COHR Cash-Secured Put Strategy
COHR (Coherent, Inc.), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NYSE.
Coherent, Inc. provides lasers, laser-based technologies, and laser-based system solutions for a range of commercial, industrial, and scientific research applications. It operates in two segments, Original Equipment Manufacturers (OEM) Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products. Its products are used for applications in microelectronics, materials processing, OEM components and instrumentation, and scientific research and government programs. The company markets its products through a direct sales force in the United States, as well as through direct sales personnel and independent representatives internationally. Coherent, Inc. was founded in 1966 and is headquartered in Santa Clara, California.
COHR (Coherent, Inc.) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $64.02B, a trailing P/E of 133.84, a beta of 2.05 versus the broader market, a 52-week range of 73.66-413, average daily share volume of 7.6M, a public-listing history dating back to 1987, approximately 26K full-time employees. These structural characteristics shape how COHR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.05 indicates COHR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 133.84 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 cash-secured put on COHR?
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 COHR snapshot
As of May 15, 2026, spot at $390.67, ATM IV 91.77%, IV rank 57.16%, expected move 26.31%. The cash-secured put on COHR 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 28-day expiry.
Why this cash-secured put structure on COHR specifically: COHR IV at 91.77% is mid-range versus its 1-year history, so the credit collected on a COHR cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 26.31% (roughly $102.79 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COHR expiries trade a higher absolute premium for lower per-day decay. Position sizing on COHR should anchor to the underlying notional of $390.67 per share and to the trader's directional view on COHR stock.
COHR cash-secured put setup
The COHR 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 COHR near $390.67, the first option leg uses a $370.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COHR chain at a 28-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 COHR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $370.00 | $28.85 |
COHR cash-secured put risk and reward
- Net Premium / Debit
- +$2,885.00
- Max Profit (per contract)
- $2,885.00
- Max Loss (per contract)
- -$34,114.00
- Breakeven(s)
- $341.15
- Risk / Reward Ratio
- 0.085
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
COHR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on COHR. 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% | -$34,114.00 |
| $86.39 | -77.9% | -$25,476.18 |
| $172.77 | -55.8% | -$16,838.36 |
| $259.14 | -33.7% | -$8,200.54 |
| $345.52 | -11.6% | +$437.28 |
| $431.90 | +10.6% | +$2,885.00 |
| $518.28 | +32.7% | +$2,885.00 |
| $604.66 | +54.8% | +$2,885.00 |
| $691.04 | +76.9% | +$2,885.00 |
| $777.41 | +99.0% | +$2,885.00 |
When traders use cash-secured put on COHR
Cash-secured puts on COHR earn premium while a trader waits to acquire COHR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COHR.
COHR thesis for this cash-secured put
The market-implied 1-standard-deviation range for COHR extends from approximately $287.88 on the downside to $493.46 on the upside. A COHR cash-secured put lets a trader earn premium while waiting to acquire COHR 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 COHR IV rank near 57.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on COHR should anchor more to the directional view and the expected-move geometry. As a Technology name, COHR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COHR-specific events.
COHR 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. COHR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COHR alongside the broader basket even when COHR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on COHR carry tail risk when realized volatility exceeds the implied move; review historical COHR earnings reactions and macro stress periods before sizing. Always rebuild the position from current COHR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on COHR?
- A cash-secured put on COHR is the cash-secured put strategy applied to COHR (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 COHR stock trading near $390.67, the strikes shown on this page are snapped to the nearest listed COHR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are COHR 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 COHR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 91.77%), the computed maximum profit is $2,885.00 per contract and the computed maximum loss is -$34,114.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COHR cash-secured put?
- The breakeven for the COHR cash-secured put priced on this page is roughly $341.15 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 COHR market-implied 1-standard-deviation expected move is approximately 26.31%; 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 COHR?
- Cash-secured puts on COHR earn premium while a trader waits to acquire COHR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COHR.
- How does current COHR implied volatility affect this cash-secured put?
- COHR ATM IV is at 91.77% with IV rank near 57.16%, 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.