How are CRS long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CRS long put priced from the end-of-day chain at a 30-day expiry (ATM IV 48.50%), the computed maximum profit is $38,644.00 per contract and the computed maximum loss is -$2,355.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRS long put?

The breakeven for the CRS long put priced on this page is roughly $386.45 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 CRS market-implied 1-standard-deviation expected move is approximately 13.90%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRS implied volatility affect this long put?

CRS ATM IV is at 48.50% with IV rank near 39.83%, 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.

CRS Long Put Strategy

CRS (Carpenter Technology Corporation), in the Industrials sector, (Manufacturing - Metal Fabrication industry), listed on NYSE.

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves aerospace, defense, medical, transportation, energy, industrial, and consumer markets. The company was founded in 1889 and is headquartered in Philadelphia, Pennsylvania.

CRS (Carpenter Technology Corporation) trades in the Industrials sector, specifically Manufacturing - Metal Fabrication, with a market capitalization of approximately $21.68B, a trailing P/E of 45.54, a beta of 1.24 versus the broader market, a 52-week range of 219.58-475.69, average daily share volume of 716K, a public-listing history dating back to 1987, approximately 5K full-time employees. These structural characteristics shape how CRS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.24 places CRS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 45.54 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. CRS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on CRS?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current CRS snapshot

As of May 15, 2026, spot at $409.23, ATM IV 48.50%, IV rank 39.83%, expected move 13.90%. The long put on CRS 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 long put structure on CRS specifically: CRS IV at 48.50% 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 13.90% (roughly $56.90 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 CRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRS should anchor to the underlying notional of $409.23 per share and to the trader's directional view on CRS stock.

CRS long put setup

The CRS long 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 CRS near $409.23, the first option leg uses a $410.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRS 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 CRS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$410.00	$23.55

CRS long put risk and reward

Net Premium / Debit: -$2,355.00
Max Profit (per contract): $38,644.00
Max Loss (per contract): -$2,355.00
Breakeven(s): $386.45
Risk / Reward Ratio: 16.409

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

CRS long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on CRS. 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%	+$38,644.00
$90.49	-77.9%	+$29,595.81
$180.97	-55.8%	+$20,547.62
$271.46	-33.7%	+$11,499.43
$361.94	-11.6%	+$2,451.24
$452.42	+10.6%	-$2,355.00
$542.90	+32.7%	-$2,355.00
$633.38	+54.8%	-$2,355.00
$723.87	+76.9%	-$2,355.00
$814.35	+99.0%	-$2,355.00

When traders use long put on CRS

Long puts on CRS hedge an existing long CRS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRS exposure being hedged.

CRS thesis for this long put

The market-implied 1-standard-deviation range for CRS extends from approximately $352.33 on the downside to $466.13 on the upside. A CRS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CRS position with one put per 100 shares held. Current CRS IV rank near 39.83% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on CRS should anchor more to the directional view and the expected-move geometry. As a Industrials name, CRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRS-specific events.

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

Frequently asked questions

What is a long put on CRS?: A long put on CRS is the long put strategy applied to CRS (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With CRS stock trading near $409.23, the strikes shown on this page are snapped to the nearest listed CRS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRS long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the CRS long put priced from the end-of-day chain at a 30-day expiry (ATM IV 48.50%), the computed maximum profit is $38,644.00 per contract and the computed maximum loss is -$2,355.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRS long put?: The breakeven for the CRS long put priced on this page is roughly $386.45 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 CRS market-implied 1-standard-deviation expected move is approximately 13.90%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on CRS?: Long puts on CRS hedge an existing long CRS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CRS exposure being hedged.
How does current CRS implied volatility affect this long put?: CRS ATM IV is at 48.50% with IV rank near 39.83%, 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.