CEPU Cash-Secured Put Strategy
CEPU (Central Puerto S.A.), in the Utilities sector, (Regulated Electric industry), listed on NYSE.
Central Puerto S.A. generates and sells electric power to private and public customers in Argentina. It also produces steam. As of December 31, 2021, the company owned and operated five thermal generation plants, one hydroelectric generation plant, and seven wind farms with a total installed capacity of 4,809 MW. Central Puerto S.A. was founded in 1898 and is based in Buenos Aires, Argentina.
CEPU (Central Puerto S.A.) trades in the Utilities sector, specifically Regulated Electric, with a market capitalization of approximately $2.13B, a trailing P/E of 9.54, a beta of -0.20 versus the broader market, a 52-week range of 7.43-18.503, average daily share volume of 379K, a public-listing history dating back to 2018, approximately 865 full-time employees. These structural characteristics shape how CEPU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.20 indicates CEPU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 9.54 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. CEPU 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 CEPU?
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 CEPU snapshot
As of May 15, 2026, spot at $13.82, ATM IV 92.50%, IV rank 31.38%, expected move 26.52%. The cash-secured put on CEPU 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 CEPU specifically: CEPU IV at 92.50% is mid-range versus its 1-year history, so the credit collected on a CEPU cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 26.52% (roughly $3.66 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 CEPU expiries trade a higher absolute premium for lower per-day decay. Position sizing on CEPU should anchor to the underlying notional of $13.82 per share and to the trader's directional view on CEPU stock.
CEPU cash-secured put setup
The CEPU 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 CEPU near $13.82, the first option leg uses a $13.13 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CEPU 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 CEPU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $13.13 | N/A |
CEPU 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.
CEPU cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CEPU. 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 CEPU
Cash-secured puts on CEPU earn premium while a trader waits to acquire CEPU stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CEPU.
CEPU thesis for this cash-secured put
The market-implied 1-standard-deviation range for CEPU extends from approximately $10.16 on the downside to $17.48 on the upside. A CEPU cash-secured put lets a trader earn premium while waiting to acquire CEPU 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 CEPU IV rank near 31.38% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on CEPU should anchor more to the directional view and the expected-move geometry. As a Utilities name, CEPU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CEPU-specific events.
CEPU 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. CEPU positions also carry Utilities sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CEPU alongside the broader basket even when CEPU-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CEPU carry tail risk when realized volatility exceeds the implied move; review historical CEPU earnings reactions and macro stress periods before sizing. Always rebuild the position from current CEPU chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CEPU?
- A cash-secured put on CEPU is the cash-secured put strategy applied to CEPU (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 CEPU stock trading near $13.82, the strikes shown on this page are snapped to the nearest listed CEPU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CEPU 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 CEPU cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 92.50%), 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 CEPU cash-secured put?
- The breakeven for the CEPU 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 CEPU market-implied 1-standard-deviation expected move is approximately 26.52%; 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 CEPU?
- Cash-secured puts on CEPU earn premium while a trader waits to acquire CEPU stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CEPU.
- How does current CEPU implied volatility affect this cash-secured put?
- CEPU ATM IV is at 92.50% with IV rank near 31.38%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.