How are CRC 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 CRC bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 43.40%), the computed maximum profit is $227.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRC bear put spread?

The breakeven for the CRC bear put spread priced on this page is roughly $52.28 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 CRC market-implied 1-standard-deviation expected move is approximately 12.44%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

CRC ATM IV is at 43.40% with IV rank near 50.49%, 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.

CRC Bear Put Spread Strategy

CRC (California Resources Corp), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NYSE.

California Resources Corporation operates as an independent energy and carbon management company in the United States. The company operates in two segments, Oil and Natural Gas, and Carbon Management. It explores, develops, and produces crude oil, oil condensate, natural gas liquids and natural gas to california refineries, marketers, and other purchasers. The company also provides Carbon TerraVault which builds, installs, operates, and maintains CO2 capture equipment, transportation assets, and storage facilities. In addition, it owns and operates power generation facilities, as well as smaller gas-fired power plants used to generate power for oil and natural gas operations. The company was incorporated in 2014 and is based in Long Beach, California.

CRC (California Resources Corp) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $4.77B, a beta of 0.90 versus the broader market, a 52-week range of 43.245-71.98, average daily share volume of 860K, a public-listing history dating back to 2020, approximately 3K full-time employees. These structural characteristics shape how CRC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.90 places CRC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CRC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on CRC?

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 CRC snapshot

As of June 29, 2026, spot at $52.62, ATM IV 43.40%, IV rank 50.49%, expected move 12.44%. The bear put spread on CRC 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 18-day expiry.

Why this bear put spread structure on CRC specifically: CRC IV at 43.40% 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 12.44% (roughly $6.55 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRC expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRC should anchor to the underlying notional of $52.62 per share and to the trader's directional view on CRC stock.

CRC bear put spread setup

The CRC 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 CRC near $52.62, the first option leg uses a $52.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRC chain at a 18-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 CRC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$52.50	$1.53
Sell 1	Put	$50.00	$1.30

CRC bear put spread risk and reward

Net Premium / Debit: -$22.50
Max Profit (per contract): $227.50
Max Loss (per contract): -$22.50
Breakeven(s): $52.28
Risk / Reward Ratio: 10.111

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.

CRC bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CRC. 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%	+$227.50
$11.64	-77.9%	+$227.50
$23.28	-55.8%	+$227.50
$34.91	-33.7%	+$227.50
$46.54	-11.5%	+$227.50
$58.18	+10.6%	-$22.50
$69.81	+32.7%	-$22.50
$81.44	+54.8%	-$22.50
$93.08	+76.9%	-$22.50
$104.71	+99.0%	-$22.50

When traders use bear put spread on CRC

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

CRC thesis for this bear put spread

The market-implied 1-standard-deviation range for CRC extends from approximately $46.07 on the downside to $59.17 on the upside. A CRC bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CRC, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CRC IV rank near 50.49% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on CRC should anchor more to the directional view and the expected-move geometry. As a Energy name, CRC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRC-specific events.

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

Frequently asked questions

What is a bear put spread on CRC?: A bear put spread on CRC is the bear put spread strategy applied to CRC (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 CRC stock trading near $52.62, the strikes shown on this page are snapped to the nearest listed CRC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRC 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 CRC bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 43.40%), the computed maximum profit is $227.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRC bear put spread?: The breakeven for the CRC bear put spread priced on this page is roughly $52.28 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 CRC market-implied 1-standard-deviation expected move is approximately 12.44%; 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 CRC?: Bear put spreads on CRC reduce the cost of a bearish CRC 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 CRC implied volatility affect this bear put spread?: CRC ATM IV is at 43.40% with IV rank near 50.49%, 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.