CRDL Cash-Secured Put Strategy

CRDL (Cardiol Therapeutics Inc.), in the Healthcare sector, (Drug Manufacturers - Specialty & Generic industry), listed on NASDAQ.

Cardiol Therapeutics Inc., a clinical-stage life sciences company, focuses on the research and development of anti-fibrotic and anti-inflammatory therapies for the treatment of cardiovascular disease (CVD). Its lead product is CardiolRx, which is in Phase II/III multi-national, randomized, double-blind, and placebo-controlled study to evaluate the efficacy and safety of CardiolRx as a cardioprotective therapy to reduce cardiovascular and respiratory events in patients hospitalized with COVID-19, as well as to evaluate the efficacy and safety of CardiolRx in acute myocarditis. The company is also developing subcutaneous formulation of CardiolRx for the treatment of fibrosis and inflammation in the heart that is related with the development and progression of heart failure. Cardiol Therapeutics Inc. was incorporated in 2017 and is headquartered in Oakville, Canada.

CRDL (Cardiol Therapeutics Inc.) trades in the Healthcare sector, specifically Drug Manufacturers - Specialty & Generic, with a market capitalization of approximately $151.9M, a beta of 0.86 versus the broader market, a 52-week range of 0.88-1.71, average daily share volume of 689K, a public-listing history dating back to 2019, approximately 18 full-time employees. These structural characteristics shape how CRDL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.86 places CRDL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a cash-secured put on CRDL?

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 CRDL snapshot

As of May 15, 2026, spot at $1.33, ATM IV 21.50%, IV rank 0.21%, expected move 6.16%. The cash-secured put on CRDL 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 CRDL specifically: CRDL IV at 21.50% is on the cheap side of its 1-year range, which means a premium-selling CRDL cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.16% (roughly $0.08 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 CRDL expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRDL should anchor to the underlying notional of $1.33 per share and to the trader's directional view on CRDL stock.

CRDL cash-secured put setup

The CRDL 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 CRDL near $1.33, the first option leg uses a $1.26 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRDL 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 CRDL shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$1.26N/A

CRDL cash-secured put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

CRDL cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CRDL. 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.

When traders use cash-secured put on CRDL

Cash-secured puts on CRDL earn premium while a trader waits to acquire CRDL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CRDL.

CRDL thesis for this cash-secured put

The market-implied 1-standard-deviation range for CRDL extends from approximately $1.25 on the downside to $1.41 on the upside. A CRDL cash-secured put lets a trader earn premium while waiting to acquire CRDL 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 CRDL IV rank near 0.21% 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 CRDL at 21.50%. As a Healthcare name, CRDL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRDL-specific events.

CRDL 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. CRDL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRDL alongside the broader basket even when CRDL-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CRDL carry tail risk when realized volatility exceeds the implied move; review historical CRDL earnings reactions and macro stress periods before sizing. Always rebuild the position from current CRDL chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on CRDL?
A cash-secured put on CRDL is the cash-secured put strategy applied to CRDL (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 CRDL stock trading near $1.33, the strikes shown on this page are snapped to the nearest listed CRDL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRDL 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 CRDL cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 21.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRDL cash-secured put?
The breakeven for the CRDL cash-secured put priced on this page is no defined breakeven on the modeled curve 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 CRDL market-implied 1-standard-deviation expected move is approximately 6.16%; 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 CRDL?
Cash-secured puts on CRDL earn premium while a trader waits to acquire CRDL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CRDL.
How does current CRDL implied volatility affect this cash-secured put?
CRDL ATM IV is at 21.50% with IV rank near 0.21%, 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.

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