FIGR Cash-Secured Put Strategy
FIGR (Figure Technology Solutions, Inc. Class A Common Stock), in the Financial Services sector, (Financial - Capital Markets industry), listed on NASDAQ.
Figure Technology Solutions, Inc. develops and operates a blockchain-based consumer lending platform. The company offers a suite of blockchain-based solutions for its marketplaces, including lending, trading, and investing activities. It serves the consumer finance sector. The company was formerly known as FT Intermediate, Inc. and changed its name to Figure Technology Solutions, Inc. in August 2025. The company was founded in 2018 and is based in Reno, Nevada.
FIGR (Figure Technology Solutions, Inc. Class A Common Stock) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $7.36B, a trailing P/E of 49.00, a beta of -0.45 versus the broader market, a 52-week range of 25.01-78, average daily share volume of 5.4M, a public-listing history dating back to 2025, approximately 530 full-time employees. These structural characteristics shape how FIGR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.45 indicates FIGR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 49.00 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a cash-secured put on FIGR?
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 FIGR snapshot
As of May 15, 2026, spot at $43.95, ATM IV 82.06%, IV rank 19.77%, expected move 23.53%. The cash-secured put on FIGR 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 FIGR specifically: FIGR IV at 82.06% is on the cheap side of its 1-year range, which means a premium-selling FIGR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 23.53% (roughly $10.34 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 FIGR expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGR should anchor to the underlying notional of $43.95 per share and to the trader's directional view on FIGR stock.
FIGR cash-secured put setup
The FIGR 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 FIGR near $43.95, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIGR 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 FIGR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $42.00 | $3.03 |
FIGR cash-secured put risk and reward
- Net Premium / Debit
- +$302.50
- Max Profit (per contract)
- $302.50
- Max Loss (per contract)
- -$3,896.50
- Breakeven(s)
- $38.98
- Risk / Reward Ratio
- 0.078
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
FIGR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on FIGR. 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% | -$3,896.50 |
| $9.73 | -77.9% | -$2,924.85 |
| $19.44 | -55.8% | -$1,953.20 |
| $29.16 | -33.7% | -$981.56 |
| $38.88 | -11.5% | -$9.91 |
| $48.59 | +10.6% | +$302.50 |
| $58.31 | +32.7% | +$302.50 |
| $68.03 | +54.8% | +$302.50 |
| $77.74 | +76.9% | +$302.50 |
| $87.46 | +99.0% | +$302.50 |
When traders use cash-secured put on FIGR
Cash-secured puts on FIGR earn premium while a trader waits to acquire FIGR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FIGR.
FIGR thesis for this cash-secured put
The market-implied 1-standard-deviation range for FIGR extends from approximately $33.61 on the downside to $54.29 on the upside. A FIGR cash-secured put lets a trader earn premium while waiting to acquire FIGR 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 FIGR IV rank near 19.77% 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 FIGR at 82.06%. As a Financial Services name, FIGR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGR-specific events.
FIGR 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. FIGR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIGR alongside the broader basket even when FIGR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on FIGR carry tail risk when realized volatility exceeds the implied move; review historical FIGR earnings reactions and macro stress periods before sizing. Always rebuild the position from current FIGR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on FIGR?
- A cash-secured put on FIGR is the cash-secured put strategy applied to FIGR (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 FIGR stock trading near $43.95, the strikes shown on this page are snapped to the nearest listed FIGR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FIGR 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 FIGR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 82.06%), the computed maximum profit is $302.50 per contract and the computed maximum loss is -$3,896.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FIGR cash-secured put?
- The breakeven for the FIGR cash-secured put priced on this page is roughly $38.98 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 FIGR market-implied 1-standard-deviation expected move is approximately 23.53%; 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 FIGR?
- Cash-secured puts on FIGR earn premium while a trader waits to acquire FIGR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FIGR.
- How does current FIGR implied volatility affect this cash-secured put?
- FIGR ATM IV is at 82.06% with IV rank near 19.77%, 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.