How are COHX 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 COHX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 149.60%), the computed maximum profit is $47.50 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a COHX bear put spread?

The breakeven for the COHX bear put spread priced on this page is roughly $22.48 at expiration, derived from the September 29, 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 COHX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

COHX ATM IV is at 149.60% with IV rank near 13.95%, 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.

COHX Bear Put Spread Strategy

COHX (Investment Managers Series Trust II - Tradr 2X Long COHR Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

COHX uses swap agreements and listed call options to make bullish bets on the share price of Coherent Corp. (NYSE: COHR). The fund may also invest directly in COHR. Coherent Corp. develops, manufactures, and markets engineered materials, opto-electronic components and devices, and lasers for use in the industrial, communications, electronics, and instrumentation markets. It operates through the following segments: Networking, Materials, and Lasers. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in COHR price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.

COHX (Investment Managers Series Trust II - Tradr 2X Long COHR Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $110.1M, a beta of 6.62 versus the broader market, a 52-week range of 16.1-75.64, average daily share volume of 984K, a public-listing history dating back to 2026. These structural characteristics shape how COHX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 6.62 indicates COHX 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 bear put spread on COHX?

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.

COHX snapshot

As of September 29, 2026, spot at $22.98, ATM IV 149.60%, IV rank 13.95%, expected move 42.89%. The bear put spread on COHX below is built from the September 29, 2026 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 COHX specifically: COHX IV at 149.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a COHX bear put spread, with a market-implied 1-standard-deviation move of approximately 42.89% (roughly $9.86 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 COHX expiries trade a higher absolute premium for lower per-day decay. Position sizing on COHX should anchor to the underlying notional of $22.98 per share and to the trader's directional view on COHX stock.

COHX bear put spread setup

The COHX bear put spread below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With COHX at $22.98 on that close, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COHX 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 COHX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$23.00	$3.05
Sell 1	Put	$22.00	$2.53

COHX bear put spread risk and reward

Net Premium / Debit: -$52.50
Max Profit (per contract): $47.50
Max Loss (per contract): -$52.50
Breakeven(s): $22.48
Risk / Reward Ratio: 0.905

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.

COHX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on COHX. 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%	+$47.50
$5.09	-77.9%	+$47.50
$10.17	-55.7%	+$47.50
$15.25	-33.6%	+$47.50
$20.33	-11.5%	+$47.50
$25.41	+10.6%	-$52.50
$30.49	+32.7%	-$52.50
$35.57	+54.8%	-$52.50
$40.65	+76.9%	-$52.50
$45.73	+99.0%	-$52.50

When traders use bear put spread on COHX

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

COHX thesis for this bear put spread

The market-implied 1-standard-deviation range for COHX extends from approximately $13.12 on the downside to $32.84 on the upside. A COHX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on COHX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current COHX IV rank near 13.95% 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 COHX at 149.60%. As a Financial Services name, COHX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COHX-specific events.

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

Frequently asked questions

What is a bear put spread on COHX?: A bear put spread on COHX is the bear put spread strategy applied to COHX (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 COHX stock at $22.98 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed COHX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are COHX 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 COHX bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 149.60%), the computed maximum profit is $47.50 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COHX bear put spread?: The breakeven for the COHX bear put spread priced on this page is roughly $22.48 at expiration, derived from the September 29, 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 COHX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.89%; 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 COHX?: Bear put spreads on COHX reduce the cost of a bearish COHX 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 COHX implied volatility affect this bear put spread?: COHX ATM IV is at 149.60% with IV rank near 13.95%, 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.