CNR Cash-Secured Put Strategy
CNR (Core Natural Resources, Inc.), in the Energy sector, (Coal industry), listed on NYSE.
Core Natural Resources, Inc., which rebranded from CONSOL Energy Inc. in January 2025, specializes in the global production and sale of bituminous coal. The company's business is primarily organized into two key segments. The Pennsylvania Mining Complex (PAMC) segment manages the mining, preparation, and marketing of bituminous coal, serving power generation facilities, industrial consumers, and metallurgical industries. Key assets within this segment include the Bailey, Enlow Fork, and Harvey Mines, alongside a central preparation facility. The second segment, the CONSOL Marine Terminal, offers crucial coal export terminal services through the Port of Baltimore. Beyond these core operations, the company is developing and operating the Itmann Mining Complex in Wyoming County, West Virginia, and also possesses substantial Greenfield Reserves and Resources spread across the Northern Appalachian, Central Appalachian, and Illinois basins.
CNR (Core Natural Resources, Inc.) trades in the Energy sector, specifically Coal, with a market capitalization of approximately $4.79B, a trailing P/E of 47.82, a beta of 0.14 versus the broader market, a 52-week range of 68.78-114.8, average daily share volume of 725K, a public-listing history dating back to 2017, approximately 5K full-time employees. These structural characteristics shape how CNR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.14 indicates CNR 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 47.82 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. CNR 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 CNR?
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.
CNR snapshot
As of August 14, 2026, spot at $96.71, ATM IV 38.20%, IV rank 0.00%, expected move 10.95%. The cash-secured put on CNR 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 cash-secured put structure on CNR specifically: CNR IV at 38.20% is on the cheap side of its 1-year range, which means a premium-selling CNR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.95% (roughly $10.59 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 CNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNR should anchor to the underlying notional of $96.71 per share and to the trader's directional view on CNR stock.
CNR cash-secured put setup
The CNR cash-secured 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 CNR at $96.71 on that close, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNR 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 CNR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $90.00 | $1.98 |
CNR cash-secured put risk and reward
- Net Premium / Debit
- +$197.50
- Max Profit (per contract)
- $197.50
- Max Loss (per contract)
- -$8,801.50
- Breakeven(s)
- $88.03
- Risk / Reward Ratio
- 0.022
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
CNR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CNR. 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% | -$8,801.50 |
| $21.39 | -77.9% | -$6,663.30 |
| $42.77 | -55.8% | -$4,525.10 |
| $64.16 | -33.7% | -$2,386.90 |
| $85.54 | -11.6% | -$248.70 |
| $106.92 | +10.6% | +$197.50 |
| $128.30 | +32.7% | +$197.50 |
| $149.68 | +54.8% | +$197.50 |
| $171.07 | +76.9% | +$197.50 |
| $192.45 | +99.0% | +$197.50 |
When traders use cash-secured put on CNR
Cash-secured puts on CNR earn premium while a trader waits to acquire CNR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CNR.
CNR thesis for this cash-secured put
The market-implied 1-standard-deviation range for CNR extends from approximately $86.12 on the downside to $107.30 on the upside. A CNR cash-secured put lets a trader earn premium while waiting to acquire CNR 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 CNR 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 CNR at 38.20%. As a Energy name, CNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNR-specific events.
CNR 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. CNR positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CNR alongside the broader basket even when CNR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CNR carry tail risk when realized volatility exceeds the implied move; review historical CNR earnings reactions and macro stress periods before sizing. Always rebuild the position from current CNR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CNR?
- A cash-secured put on CNR is the cash-secured put strategy applied to CNR (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 CNR stock at $96.71 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CNR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CNR 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 CNR cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 38.20%), the computed maximum profit is $197.50 per contract and the computed maximum loss is -$8,801.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CNR cash-secured put?
- The breakeven for the CNR cash-secured put priced on this page is roughly $88.03 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 CNR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.95%; 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 CNR?
- Cash-secured puts on CNR earn premium while a trader waits to acquire CNR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CNR.
- How does current CNR implied volatility affect this cash-secured put?
- CNR ATM IV is at 38.20% 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.