CLH Long Put Strategy
CLH (Clean Harbors, Inc.), in the Industrials sector, (Waste Management industry), listed on NYSE.
Clean Harbors, Inc. delivers a comprehensive range of environmental and industrial services across North America. The company is structured into two primary divisions: Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment manages the entire lifecycle of waste, from collection and transportation to treatment and final disposal of both hazardous and non-hazardous materials. This involves employing various techniques including resource reclamation, physical processing, fuel blending, incineration, secure landfilling, wastewater purification, and the proper handling of laboratory chemicals and explosive materials. Its specialized CleanPack services meticulously manage the collection, identification, categorization, bespoke packaging, transportation, and ultimate disposal of sensitive laboratory chemicals and household hazardous waste. This division further extends to industrial maintenance and specialized on-site industrial operations, leveraging advanced equipment and personnel for fieldwork.
CLH (Clean Harbors, Inc.) trades in the Industrials sector, specifically Waste Management, with a market capitalization of approximately $16.72B, a trailing P/E of 38.11, a beta of 0.86 versus the broader market, a 52-week range of 201.34-335.94, average daily share volume of 516K, a public-listing history dating back to 1987, approximately 22K full-time employees. These structural characteristics shape how CLH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.86 places CLH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 38.11 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.
What is a long put on CLH?
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.
CLH snapshot
As of August 14, 2026, spot at $320.86, ATM IV 23.00%, IV rank 31.51%, expected move 6.59%. The long put on CLH 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 CLH specifically: CLH IV at 23.00% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 6.59% (roughly $21.16 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 CLH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLH should anchor to the underlying notional of $320.86 per share and to the trader's directional view on CLH stock.
CLH long put setup
The CLH 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 CLH at $320.86 on that close, the first option leg uses a $320.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLH 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 CLH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $320.00 | $8.30 |
CLH long put risk and reward
- Net Premium / Debit
- -$830.00
- Max Profit (per contract)
- $31,169.00
- Max Loss (per contract)
- -$830.00
- Breakeven(s)
- $311.70
- Risk / Reward Ratio
- 37.553
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
CLH long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on CLH. 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% | +$31,169.00 |
| $70.95 | -77.9% | +$24,074.72 |
| $141.90 | -55.8% | +$16,980.44 |
| $212.84 | -33.7% | +$9,886.16 |
| $283.78 | -11.6% | +$2,791.87 |
| $354.72 | +10.6% | -$830.00 |
| $425.67 | +32.7% | -$830.00 |
| $496.61 | +54.8% | -$830.00 |
| $567.55 | +76.9% | -$830.00 |
| $638.50 | +99.0% | -$830.00 |
When traders use long put on CLH
Long puts on CLH hedge an existing long CLH stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CLH exposure being hedged.
CLH thesis for this long put
The market-implied 1-standard-deviation range for CLH extends from approximately $299.70 on the downside to $342.02 on the upside. A CLH long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CLH position with one put per 100 shares held. Current CLH IV rank near 31.51% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on CLH should anchor more to the directional view and the expected-move geometry. As a Industrials name, CLH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLH-specific events.
CLH 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. CLH positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLH alongside the broader basket even when CLH-specific fundamentals are unchanged. Long-premium structures like a long put on CLH 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 CLH chain quotes before placing a trade.
Frequently asked questions
- What is a long put on CLH?
- A long put on CLH is the long put strategy applied to CLH (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 CLH stock at $320.86 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CLH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CLH 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 CLH long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 23.00%), the computed maximum profit is $31,169.00 per contract and the computed maximum loss is -$830.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLH long put?
- The breakeven for the CLH long put priced on this page is roughly $311.70 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 CLH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.59%; 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 CLH?
- Long puts on CLH hedge an existing long CLH stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CLH exposure being hedged.
- How does current CLH implied volatility affect this long put?
- CLH ATM IV is at 23.00% with IV rank near 31.51%, 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.