COHU Cash-Secured Put Strategy
COHU (Cohu, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.
Cohu, Inc. stands as a prominent global provider of advanced semiconductor test equipment and comprehensive associated services. Operating through its various subsidiaries, the company extends its reach across key international markets including China, the United States, Taiwan, Malaysia, and the Philippines. Its diverse product portfolio caters to semiconductor and electronics manufacturers, as well as test subcontractors, encompassing crucial equipment such as automated test equipment (ATE) for both wafer-level and device package testing, and a wide array of test and inspection handlers. These handlers include specialized pick-and-place, turret, gravity, strip, and advanced micro-electromechanical system (MEMS) and thermal sub-systems. Cohu also offers vital interface components like test contactors, probe heads, and pins. Beyond hardware, Cohu delivers extensive post-sales support, including spare parts and kits, robust parts and labor warranties for its systems and instruments, and essential training for system maintenance and operation.
COHU (Cohu, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $3.02B, a beta of 1.62 versus the broader market, a 52-week range of 17.8-70.92, average daily share volume of 1.4M, a public-listing history dating back to 1980, approximately 3K full-time employees. These structural characteristics shape how COHU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.62 indicates COHU 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 COHU?
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 COHU snapshot
As of June 29, 2026, spot at $68.05, ATM IV 82.70%, IV rank 32.86%, expected move 23.71%. The cash-secured put on COHU 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 53-day expiry.
Why this cash-secured put structure on COHU specifically: COHU IV at 82.70% is mid-range versus its 1-year history, so the credit collected on a COHU cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 23.71% (roughly $16.13 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COHU expiries trade a higher absolute premium for lower per-day decay. Position sizing on COHU should anchor to the underlying notional of $68.05 per share and to the trader's directional view on COHU stock.
COHU cash-secured put setup
The COHU 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 COHU near $68.05, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COHU chain at a 53-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 COHU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $65.00 | $8.10 |
COHU cash-secured put risk and reward
- Net Premium / Debit
- +$810.00
- Max Profit (per contract)
- $810.00
- Max Loss (per contract)
- -$5,689.00
- Breakeven(s)
- $56.90
- Risk / Reward Ratio
- 0.142
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
COHU cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on COHU. 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% | -$5,689.00 |
| $15.06 | -77.9% | -$4,184.49 |
| $30.10 | -55.8% | -$2,679.97 |
| $45.15 | -33.7% | -$1,175.46 |
| $60.19 | -11.5% | +$329.05 |
| $75.24 | +10.6% | +$810.00 |
| $90.28 | +32.7% | +$810.00 |
| $105.33 | +54.8% | +$810.00 |
| $120.37 | +76.9% | +$810.00 |
| $135.42 | +99.0% | +$810.00 |
When traders use cash-secured put on COHU
Cash-secured puts on COHU earn premium while a trader waits to acquire COHU stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COHU.
COHU thesis for this cash-secured put
The market-implied 1-standard-deviation range for COHU extends from approximately $51.92 on the downside to $84.18 on the upside. A COHU cash-secured put lets a trader earn premium while waiting to acquire COHU 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 COHU IV rank near 32.86% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on COHU should anchor more to the directional view and the expected-move geometry. As a Technology name, COHU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COHU-specific events.
COHU 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. COHU positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COHU alongside the broader basket even when COHU-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on COHU carry tail risk when realized volatility exceeds the implied move; review historical COHU earnings reactions and macro stress periods before sizing. Always rebuild the position from current COHU chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on COHU?
- A cash-secured put on COHU is the cash-secured put strategy applied to COHU (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 COHU stock trading near $68.05, the strikes shown on this page are snapped to the nearest listed COHU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are COHU 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 COHU cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 82.70%), the computed maximum profit is $810.00 per contract and the computed maximum loss is -$5,689.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COHU cash-secured put?
- The breakeven for the COHU cash-secured put priced on this page is roughly $56.90 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 COHU market-implied 1-standard-deviation expected move is approximately 23.71%; 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 COHU?
- Cash-secured puts on COHU earn premium while a trader waits to acquire COHU stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COHU.
- How does current COHU implied volatility affect this cash-secured put?
- COHU ATM IV is at 82.70% with IV rank near 32.86%, 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.