CLNE Cash-Secured Put Strategy

CLNE (Clean Energy Fuels Corp.), in the Energy sector, (Oil & Gas Refining & Marketing industry), listed on NASDAQ.

Clean Energy Fuels Corp. specializes in providing natural gas as an alternative fuel source and comprehensive fueling infrastructure, primarily serving markets in the United States and Canada. The company supplies various forms of natural gas, including bio-based renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG), specifically for medium and heavy-duty transportation. Beyond fuel delivery, Clean Energy Fuels offers full-spectrum services for fueling stations, encompassing their design, construction, operation, and ongoing maintenance for both public and private vehicle fleet clients. It also sells and services essential equipment, such as compressors, vital for RNG production and fueling facilities. The company facilitates the distribution and sale of CNG, RNG, and LNG via virtual natural gas pipelines and interconnected systems. In addition to its core operations, Clean Energy Fuels actively participates in the environmental credit market.

CLNE (Clean Energy Fuels Corp.) trades in the Energy sector, specifically Oil & Gas Refining & Marketing, with a market capitalization of approximately $383.2M, a beta of 1.85 versus the broader market, a 52-week range of 1.56-3.11, average daily share volume of 1.5M, a public-listing history dating back to 2007, approximately 503 full-time employees. These structural characteristics shape how CLNE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.85 indicates CLNE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a cash-secured put on CLNE?

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.

CLNE snapshot

As of August 14, 2026, spot at $1.83, ATM IV 216.30%, IV rank 42.36%, expected move 17.73%. The cash-secured put on CLNE below is built from the 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 cash-secured put structure on CLNE specifically: CLNE IV at 216.30% is mid-range versus its 1-year history, so the credit collected on a CLNE cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 17.73% (roughly $0.32 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 CLNE expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLNE should anchor to the underlying notional of $1.83 per share and to the trader's directional view on CLNE stock.

CLNE cash-secured put setup

The CLNE 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 CLNE at $1.83 on that close, the first option leg uses a $1.74 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLNE 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 CLNE shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$1.74N/A

CLNE 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.

CLNE cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CLNE. 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 CLNE

Cash-secured puts on CLNE earn premium while a trader waits to acquire CLNE stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CLNE.

CLNE thesis for this cash-secured put

The market-implied 1-standard-deviation range for CLNE extends from approximately $1.51 on the downside to $2.15 on the upside. A CLNE cash-secured put lets a trader earn premium while waiting to acquire CLNE 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 CLNE IV rank near 42.36% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on CLNE should anchor more to the directional view and the expected-move geometry. As a Energy name, CLNE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLNE-specific events.

CLNE 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. CLNE positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLNE alongside the broader basket even when CLNE-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CLNE carry tail risk when realized volatility exceeds the implied move; review historical CLNE earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLNE chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on CLNE?
A cash-secured put on CLNE is the cash-secured put strategy applied to CLNE (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 CLNE stock at $1.83 on the most recent close, the strikes shown on this page are snapped to the nearest listed CLNE chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CLNE 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 CLNE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 216.30%), 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 CLNE cash-secured put?
The breakeven for the CLNE cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 CLNE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.73%; 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 CLNE?
Cash-secured puts on CLNE earn premium while a trader waits to acquire CLNE stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CLNE.
How does current CLNE implied volatility affect this cash-secured put?
CLNE ATM IV is at 216.30% with IV rank near 42.36%, 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.

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