CBZ Bear Put Spread Strategy
CBZ (CBIZ, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.
CBIZ, Inc. is a professional services firm that delivers a broad spectrum of financial, insurance, and advisory solutions across the United States and Canada. The company's operations are organized into three principal divisions: Financial Services, Benefits and Insurance Services, and National Practices. Within its Financial Services segment, CBIZ offers expertise in areas such as accountancy and taxation, financial guidance, asset appraisal, risk assessment, and consulting for government healthcare. The Benefits and Insurance Services division focuses on workforce welfare program consultation, compensation and human resources administration, general property and casualty coverage, and pension planning alongside investment solutions. Lastly, the National Practices segment specializes in comprehensive IT infrastructure and hardware management, coupled with specialized healthcare advisory services. CBIZ primarily caters to small and medium-sized enterprises, private individuals, public sector organizations, and various non-profit ventures.
CBZ (CBIZ, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $1.69B, a trailing P/E of 12.59, a beta of 0.99 versus the broader market, a 52-week range of 24.29-77.91, average daily share volume of 852K, a public-listing history dating back to 1995, approximately 10K full-time employees. These structural characteristics shape how CBZ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.99 places CBZ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on CBZ?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current CBZ snapshot
As of June 29, 2026, spot at $32.24, ATM IV 306.50%, IV rank 77.08%, expected move 87.87%. The bear put spread on CBZ 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 18-day expiry.
Why this bear put spread structure on CBZ specifically: CBZ IV at 306.50% is rich versus its 1-year range, which makes a premium-buying CBZ bear put spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 87.87% (roughly $28.33 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBZ should anchor to the underlying notional of $32.24 per share and to the trader's directional view on CBZ stock.
CBZ bear put spread setup
The CBZ bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CBZ near $32.24, the first option leg uses a $32.24 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBZ chain at a 18-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 CBZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $32.24 | N/A |
| Sell 1 | Put | $30.63 | N/A |
CBZ bear put spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
CBZ bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CBZ. 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 bear put spread on CBZ
Bear put spreads on CBZ reduce the cost of a bearish CBZ stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CBZ thesis for this bear put spread
The market-implied 1-standard-deviation range for CBZ extends from approximately $3.91 on the downside to $60.57 on the upside. A CBZ bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CBZ, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CBZ IV rank near 77.08% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CBZ at 306.50%. As a Industrials name, CBZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBZ-specific events.
CBZ bear put spread positions are structurally moderately 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. CBZ positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBZ alongside the broader basket even when CBZ-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CBZ 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 CBZ chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CBZ?
- A bear put spread on CBZ is the bear put spread strategy applied to CBZ (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With CBZ stock trading near $32.24, the strikes shown on this page are snapped to the nearest listed CBZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CBZ bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the CBZ bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 306.50%), 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 CBZ bear put spread?
- The breakeven for the CBZ bear put spread 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 CBZ market-implied 1-standard-deviation expected move is approximately 87.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on CBZ?
- Bear put spreads on CBZ reduce the cost of a bearish CBZ stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current CBZ implied volatility affect this bear put spread?
- CBZ ATM IV is at 306.50% with IV rank near 77.08%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.