How are CHCO long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CHCO long put priced from the end-of-day chain at a 30-day expiry (ATM IV 469.90%), the computed maximum profit is $12,491.50 per contract and the computed maximum loss is -$507.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CHCO long put?

The breakeven for the CHCO long put priced on this page is roughly $124.93 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 CHCO market-implied 1-standard-deviation expected move is approximately 134.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CHCO implied volatility affect this long put?

CHCO ATM IV is at 469.90% with IV rank near 95.15%, 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.

CHCO Long Put Strategy

CHCO (City Holding Company), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.

City Holding Company operates as the parent entity for City National Bank of West Virginia, offering a broad spectrum of financial services including banking, wealth management, and investment solutions throughout the United States. Its product suite features various deposit accounts like checking, savings, money market, certificates of deposit, and individual retirement accounts. The company provides an extensive range of loan products, such as commercial and industrial financing primarily for small to mid-sized enterprises, commercial real estate loans secured by non-residential and multi-family properties, residential real estate loans for home purchases or refinancing, and first-priority home equity loans. Consumer loans are also available, which can be secured by assets like vehicles, boats, recreational vehicles, or CDs, or remain unsecured; the company also covers demand deposit account overdrafts. Its mortgage banking division handles fixed and adjustable-rate mortgages, construction financing, land acquisition loans, and the origination of conventional and government-insured mortgages, supported by secondary market operations and mortgage servicing. For business clients, services include treasury management, lockbox facilities, and other cash management tools, as well as merchant credit card processing.

CHCO (City Holding Company) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $1.89B, a trailing P/E of 14.50, a beta of 0.49 versus the broader market, a 52-week range of 113.21-134.92, average daily share volume of 114K, a public-listing history dating back to 1987, approximately 942 full-time employees. These structural characteristics shape how CHCO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.49 indicates CHCO has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CHCO pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on CHCO?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current CHCO snapshot

As of June 29, 2026, spot at $130.98, ATM IV 469.90%, IV rank 95.15%, expected move 134.72%. The long put on CHCO 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 81-day expiry.

Why this long put structure on CHCO specifically: CHCO IV at 469.90% is rich versus its 1-year range, which makes a premium-buying CHCO long put relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 134.72% (roughly $176.45 on the underlying). The 81-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CHCO expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHCO should anchor to the underlying notional of $130.98 per share and to the trader's directional view on CHCO stock.

CHCO long put setup

The CHCO long 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 CHCO near $130.98, the first option leg uses a $130.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHCO chain at a 81-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 CHCO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$130.00	$5.08

CHCO long put risk and reward

Net Premium / Debit: -$507.50
Max Profit (per contract): $12,491.50
Max Loss (per contract): -$507.50
Breakeven(s): $124.93
Risk / Reward Ratio: 24.614

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

CHCO long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on CHCO. 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%	+$12,491.50
$28.97	-77.9%	+$9,595.57
$57.93	-55.8%	+$6,699.64
$86.89	-33.7%	+$3,803.71
$115.85	-11.6%	+$907.78
$144.81	+10.6%	-$507.50
$173.77	+32.7%	-$507.50
$202.73	+54.8%	-$507.50
$231.68	+76.9%	-$507.50
$260.64	+99.0%	-$507.50

When traders use long put on CHCO

Long puts on CHCO hedge an existing long CHCO stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CHCO exposure being hedged.

CHCO thesis for this long put

The market-implied 1-standard-deviation range for CHCO extends from approximately $-45.47 on the downside to $307.43 on the upside. A CHCO long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CHCO position with one put per 100 shares held. Current CHCO IV rank near 95.15% 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 CHCO at 469.90%. As a Financial Services name, CHCO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHCO-specific events.

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

Frequently asked questions

What is a long put on CHCO?: A long put on CHCO is the long put strategy applied to CHCO (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With CHCO stock trading near $130.98, the strikes shown on this page are snapped to the nearest listed CHCO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CHCO long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CHCO long put priced from the end-of-day chain at a 30-day expiry (ATM IV 469.90%), the computed maximum profit is $12,491.50 per contract and the computed maximum loss is -$507.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CHCO long put?: The breakeven for the CHCO long put priced on this page is roughly $124.93 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 CHCO market-implied 1-standard-deviation expected move is approximately 134.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on CHCO?: Long puts on CHCO hedge an existing long CHCO stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CHCO exposure being hedged.
How does current CHCO implied volatility affect this long put?: CHCO ATM IV is at 469.90% with IV rank near 95.15%, 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.