How are CHRD 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 CHRD long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.50%), the computed maximum profit is $12,964.00 per contract and the computed maximum loss is -$535.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CHRD long put?

The breakeven for the CHRD long put priced on this page is roughly $129.65 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 CHRD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.75%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CHRD implied volatility affect this long put?

CHRD ATM IV is at 37.50% with IV rank near 19.06%, 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.

CHRD Long Put Strategy

CHRD (Chord Energy Corporation), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NASDAQ.

As an independent enterprise, Chord Energy Corporation specializes in the exploration and production of hydrocarbon resources. Its core activities include the sourcing, development, and recovery of crude oil, natural gas, and natural gas liquids, with all operations concentrated within the Williston Basin. This company was established in 2007 and bases its operations from its headquarters in Houston, Texas.

CHRD (Chord Energy Corporation) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $7.75B, a trailing P/E of 9.08, a beta of 0.38 versus the broader market, a 52-week range of 84.25-151.95, average daily share volume of 835K, a public-listing history dating back to 2020, approximately 676 full-time employees. These structural characteristics shape how CHRD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.38 indicates CHRD 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 9.08 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. CHRD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on CHRD?

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.

CHRD snapshot

As of August 14, 2026, spot at $136.95, ATM IV 37.50%, IV rank 19.06%, expected move 10.75%. The long put on CHRD 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 long put structure on CHRD specifically: CHRD IV at 37.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a CHRD long put, with a market-implied 1-standard-deviation move of approximately 10.75% (roughly $14.72 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 CHRD expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHRD should anchor to the underlying notional of $136.95 per share and to the trader's directional view on CHRD stock.

CHRD long put setup

The CHRD long 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 CHRD at $136.95 on that close, the first option leg uses a $135.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHRD 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 CHRD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$135.00	$5.35

CHRD long put risk and reward

Net Premium / Debit: -$535.00
Max Profit (per contract): $12,964.00
Max Loss (per contract): -$535.00
Breakeven(s): $129.65
Risk / Reward Ratio: 24.232

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

CHRD long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on CHRD. 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%	+$12,964.00
$30.29	-77.9%	+$9,936.07
$60.57	-55.8%	+$6,908.14
$90.85	-33.7%	+$3,880.21
$121.13	-11.6%	+$852.28
$151.41	+10.6%	-$535.00
$181.69	+32.7%	-$535.00
$211.97	+54.8%	-$535.00
$242.24	+76.9%	-$535.00
$272.52	+99.0%	-$535.00

When traders use long put on CHRD

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

CHRD thesis for this long put

The market-implied 1-standard-deviation range for CHRD extends from approximately $122.23 on the downside to $151.67 on the upside. A CHRD long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CHRD position with one put per 100 shares held. Current CHRD IV rank near 19.06% 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 CHRD at 37.50%. As a Energy name, CHRD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHRD-specific events.

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

Frequently asked questions

What is a long put on CHRD?: A long put on CHRD is the long put strategy applied to CHRD (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 CHRD stock at $136.95 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CHRD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CHRD 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 CHRD long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.50%), the computed maximum profit is $12,964.00 per contract and the computed maximum loss is -$535.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CHRD long put?: The breakeven for the CHRD long put priced on this page is roughly $129.65 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 CHRD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.75%; 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 CHRD?: Long puts on CHRD hedge an existing long CHRD stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CHRD exposure being hedged.
How does current CHRD implied volatility affect this long put?: CHRD ATM IV is at 37.50% with IV rank near 19.06%, 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.