CCJ Cash-Secured Put Strategy
CCJ (Cameco Corporation), in the Energy sector, (Uranium industry), listed on NYSE.
Cameco Corporation is a prominent global enterprise specializing in the production and distribution of uranium. Its operations are structured into two core divisions: Uranium and Fuel Services. The Uranium division manages the full upstream process, encompassing the exploration, extraction, and initial processing (milling) of uranium ore, as well as the procurement and sale of uranium concentrate. Conversely, the Fuel Services division focuses on the downstream transformation of uranium. This includes the refining, conversion, and fabrication of uranium concentrate into usable forms, alongside providing related conversion services. Furthermore, this segment is responsible for manufacturing specialized fuel bundles and reactor components specifically designed for CANDU reactors.
CCJ (Cameco Corporation) trades in the Energy sector, specifically Uranium, with a market capitalization of approximately $42.57B, a trailing P/E of 166.36, a beta of 1.05 versus the broader market, a 52-week range of 68.96-135.24, average daily share volume of 3.3M, a public-listing history dating back to 1996, approximately 3K full-time employees. These structural characteristics shape how CCJ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.05 places CCJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 166.36 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. CCJ 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 CCJ?
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.
CCJ snapshot
As of August 14, 2026, spot at $98.06, ATM IV 42.60%, IV rank 11.94%, expected move 12.21%. The cash-secured put on CCJ below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.
Why this cash-secured put structure on CCJ specifically: CCJ IV at 42.60% is on the cheap side of its 1-year range, which means a premium-selling CCJ cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.21% (roughly $11.98 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCJ should anchor to the underlying notional of $98.06 per share and to the trader's directional view on CCJ stock.
CCJ cash-secured put setup
The CCJ cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CCJ at $98.06 on that close, the first option leg uses a $93.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCJ chain at a 28-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 CCJ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $93.00 | $2.27 |
CCJ cash-secured put risk and reward
- Net Premium / Debit
- +$227.00
- Max Profit (per contract)
- $227.00
- Max Loss (per contract)
- -$9,072.00
- Breakeven(s)
- $90.73
- Risk / Reward Ratio
- 0.025
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
CCJ cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CCJ. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$9,072.00 |
| $21.69 | -77.9% | -$6,903.95 |
| $43.37 | -55.8% | -$4,735.90 |
| $65.05 | -33.7% | -$2,567.85 |
| $86.73 | -11.6% | -$399.80 |
| $108.41 | +10.6% | +$227.00 |
| $130.09 | +32.7% | +$227.00 |
| $151.77 | +54.8% | +$227.00 |
| $173.45 | +76.9% | +$227.00 |
| $195.13 | +99.0% | +$227.00 |
When traders use cash-secured put on CCJ
Cash-secured puts on CCJ earn premium while a trader waits to acquire CCJ stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CCJ.
CCJ thesis for this cash-secured put
The market-implied 1-standard-deviation range for CCJ extends from approximately $86.08 on the downside to $110.04 on the upside. A CCJ cash-secured put lets a trader earn premium while waiting to acquire CCJ 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 CCJ IV rank near 11.94% 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 CCJ at 42.60%. As a Energy name, CCJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCJ-specific events.
CCJ 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. CCJ positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCJ alongside the broader basket even when CCJ-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CCJ carry tail risk when realized volatility exceeds the implied move; review historical CCJ earnings reactions and macro stress periods before sizing. Always rebuild the position from current CCJ chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CCJ?
- A cash-secured put on CCJ is the cash-secured put strategy applied to CCJ (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 CCJ stock at $98.06 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CCJ chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CCJ 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 CCJ cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 42.60%), the computed maximum profit is $227.00 per contract and the computed maximum loss is -$9,072.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CCJ cash-secured put?
- The breakeven for the CCJ cash-secured put priced on this page is roughly $90.73 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CCJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.21%; 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 CCJ?
- Cash-secured puts on CCJ earn premium while a trader waits to acquire CCJ stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CCJ.
- How does current CCJ implied volatility affect this cash-secured put?
- CCJ ATM IV is at 42.60% with IV rank near 11.94%, 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.