ESTA Cash-Secured Put Strategy
ESTA (Establishment Labs Holdings Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Establishment Labs Holdings Inc. operates as a medical technology enterprise specializing in the creation and commercialization of devices for aesthetic and reconstructive plastic surgery. The company is primarily recognized for its silicone gel-filled breast implants, sold under the Motiva Implants brand. Among these are the Motiva Ergonomix and Motiva Ergonomix2, which are distinctive, gravity-sensitive, round, soft silicone-gel-filled implants. Furthermore, Establishment Labs provides the Motiva Flora Tissue Expander for breast tissue and distributes the Puregraft range of products, utilized for the harvesting and redistribution of autologous adipose tissue. The firm markets its offerings across Europe, Latin America, the Asia-Pacific region, and other global markets, leveraging both a direct sales force and exclusive distributors. Founded in 2004, Establishment Labs has its main office situated in Alajuela, Costa Rica.
ESTA (Establishment Labs Holdings Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $2.22B, a beta of 1.09 versus the broader market, a 52-week range of 33.75-97.59, average daily share volume of 576K, a public-listing history dating back to 2018, approximately 1K full-time employees. These structural characteristics shape how ESTA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places ESTA 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 ESTA?
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.
ESTA snapshot
As of August 14, 2026, spot at $79.76, ATM IV 47.70%, IV rank 0.93%, expected move 13.68%. The cash-secured put on ESTA 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 cash-secured put structure on ESTA specifically: ESTA IV at 47.70% is on the cheap side of its 1-year range, which means a premium-selling ESTA cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.68% (roughly $10.91 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 ESTA expiries trade a higher absolute premium for lower per-day decay. Position sizing on ESTA should anchor to the underlying notional of $79.76 per share and to the trader's directional view on ESTA stock.
ESTA cash-secured put setup
The ESTA cash-secured 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 ESTA at $79.76 on that close, the first option leg uses a $75.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ESTA 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 ESTA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $75.00 | $2.60 |
ESTA cash-secured put risk and reward
- Net Premium / Debit
- +$260.00
- Max Profit (per contract)
- $260.00
- Max Loss (per contract)
- -$7,239.00
- Breakeven(s)
- $72.40
- Risk / Reward Ratio
- 0.036
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ESTA cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ESTA. 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% | -$7,239.00 |
| $17.64 | -77.9% | -$5,475.57 |
| $35.28 | -55.8% | -$3,712.15 |
| $52.91 | -33.7% | -$1,948.72 |
| $70.55 | -11.6% | -$185.29 |
| $88.18 | +10.6% | +$260.00 |
| $105.82 | +32.7% | +$260.00 |
| $123.45 | +54.8% | +$260.00 |
| $141.08 | +76.9% | +$260.00 |
| $158.72 | +99.0% | +$260.00 |
When traders use cash-secured put on ESTA
Cash-secured puts on ESTA earn premium while a trader waits to acquire ESTA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ESTA.
ESTA thesis for this cash-secured put
The market-implied 1-standard-deviation range for ESTA extends from approximately $68.85 on the downside to $90.67 on the upside. A ESTA cash-secured put lets a trader earn premium while waiting to acquire ESTA 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 ESTA IV rank near 0.93% 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 ESTA at 47.70%. As a Healthcare name, ESTA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ESTA-specific events.
ESTA 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. ESTA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ESTA alongside the broader basket even when ESTA-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ESTA carry tail risk when realized volatility exceeds the implied move; review historical ESTA earnings reactions and macro stress periods before sizing. Always rebuild the position from current ESTA chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ESTA?
- A cash-secured put on ESTA is the cash-secured put strategy applied to ESTA (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 ESTA stock at $79.76 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ESTA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ESTA 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 ESTA cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.70%), the computed maximum profit is $260.00 per contract and the computed maximum loss is -$7,239.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ESTA cash-secured put?
- The breakeven for the ESTA cash-secured put priced on this page is roughly $72.40 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 ESTA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.68%; 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 ESTA?
- Cash-secured puts on ESTA earn premium while a trader waits to acquire ESTA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ESTA.
- How does current ESTA implied volatility affect this cash-secured put?
- ESTA ATM IV is at 47.70% with IV rank near 0.93%, 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.