CLPR Cash-Secured Put Strategy
CLPR (Clipper Realty Inc.), in the Real Estate sector, (REIT - Residential industry), listed on NYSE.
Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.
CLPR (Clipper Realty Inc.) trades in the Real Estate sector, specifically REIT - Residential, with a market capitalization of approximately $48.6M, a beta of 0.97 versus the broader market, a 52-week range of 2.83-4.61, average daily share volume of 69K, a public-listing history dating back to 2017, approximately 171 full-time employees. These structural characteristics shape how CLPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.97 places CLPR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLPR 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 CLPR?
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 CLPR snapshot
As of May 15, 2026, spot at $2.92, ATM IV 20.60%, IV rank 0.00%, expected move 5.91%. The cash-secured put on CLPR 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 CLPR specifically: CLPR IV at 20.60% is on the cheap side of its 1-year range, which means a premium-selling CLPR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.91% (roughly $0.17 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 CLPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLPR should anchor to the underlying notional of $2.92 per share and to the trader's directional view on CLPR stock.
CLPR cash-secured put setup
The CLPR 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 CLPR near $2.92, the first option leg uses a $2.77 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLPR 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 CLPR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $2.77 | N/A |
CLPR 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.
CLPR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CLPR. 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 CLPR
Cash-secured puts on CLPR earn premium while a trader waits to acquire CLPR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CLPR.
CLPR thesis for this cash-secured put
The market-implied 1-standard-deviation range for CLPR extends from approximately $2.75 on the downside to $3.09 on the upside. A CLPR cash-secured put lets a trader earn premium while waiting to acquire CLPR 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 CLPR IV rank near 0.00% 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 CLPR at 20.60%. As a Real Estate name, CLPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLPR-specific events.
CLPR 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. CLPR positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLPR alongside the broader basket even when CLPR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CLPR carry tail risk when realized volatility exceeds the implied move; review historical CLPR earnings reactions and macro stress periods before sizing. Always rebuild the position from current CLPR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CLPR?
- A cash-secured put on CLPR is the cash-secured put strategy applied to CLPR (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 CLPR stock trading near $2.92, the strikes shown on this page are snapped to the nearest listed CLPR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLPR 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 CLPR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 20.60%), 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 CLPR cash-secured put?
- The breakeven for the CLPR 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 CLPR market-implied 1-standard-deviation expected move is approximately 5.91%; 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 CLPR?
- Cash-secured puts on CLPR earn premium while a trader waits to acquire CLPR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CLPR.
- How does current CLPR implied volatility affect this cash-secured put?
- CLPR ATM IV is at 20.60% with IV rank near 0.00%, 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.