How are FIG 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 FIG cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $144.00 per contract and the computed maximum loss is -$2,005.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the FIG cash-secured put priced on this page is roughly $20.06 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.

FIG Cash-Secured Put Strategy

FIG (Figma, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Figma, Inc. develops a browser-based tool for designing user interfaces that helps design and development teams build various products. The company offers Figma Design, a collaborative design tool for teams that explore ideas and gather feedback, build realistic prototypes, and streamline product development with design systems; Dev Mode to inspect designs and translate them into code without changing the design file; FigJam to define ideas, align on decisions, and move work forwardall in one place; and Figma Slides, a presentation tool built for designers and their teams. It also provides Figma Draw to create expressive designs with illustration tools; Figma Buzz that publishes brand templates to create social media assets, display ads, one-pagers, and others; Figma Sites to design, prototype, and publish; and Figma Make, an AI tool to design and prompt way to a functional prototype. The company was incorporated in 2012 and is headquartered in San Francisco, California.

FIG (Figma, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.23B, a beta of -0.19 versus the broader market, a 52-week range of 16.6-142.92, average daily share volume of 16.7M, a public-listing history dating back to 2025, approximately 2K full-time employees. These structural characteristics shape how FIG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.19 indicates FIG 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 cash-secured put on FIG?

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.

Current FIG snapshot

As of May 15, 2026, spot at $22.81, ATM IV 85.22%, IV rank 52.37%, expected move 24.43%. The cash-secured put on FIG 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 28-day expiry.

Why this cash-secured put structure on FIG specifically: FIG IV at 85.22% is mid-range versus its 1-year history, so the credit collected on a FIG cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 24.43% (roughly $5.57 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIG should anchor to the underlying notional of $22.81 per share and to the trader's directional view on FIG stock.

FIG cash-secured put setup

The FIG cash-secured 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 FIG near $22.81, the first option leg uses a $21.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIG chain at a 28-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 FIG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$21.50	$1.44

FIG cash-secured put risk and reward

Net Premium / Debit: +$144.00
Max Profit (per contract): $144.00
Max Loss (per contract): -$2,005.00
Breakeven(s): $20.06
Risk / Reward Ratio: 0.072

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

FIG cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on FIG. 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%	-$2,005.00
$5.05	-77.9%	-$1,500.77
$10.09	-55.7%	-$996.54
$15.14	-33.6%	-$492.31
$20.18	-11.5%	+$11.92
$25.22	+10.6%	+$144.00
$30.26	+32.7%	+$144.00
$35.31	+54.8%	+$144.00
$40.35	+76.9%	+$144.00
$45.39	+99.0%	+$144.00

When traders use cash-secured put on FIG

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

FIG thesis for this cash-secured put

The market-implied 1-standard-deviation range for FIG extends from approximately $17.24 on the downside to $28.38 on the upside. A FIG cash-secured put lets a trader earn premium while waiting to acquire FIG 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 FIG IV rank near 52.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on FIG should anchor more to the directional view and the expected-move geometry. As a Technology name, FIG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIG-specific events.

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

Frequently asked questions

What is a cash-secured put on FIG?: A cash-secured put on FIG is the cash-secured put strategy applied to FIG (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 FIG stock trading near $22.81, the strikes shown on this page are snapped to the nearest listed FIG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FIG 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 FIG cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $144.00 per contract and the computed maximum loss is -$2,005.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIG cash-secured put?: The breakeven for the FIG cash-secured put priced on this page is roughly $20.06 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; 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 FIG?: Cash-secured puts on FIG earn premium while a trader waits to acquire FIG stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FIG.
How does current FIG implied volatility affect this cash-secured put?: FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.