CBZ Cash-Secured Put Strategy
CBZ (CBIZ, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.
CBIZ, Inc. provides financial, insurance, and advisory services in the United States and Canada. The company operates through three segments: Financial Services, Benefits and Insurance Services, and National Practices. The Financial Services segment offers accounting and tax, financial advisory, valuation, risk and advisory, and government healthcare consulting services. The Benefits and Insurance Services provides employee benefits consulting, payroll/human capital management, property and casualty insurance, and retirement and investment services. The National Practices segment offers information technology managed networking and hardware, and health care consulting services. It primarily serves small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises.
CBZ (CBIZ, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $1.53B, a trailing P/E of 11.39, a beta of 0.97 versus the broader market, a 52-week range of 24.29-77.91, average daily share volume of 1.3M, 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 0.97 places CBZ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 11.39 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a cash-secured put on CBZ?
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 CBZ snapshot
As of May 15, 2026, spot at $28.73, ATM IV 58.70%, IV rank 9.10%, expected move 16.83%. The cash-secured put 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 34-day expiry.
Why this cash-secured put structure on CBZ specifically: CBZ IV at 58.70% is on the cheap side of its 1-year range, which means a premium-selling CBZ cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.83% (roughly $4.83 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 CBZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBZ should anchor to the underlying notional of $28.73 per share and to the trader's directional view on CBZ stock.
CBZ cash-secured put setup
The CBZ 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 CBZ near $28.73, the first option leg uses a $27.29 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 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 CBZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $27.29 | N/A |
CBZ 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.
CBZ cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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 cash-secured put on CBZ
Cash-secured puts on CBZ earn premium while a trader waits to acquire CBZ stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CBZ.
CBZ thesis for this cash-secured put
The market-implied 1-standard-deviation range for CBZ extends from approximately $23.90 on the downside to $33.56 on the upside. A CBZ cash-secured put lets a trader earn premium while waiting to acquire CBZ 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 CBZ IV rank near 9.10% 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 CBZ at 58.70%. 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 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. 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. Short-premium structures like a cash-secured put on CBZ carry tail risk when realized volatility exceeds the implied move; review historical CBZ earnings reactions and macro stress periods before sizing. Always rebuild the position from current CBZ chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CBZ?
- A cash-secured put on CBZ is the cash-secured put strategy applied to CBZ (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 CBZ stock trading near $28.73, 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 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 CBZ cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 58.70%), 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 CBZ cash-secured put?
- The breakeven for the CBZ 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 CBZ market-implied 1-standard-deviation expected move is approximately 16.83%; 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 CBZ?
- Cash-secured puts on CBZ earn premium while a trader waits to acquire CBZ stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CBZ.
- How does current CBZ implied volatility affect this cash-secured put?
- CBZ ATM IV is at 58.70% with IV rank near 9.10%, 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.