How are CNX bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the CNX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 32.00%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$62.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CNX bear put spread?

The breakeven for the CNX bear put spread priced on this page is roughly $33.38 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 CNX market-implied 1-standard-deviation expected move is approximately 9.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CNX implied volatility affect this bear put spread?

CNX ATM IV is at 32.00% with IV rank near 31.65%, 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.

CNX Bear Put Spread Strategy

CNX (CNX Resources Corporation), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NYSE.

CNX Resources Corporation operates as an independent company primarily focused on natural gas and midstream activities. Its core business involves the acquisition, exploration, development, and production of natural gas properties, predominantly situated within the Appalachian Basin. The company's operations are structured into two distinct segments: Shale and Coalbed Methane. CNX is a producer and supplier of pipeline-grade natural gas, primarily serving wholesale customers. Its extensive asset portfolio includes significant natural gas extraction rights. Specifically, it holds mineral rights across: Approximately 526,000 net acres in the Marcellus Shale, located in Pennsylvania, West Virginia, and Ohio.

CNX (CNX Resources Corporation) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $4.77B, a trailing P/E of 3.88, a beta of 0.59 versus the broader market, a 52-week range of 27.72-43.62, average daily share volume of 1.9M, a public-listing history dating back to 1999, approximately 458 full-time employees. These structural characteristics shape how CNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.59 indicates CNX 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 3.88 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.

What is a bear put spread on CNX?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

Current CNX snapshot

As of June 30, 2026, spot at $34.00, ATM IV 32.00%, IV rank 31.65%, expected move 9.17%. The bear put spread on CNX 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 17-day expiry.

Why this bear put spread structure on CNX specifically: CNX IV at 32.00% 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 9.17% (roughly $3.12 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNX should anchor to the underlying notional of $34.00 per share and to the trader's directional view on CNX stock.

CNX bear put spread setup

The CNX bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CNX near $34.00, the first option leg uses a $34.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNX chain at a 17-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 CNX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$34.00	$0.95
Sell 1	Put	$32.00	$0.33

CNX bear put spread risk and reward

Net Premium / Debit: -$62.50
Max Profit (per contract): $137.50
Max Loss (per contract): -$62.50
Breakeven(s): $33.38
Risk / Reward Ratio: 2.200

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

CNX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CNX. 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%	+$137.50
$7.53	-77.9%	+$137.50
$15.04	-55.8%	+$137.50
$22.56	-33.6%	+$137.50
$30.08	-11.5%	+$137.50
$37.59	+10.6%	-$62.50
$45.11	+32.7%	-$62.50
$52.63	+54.8%	-$62.50
$60.14	+76.9%	-$62.50
$67.66	+99.0%	-$62.50

When traders use bear put spread on CNX

Bear put spreads on CNX reduce the cost of a bearish CNX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

CNX thesis for this bear put spread

The market-implied 1-standard-deviation range for CNX extends from approximately $30.88 on the downside to $37.12 on the upside. A CNX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CNX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CNX IV rank near 31.65% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on CNX should anchor more to the directional view and the expected-move geometry. As a Energy name, CNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNX-specific events.

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

Frequently asked questions

What is a bear put spread on CNX?: A bear put spread on CNX is the bear put spread strategy applied to CNX (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With CNX stock trading near $34.00, the strikes shown on this page are snapped to the nearest listed CNX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CNX bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the CNX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 32.00%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$62.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CNX bear put spread?: The breakeven for the CNX bear put spread priced on this page is roughly $33.38 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 CNX market-implied 1-standard-deviation expected move is approximately 9.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on CNX?: Bear put spreads on CNX reduce the cost of a bearish CNX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current CNX implied volatility affect this bear put spread?: CNX ATM IV is at 32.00% with IV rank near 31.65%, 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.