How are FCFS 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 FCFS cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.40%), the computed maximum profit is $387.50 per contract and the computed maximum loss is -$19,611.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FCFS cash-secured put?

The breakeven for the FCFS cash-secured put priced on this page is roughly $196.13 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 FCFS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FCFS implied volatility affect this cash-secured put?

FCFS ATM IV is at 34.40% with IV rank near 56.16%, 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.

FCFS Cash-Secured Put Strategy

FCFS (FirstCash Holdings, Inc), in the Financial Services sector, (Financial - Credit Services industry), listed on NASDAQ.

FirstCash Holdings, Inc., along with its affiliates, oversees a widespread network of retail pawn shops throughout the United States, Mexico, and other parts of Latin America. These establishments provide monetary loans against a diverse range of personal collateral, including jewelry, electronic devices, tools, home appliances, sporting goods, and musical instruments. They also sell merchandise obtained either from defaulted pawn agreements or through direct cash purchases from customers. Beyond its core pawn operations, the firm processes scrap jewelry and trades valuable commodities such as gold, silver, and diamonds on global markets. As of December 31, 2021, its extensive footprint included 1,081 outlets in the U.S. (including the District of Columbia), 1,656 in Mexico, 60 in Guatemala, 13 in El Salvador, and 15 in Colombia. The company was established in 1988 and maintains its principal executive offices in Fort Worth, Texas.

FCFS (FirstCash Holdings, Inc) trades in the Financial Services sector, specifically Financial - Credit Services, with a market capitalization of approximately $9.28B, a trailing P/E of 24.39, a beta of 0.53 versus the broader market, a 52-week range of 135.64-235.97, average daily share volume of 433K, a public-listing history dating back to 1991, approximately 20K full-time employees. These structural characteristics shape how FCFS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.53 indicates FCFS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. FCFS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a cash-secured put on FCFS?

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.

FCFS snapshot

As of August 14, 2026, spot at $213.00, ATM IV 34.40%, IV rank 56.16%, expected move 9.86%. The cash-secured put on FCFS 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 FCFS specifically: FCFS IV at 34.40% is mid-range versus its 1-year history, so the credit collected on a FCFS cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 9.86% (roughly $21.01 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 FCFS expiries trade a higher absolute premium for lower per-day decay. Position sizing on FCFS should anchor to the underlying notional of $213.00 per share and to the trader's directional view on FCFS stock.

FCFS cash-secured put setup

The FCFS 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 FCFS at $213.00 on that close, the first option leg uses a $200.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FCFS 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 FCFS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$200.00	$3.88

FCFS cash-secured put risk and reward

Net Premium / Debit: +$387.50
Max Profit (per contract): $387.50
Max Loss (per contract): -$19,611.50
Breakeven(s): $196.13
Risk / Reward Ratio: 0.020

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

FCFS cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on FCFS. 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%	-$19,611.50
$47.10	-77.9%	-$14,902.06
$94.20	-55.8%	-$10,192.63
$141.29	-33.7%	-$5,483.19
$188.39	-11.6%	-$773.75
$235.48	+10.6%	+$387.50
$282.58	+32.7%	+$387.50
$329.67	+54.8%	+$387.50
$376.76	+76.9%	+$387.50
$423.86	+99.0%	+$387.50

When traders use cash-secured put on FCFS

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

FCFS thesis for this cash-secured put

The market-implied 1-standard-deviation range for FCFS extends from approximately $191.99 on the downside to $234.01 on the upside. A FCFS cash-secured put lets a trader earn premium while waiting to acquire FCFS 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 FCFS IV rank near 56.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on FCFS should anchor more to the directional view and the expected-move geometry. As a Financial Services name, FCFS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FCFS-specific events.

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

Frequently asked questions

What is a cash-secured put on FCFS?: A cash-secured put on FCFS is the cash-secured put strategy applied to FCFS (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 FCFS stock at $213.00 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FCFS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FCFS 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 FCFS cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.40%), the computed maximum profit is $387.50 per contract and the computed maximum loss is -$19,611.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FCFS cash-secured put?: The breakeven for the FCFS cash-secured put priced on this page is roughly $196.13 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 FCFS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.86%; 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 FCFS?: Cash-secured puts on FCFS earn premium while a trader waits to acquire FCFS stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FCFS.
How does current FCFS implied volatility affect this cash-secured put?: FCFS ATM IV is at 34.40% with IV rank near 56.16%, 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.