CR Cash-Secured Put Strategy
CR (Crane Company), in the Industrials sector, (Industrial - Machinery industry), listed on NYSE.
Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the Americas, Europe, the Middle East, Asia, and Australia. The company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense, and space markets. This segment also offers pressure sensors for aircraft engine control, aircraft braking systems for fighter jets, power conversion solutions for spacecraft, and lubrication systems. The Process Flow Technologies segment provides engineered fluid handling equipment for mission critical applications. It offers process valves and related products, commercial valves, and pumps and systems.
CR (Crane Company) trades in the Industrials sector, specifically Industrial - Machinery, with a market capitalization of approximately $10.37B, a trailing P/E of 31.72, a beta of 1.14 versus the broader market, a 52-week range of 159.58-214.31, average daily share volume of 500K, a public-listing history dating back to 2023, approximately 8K full-time employees. These structural characteristics shape how CR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.14 places CR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CR 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 CR?
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 CR snapshot
As of May 15, 2026, spot at $172.06, ATM IV 35.90%, IV rank 35.39%, expected move 10.29%. The cash-secured put on CR 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 34-day expiry.
Why this cash-secured put structure on CR specifically: CR IV at 35.90% is mid-range versus its 1-year history, so the credit collected on a CR cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.29% (roughly $17.71 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CR should anchor to the underlying notional of $172.06 per share and to the trader's directional view on CR stock.
CR cash-secured put setup
The CR 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 CR near $172.06, the first option leg uses a $165.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CR chain at a 34-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 CR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $165.00 | $4.40 |
CR cash-secured put risk and reward
- Net Premium / Debit
- +$440.00
- Max Profit (per contract)
- $440.00
- Max Loss (per contract)
- -$16,059.00
- Breakeven(s)
- $160.60
- Risk / Reward Ratio
- 0.027
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
CR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CR. 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% | -$16,059.00 |
| $38.05 | -77.9% | -$12,254.77 |
| $76.09 | -55.8% | -$8,450.54 |
| $114.14 | -33.7% | -$4,646.31 |
| $152.18 | -11.6% | -$842.08 |
| $190.22 | +10.6% | +$440.00 |
| $228.26 | +32.7% | +$440.00 |
| $266.31 | +54.8% | +$440.00 |
| $304.35 | +76.9% | +$440.00 |
| $342.39 | +99.0% | +$440.00 |
When traders use cash-secured put on CR
Cash-secured puts on CR earn premium while a trader waits to acquire CR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CR.
CR thesis for this cash-secured put
The market-implied 1-standard-deviation range for CR extends from approximately $154.35 on the downside to $189.77 on the upside. A CR cash-secured put lets a trader earn premium while waiting to acquire CR 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 CR IV rank near 35.39% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on CR should anchor more to the directional view and the expected-move geometry. As a Industrials name, CR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CR-specific events.
CR 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. CR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CR alongside the broader basket even when CR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CR carry tail risk when realized volatility exceeds the implied move; review historical CR earnings reactions and macro stress periods before sizing. Always rebuild the position from current CR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CR?
- A cash-secured put on CR is the cash-secured put strategy applied to CR (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 CR stock trading near $172.06, the strikes shown on this page are snapped to the nearest listed CR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CR 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 CR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 35.90%), the computed maximum profit is $440.00 per contract and the computed maximum loss is -$16,059.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CR cash-secured put?
- The breakeven for the CR cash-secured put priced on this page is roughly $160.60 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 CR market-implied 1-standard-deviation expected move is approximately 10.29%; 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 CR?
- Cash-secured puts on CR earn premium while a trader waits to acquire CR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CR.
- How does current CR implied volatility affect this cash-secured put?
- CR ATM IV is at 35.90% with IV rank near 35.39%, 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.