BYRN Cash-Secured Put Strategy
BYRN (Byrna Technologies Inc.), in the Industrials sector, (Aerospace & Defense industry), listed on NASDAQ.
Byrna Technologies Inc., a less-lethal defense technology company, develops and manufactures less-lethal munitions. It offers a Byrna line of handheld personal security devices, including the Byrna SD and Byrna SD .68 caliber handheld personal security devices that are designed to be used by civilians and private security professionals, as well as Byrna HD magazines, shoulder-fired launchers, and projectiles. The company also offers accessories and related safety products, including the Byrna Banshee, Byrna Shield, compressed carbon dioxide canisters, sighting systems, holsters, and Byrna-branded apparels. It operates in the United States and South Africa. The company was formerly known as Security Devices International, Inc. and changed its name to Byrna Technologies Inc. in March 2020. Byrna Technologies Inc. was incorporated in 2005 and is headquartered in Andover, Massachusetts.
BYRN (Byrna Technologies Inc.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $113.4M, a trailing P/E of 12.84, a beta of 1.80 versus the broader market, a 52-week range of 4.84-34.3, average daily share volume of 533K, a public-listing history dating back to 2006, approximately 167 full-time employees. These structural characteristics shape how BYRN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.80 indicates BYRN 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 BYRN?
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 BYRN snapshot
As of May 15, 2026, spot at $4.95, ATM IV 135.10%, IV rank 23.78%, expected move 26.14%. The cash-secured put on BYRN 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 BYRN specifically: BYRN IV at 135.10% is on the cheap side of its 1-year range, which means a premium-selling BYRN cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 26.14% (roughly $1.29 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 BYRN expiries trade a higher absolute premium for lower per-day decay. Position sizing on BYRN should anchor to the underlying notional of $4.95 per share and to the trader's directional view on BYRN stock.
BYRN cash-secured put setup
The BYRN 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 BYRN near $4.95, the first option leg uses a $4.70 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BYRN 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 BYRN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $4.70 | N/A |
BYRN 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.
BYRN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BYRN. 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 BYRN
Cash-secured puts on BYRN earn premium while a trader waits to acquire BYRN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BYRN.
BYRN thesis for this cash-secured put
The market-implied 1-standard-deviation range for BYRN extends from approximately $3.66 on the downside to $6.24 on the upside. A BYRN cash-secured put lets a trader earn premium while waiting to acquire BYRN 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 BYRN IV rank near 23.78% 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 BYRN at 135.10%. As a Industrials name, BYRN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BYRN-specific events.
BYRN 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. BYRN positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BYRN alongside the broader basket even when BYRN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BYRN carry tail risk when realized volatility exceeds the implied move; review historical BYRN earnings reactions and macro stress periods before sizing. Always rebuild the position from current BYRN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on BYRN?
- A cash-secured put on BYRN is the cash-secured put strategy applied to BYRN (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 BYRN stock trading near $4.95, the strikes shown on this page are snapped to the nearest listed BYRN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BYRN 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 BYRN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 135.10%), 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 BYRN cash-secured put?
- The breakeven for the BYRN 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 BYRN market-implied 1-standard-deviation expected move is approximately 26.14%; 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 BYRN?
- Cash-secured puts on BYRN earn premium while a trader waits to acquire BYRN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BYRN.
- How does current BYRN implied volatility affect this cash-secured put?
- BYRN ATM IV is at 135.10% with IV rank near 23.78%, 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.