BSY Cash-Secured Put Strategy

BSY (Bentley Systems, Incorporated), in the Technology sector, (Software - Application industry), listed on NASDAQ.

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround. It also provides project delivery systems that support collaboration, work-sharing, and 4D construction modeling for infrastructure project delivery enterprises, such as ProjectWise, ProjectWise Design Review Service, and SYNCHRO; and asset and network performance systems, such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise Enterprise Interoperability, AssetWise 4D Analytics, AssetWise Linear, and Seequent Central. In addition, it offers industry solutions comprising AssetWise Linear SUPERLOAD, AssetWise Linear Analytics, AssetWise Inspections, ContextCapture, OpenCities, OpenUtilities, OpenTower, OpenWindPower, Power Line, SPIDA, OrbitGT, sensemetrics, PlantSight, and WaterSight. The company serves civil, structural, geotechnical, geoscience subsurface engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance engineers. Bentley Systems, Incorporated was incorporated in 1984 and is headquartered in Exton, Pennsylvania.

BSY (Bentley Systems, Incorporated) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.13B, a trailing P/E of 34.66, a beta of 1.01 versus the broader market, a 52-week range of 30.52-59.25, average daily share volume of 2.9M, a public-listing history dating back to 2020, approximately 6K full-time employees. These structural characteristics shape how BSY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.01 places BSY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BSY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a cash-secured put on BSY?

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 BSY snapshot

As of May 15, 2026, spot at $32.06, ATM IV 50.70%, IV rank 7.36%, expected move 14.54%. The cash-secured put on BSY 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 BSY specifically: BSY IV at 50.70% is on the cheap side of its 1-year range, which means a premium-selling BSY cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.54% (roughly $4.66 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 BSY expiries trade a higher absolute premium for lower per-day decay. Position sizing on BSY should anchor to the underlying notional of $32.06 per share and to the trader's directional view on BSY stock.

BSY cash-secured put setup

The BSY 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 BSY near $32.06, the first option leg uses a $30.46 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BSY 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 BSY shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$30.46N/A

BSY 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.

BSY cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BSY. 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 BSY

Cash-secured puts on BSY earn premium while a trader waits to acquire BSY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BSY.

BSY thesis for this cash-secured put

The market-implied 1-standard-deviation range for BSY extends from approximately $27.40 on the downside to $36.72 on the upside. A BSY cash-secured put lets a trader earn premium while waiting to acquire BSY 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 BSY IV rank near 7.36% 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 BSY at 50.70%. As a Technology name, BSY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BSY-specific events.

BSY 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. BSY positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BSY alongside the broader basket even when BSY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BSY carry tail risk when realized volatility exceeds the implied move; review historical BSY earnings reactions and macro stress periods before sizing. Always rebuild the position from current BSY chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on BSY?
A cash-secured put on BSY is the cash-secured put strategy applied to BSY (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 BSY stock trading near $32.06, the strikes shown on this page are snapped to the nearest listed BSY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BSY 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 BSY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 50.70%), 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 BSY cash-secured put?
The breakeven for the BSY 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 BSY market-implied 1-standard-deviation expected move is approximately 14.54%; 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 BSY?
Cash-secured puts on BSY earn premium while a trader waits to acquire BSY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BSY.
How does current BSY implied volatility affect this cash-secured put?
BSY ATM IV is at 50.70% with IV rank near 7.36%, 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.

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