How are CVSA 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 CVSA long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.10%), the computed maximum profit is $12,539.00 per contract and the computed maximum loss is -$460.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CVSA long put?

The breakeven for the CVSA long put priced on this page is roughly $125.40 at expiration, derived from the August 14, 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 CVSA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CVSA implied volatility affect this long put?

Current CVSA ATM IV is 35.10%; IV rank context is unavailable in the current snapshot.

CVSA Long Put Strategy

CVSA (Covista Inc.), in the Consumer Defensive sector, (Education & Training Services industry), listed on NYSE.

Adtalem Global Education, Inc. is an enterprise dedicated to providing higher education. The company organizes its operations into three primary divisions: Chamberlain, Walden, and Medical and Veterinary. The Chamberlain segment delivers various degree and non-degree offerings within the nursing and broader health professions higher education sector. Through its Walden segment, the company offers extensive online learning options, including certificates, bachelor's, master's, and doctoral degrees in a wide range of subjects such as nursing, education, counseling, business, psychology, public health, social work, human services, public administration, public policy, and criminal justice. The Medical and Veterinary division provides both degree-granting and non-degree curricula tailored for post-secondary education in medicine and veterinary sciences. Dennis J.

CVSA (Covista Inc.) trades in the Consumer Defensive sector, specifically Education & Training Services, with a market capitalization of approximately $4.49B, a trailing P/E of 17.86, a beta of 0.62 versus the broader market, a 52-week range of 86.97-156.26, average daily share volume of 330K, a public-listing history dating back to 2026, approximately 5K full-time employees. These structural characteristics shape how CVSA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.62 indicates CVSA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a long put on CVSA?

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.

CVSA snapshot

As of August 14, 2026, spot at $131.93, ATM IV 35.10%, expected move 10.06%. The long put on CVSA below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this long put structure on CVSA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CVSA is inferred from ATM IV at 35.10% alone, with a market-implied 1-standard-deviation move of approximately 10.06% (roughly $13.28 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CVSA expiries trade a higher absolute premium for lower per-day decay. Position sizing on CVSA should anchor to the underlying notional of $131.93 per share and to the trader's directional view on CVSA stock.

CVSA long put setup

The CVSA long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CVSA at $131.93 on that close, the first option leg uses a $130.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CVSA chain at a 35-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 CVSA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$130.00	$4.60

CVSA long put risk and reward

Net Premium / Debit: -$460.00
Max Profit (per contract): $12,539.00
Max Loss (per contract): -$460.00
Breakeven(s): $125.40
Risk / Reward Ratio: 27.259

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

CVSA long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on CVSA. 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%	+$12,539.00
$29.18	-77.9%	+$9,622.07
$58.35	-55.8%	+$6,705.13
$87.52	-33.7%	+$3,788.20
$116.69	-11.6%	+$871.26
$145.86	+10.6%	-$460.00
$175.03	+32.7%	-$460.00
$204.20	+54.8%	-$460.00
$233.36	+76.9%	-$460.00
$262.53	+99.0%	-$460.00

When traders use long put on CVSA

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

CVSA thesis for this long put

The market-implied 1-standard-deviation range for CVSA extends from approximately $118.65 on the downside to $145.21 on the upside. A CVSA long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long CVSA position with one put per 100 shares held. As a Consumer Defensive name, CVSA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CVSA-specific events.

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

Frequently asked questions

What is a long put on CVSA?: A long put on CVSA is the long put strategy applied to CVSA (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 CVSA stock at $131.93 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CVSA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CVSA 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 CVSA long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.10%), the computed maximum profit is $12,539.00 per contract and the computed maximum loss is -$460.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CVSA long put?: The breakeven for the CVSA long put priced on this page is roughly $125.40 at expiration, derived from the August 14, 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 CVSA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.06%; 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 CVSA?: Long puts on CVSA hedge an existing long CVSA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying CVSA exposure being hedged.
How does current CVSA implied volatility affect this long put?: Current CVSA ATM IV is 35.10%; IV rank context is unavailable in the current snapshot.