 15, 2026, spot at $10.91, ATM IV 273.40%, IV rank 56.11%, expected move 78.38%. The cash-secured put on BOC 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 BOC specifically: BOC IV at 273.40% is mid-range versus its 1-year history, so the credit collected on a BOC cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 78.38% (roughly $8.55 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 BOC expiries trade a higher absolute premium for lower per-day decay. Position sizing on BOC should anchor to the underlying notional of $10.91 per share and to the trader's directional view on BOC stock.
BOC cash-secured put setup
The BOC 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 BOC near $10.91, the first option leg uses a $10.36 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BOC 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 BOC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $10.36 | N/A |
BOC 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.
BOC cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BOC. 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 BOC
Cash-secured puts on BOC earn premium while a trader waits to acquire BOC stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BOC.
BOC thesis for this cash-secured put
The market-implied 1-standard-deviation range for BOC extends from approximately $2.36 on the downside to $19.46 on the upside. A BOC cash-secured put lets a trader earn premium while waiting to acquire BOC 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 BOC IV rank near 56.11% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on BOC should anchor more to the directional view and the expected-move geometry. As a Communication Services name, BOC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BOC-specific events.
BOC 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. BOC positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BOC alongside the broader basket even when BOC-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BOC carry tail risk when realized volatility exceeds the implied move; review historical BOC earnings reactions and macro stress periods before sizing. Always rebuild the position from current BOC chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on BOC?
- A cash-secured put on BOC is the cash-secured put strategy applied to BOC (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 BOC stock trading near $10.91, the strikes shown on this page are snapped to the nearest listed BOC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BOC 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 BOC cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 273.40%), 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 BOC cash-secured put?
- The breakeven for the BOC 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 BOC market-implied 1-standard-deviation expected move is approximately 78.38%; 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 BOC?
- Cash-secured puts on BOC earn premium while a trader waits to acquire BOC stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BOC.
- How does current BOC implied volatility affect this cash-secured put?
- BOC ATM IV is at 273.40% with IV rank near 56.11%, 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.