FIRY Cash-Secured Put Strategy
FIRY (Firy Inc.), in the Technology sector, (Electronic Gaming & Multimedia industry), listed on NYSE.
Firy Inc. operates a mobile game platform. The company's platform helps developers create franchises by enabling social competition in their games. It hosts casual eSports tournaments for mobile players.
FIRY (Firy Inc.) trades in the Technology sector, specifically Electronic Gaming & Multimedia, with a market capitalization of approximately $155.8M, a beta of 4.62 versus the broader market, a 52-week range of 2.23-20, average daily share volume of 1.2M, a public-listing history dating back to 2026, approximately 370 full-time employees. These structural characteristics shape how FIRY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.62 indicates FIRY 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 cash-secured put on FIRY?
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.
FIRY snapshot
As of August 14, 2026, spot at $9.57, ATM IV 88.40%, IV rank 20.16%, expected move 25.34%. The cash-secured put on FIRY 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 7-day expiry.
Why this cash-secured put structure on FIRY specifically: FIRY IV at 88.40% is on the cheap side of its 1-year range, which means a premium-selling FIRY cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 25.34% (roughly $2.43 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIRY expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIRY should anchor to the underlying notional of $9.57 per share and to the trader's directional view on FIRY stock.
FIRY cash-secured put setup
The FIRY 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 FIRY at $9.57 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIRY chain at a 7-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 FIRY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $9.00 | $0.26 |
FIRY cash-secured put risk and reward
- Net Premium / Debit
- +$26.00
- Max Profit (per contract)
- $26.00
- Max Loss (per contract)
- -$873.00
- Breakeven(s)
- $8.74
- Risk / Reward Ratio
- 0.030
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
FIRY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on FIRY. 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 | -99.9% | -$873.00 |
| $2.12 | -77.8% | -$661.51 |
| $4.24 | -55.7% | -$450.03 |
| $6.35 | -33.6% | -$238.54 |
| $8.47 | -11.5% | -$27.05 |
| $10.58 | +10.6% | +$26.00 |
| $12.70 | +32.7% | +$26.00 |
| $14.81 | +54.8% | +$26.00 |
| $16.93 | +76.9% | +$26.00 |
| $19.04 | +99.0% | +$26.00 |
When traders use cash-secured put on FIRY
Cash-secured puts on FIRY earn premium while a trader waits to acquire FIRY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FIRY.
FIRY thesis for this cash-secured put
The market-implied 1-standard-deviation range for FIRY extends from approximately $7.14 on the downside to $12.00 on the upside. A FIRY cash-secured put lets a trader earn premium while waiting to acquire FIRY 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 FIRY IV rank near 20.16% 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 FIRY at 88.40%. As a Technology name, FIRY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIRY-specific events.
FIRY 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. FIRY positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIRY alongside the broader basket even when FIRY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on FIRY carry tail risk when realized volatility exceeds the implied move; review historical FIRY earnings reactions and macro stress periods before sizing. Always rebuild the position from current FIRY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on FIRY?
- A cash-secured put on FIRY is the cash-secured put strategy applied to FIRY (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 FIRY stock at $9.57 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FIRY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FIRY 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 FIRY cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 88.40%), the computed maximum profit is $26.00 per contract and the computed maximum loss is -$873.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FIRY cash-secured put?
- The breakeven for the FIRY cash-secured put priced on this page is roughly $8.74 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 FIRY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.34%; 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 FIRY?
- Cash-secured puts on FIRY earn premium while a trader waits to acquire FIRY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FIRY.
- How does current FIRY implied volatility affect this cash-secured put?
- FIRY ATM IV is at 88.40% with IV rank near 20.16%, 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.