How are CENX 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 CENX bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 60.90%), the computed maximum profit is $105.00 per contract and the computed maximum loss is -$95.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CENX bear put spread?

The breakeven for the CENX bear put spread priced on this page is roughly $46.05 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 CENX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CENX implied volatility affect this bear put spread?

CENX ATM IV is at 60.90% with IV rank near 19.31%, 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.

CENX Bear Put Spread Strategy

CENX (Century Aluminum Company), in the Basic Materials sector, (Aluminum industry), listed on NASDAQ.

Century Aluminum Company, along with its associated entities, manufactures both standard and specialized primary aluminum products across the United States and Iceland. The firm also possesses and manages a facility dedicated to carbon anode production, situated in the Netherlands. Founded in 1981, the company's corporate headquarters are located in Chicago, Illinois.

CENX (Century Aluminum Company) trades in the Basic Materials sector, specifically Aluminum, with a market capitalization of approximately $4.77B, a trailing P/E of 7.90, a beta of 2.00 versus the broader market, a 52-week range of 20.91-70.43, average daily share volume of 2.0M, a public-listing history dating back to 1996, approximately 3K full-time employees. These structural characteristics shape how CENX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.00 indicates CENX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 7.90 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. CENX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on CENX?

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.

CENX snapshot

As of August 14, 2026, spot at $46.96, ATM IV 60.90%, IV rank 19.31%, expected move 17.46%. The bear put spread on CENX 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 35-day expiry.

Why this bear put spread structure on CENX specifically: CENX IV at 60.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a CENX bear put spread, with a market-implied 1-standard-deviation move of approximately 17.46% (roughly $8.20 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CENX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CENX should anchor to the underlying notional of $46.96 per share and to the trader's directional view on CENX stock.

CENX bear put spread setup

The CENX bear put spread 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 CENX at $46.96 on that close, the first option leg uses a $47.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CENX chain at a 35-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 CENX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$47.00	$3.45
Sell 1	Put	$45.00	$2.50

CENX bear put spread risk and reward

Net Premium / Debit: -$95.00
Max Profit (per contract): $105.00
Max Loss (per contract): -$95.00
Breakeven(s): $46.05
Risk / Reward Ratio: 1.105

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.

CENX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CENX. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$105.00
$10.39	-77.9%	+$105.00
$20.77	-55.8%	+$105.00
$31.16	-33.7%	+$105.00
$41.54	-11.5%	+$105.00
$51.92	+10.6%	-$95.00
$62.30	+32.7%	-$95.00
$72.68	+54.8%	-$95.00
$83.07	+76.9%	-$95.00
$93.45	+99.0%	-$95.00

When traders use bear put spread on CENX

Bear put spreads on CENX reduce the cost of a bearish CENX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

CENX thesis for this bear put spread

The market-implied 1-standard-deviation range for CENX extends from approximately $38.76 on the downside to $55.16 on the upside. A CENX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CENX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CENX IV rank near 19.31% 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 CENX at 60.90%. As a Basic Materials name, CENX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CENX-specific events.

CENX 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. CENX positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CENX alongside the broader basket even when CENX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CENX 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 CENX chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on CENX?: A bear put spread on CENX is the bear put spread strategy applied to CENX (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 CENX stock at $46.96 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CENX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CENX 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 CENX bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 60.90%), the computed maximum profit is $105.00 per contract and the computed maximum loss is -$95.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CENX bear put spread?: The breakeven for the CENX bear put spread priced on this page is roughly $46.05 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 CENX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.46%; 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 CENX?: Bear put spreads on CENX reduce the cost of a bearish CENX 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 CENX implied volatility affect this bear put spread?: CENX ATM IV is at 60.90% with IV rank near 19.31%, 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.