EVLV Long Put Strategy
EVLV (Evolv Technologies Holdings, Inc.), in the Industrials sector, (Security & Protection Services industry), listed on NASDAQ.
Evolv Technologies Holdings, Inc. provides artificial intelligence (AI)-based touchless security screening systems. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives as visitors walk through at a normal pace; Evolv Insights that provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance, and alarm statistics; and Evolv Edge to detect non-metallic explosive devices, explosive devices, firearms, and tactical knives without requiring visitors to divest or empty their pockets. The company is headquartered in Waltham, Massachusetts.
EVLV (Evolv Technologies Holdings, Inc.) trades in the Industrials sector, specifically Security & Protection Services, with a market capitalization of approximately $1.08B, a beta of 1.82 versus the broader market, a 52-week range of 4.16-8.91, average daily share volume of 3.1M, a public-listing history dating back to 2020, approximately 287 full-time employees. These structural characteristics shape how EVLV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.82 indicates EVLV has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a long put on EVLV?
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 EVLV snapshot
As of May 15, 2026, spot at $5.75, ATM IV 68.10%, IV rank 20.48%, expected move 19.52%. The long put on EVLV 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 245-day expiry.
Why this long put structure on EVLV specifically: EVLV IV at 68.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a EVLV long put, with a market-implied 1-standard-deviation move of approximately 19.52% (roughly $1.12 on the underlying). The 245-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EVLV expiries trade a higher absolute premium for lower per-day decay. Position sizing on EVLV should anchor to the underlying notional of $5.75 per share and to the trader's directional view on EVLV stock.
EVLV long put setup
The EVLV 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 EVLV near $5.75, the first option leg uses a $5.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EVLV chain at a 245-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 EVLV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $5.50 | $1.13 |
EVLV long put risk and reward
- Net Premium / Debit
- -$112.50
- Max Profit (per contract)
- $436.50
- Max Loss (per contract)
- -$112.50
- Breakeven(s)
- $4.38
- Risk / Reward Ratio
- 3.880
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
EVLV long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on EVLV. 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 | -99.8% | +$436.50 |
| $1.28 | -77.7% | +$309.47 |
| $2.55 | -55.6% | +$182.45 |
| $3.82 | -33.6% | +$55.42 |
| $5.09 | -11.5% | -$71.60 |
| $6.36 | +10.6% | -$112.50 |
| $7.63 | +32.7% | -$112.50 |
| $8.90 | +54.8% | -$112.50 |
| $10.17 | +76.9% | -$112.50 |
| $11.44 | +99.0% | -$112.50 |
When traders use long put on EVLV
Long puts on EVLV hedge an existing long EVLV stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying EVLV exposure being hedged.
EVLV thesis for this long put
The market-implied 1-standard-deviation range for EVLV extends from approximately $4.63 on the downside to $6.87 on the upside. A EVLV long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long EVLV position with one put per 100 shares held. Current EVLV IV rank near 20.48% 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 EVLV at 68.10%. As a Industrials name, EVLV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EVLV-specific events.
EVLV 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. EVLV positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EVLV alongside the broader basket even when EVLV-specific fundamentals are unchanged. Long-premium structures like a long put on EVLV 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 EVLV chain quotes before placing a trade.
Frequently asked questions
- What is a long put on EVLV?
- A long put on EVLV is the long put strategy applied to EVLV (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 EVLV stock trading near $5.75, the strikes shown on this page are snapped to the nearest listed EVLV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EVLV 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 EVLV long put priced from the end-of-day chain at a 30-day expiry (ATM IV 68.10%), the computed maximum profit is $436.50 per contract and the computed maximum loss is -$112.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EVLV long put?
- The breakeven for the EVLV long put priced on this page is roughly $4.38 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 EVLV market-implied 1-standard-deviation expected move is approximately 19.52%; 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 EVLV?
- Long puts on EVLV hedge an existing long EVLV stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying EVLV exposure being hedged.
- How does current EVLV implied volatility affect this long put?
- EVLV ATM IV is at 68.10% with IV rank near 20.48%, 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.