How are FLY 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 FLY cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 91.60%), the computed maximum profit is $182.50 per contract and the computed maximum loss is -$2,316.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the FLY cash-secured put priced on this page is roughly $23.18 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 FLY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

FLY ATM IV is at 91.60% with IV rank near 61.27%, 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.

FLY Cash-Secured Put Strategy

FLY (Firefly Aerospace Inc.), in the Industrials sector, (Aerospace & Defense industry), listed on NASDAQ.

Firefly Aerospace Inc. is an innovative aerospace and defense technology firm that provides advanced mission capabilities for a wide range of clients, including national security initiatives, governmental bodies, and commercial ventures. The company specializes in integrated technologies for space launches and in-orbit operations, designed to facilitate efficient access, transit, and ongoing activities within the space environment. Its suite of key offerings includes: Alpha, a rapid-response small launch vehicle; Eclipse, a robust medium-lift launch system; Blue Ghost, which provides lunar payload delivery and surface operations; Elytra, offering in-space maneuverability and satellite servicing; and Ocula, a dedicated lunar imaging service. Established in 2017, the company is based in Cedar Park, Texas.

FLY (Firefly Aerospace Inc.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $4.36B, a beta of 0.69 versus the broader market, a 52-week range of 16-62.17, average daily share volume of 6.6M, a public-listing history dating back to 2025, approximately 1K full-time employees. These structural characteristics shape how FLY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.69 indicates FLY 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 FLY?

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.

FLY snapshot

As of August 14, 2026, spot at $26.56, ATM IV 91.60%, IV rank 61.27%, expected move 26.26%. The cash-secured put on FLY 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 28-day expiry.

Why this cash-secured put structure on FLY specifically: FLY IV at 91.60% is mid-range versus its 1-year history, so the credit collected on a FLY cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 26.26% (roughly $6.97 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 FLY expiries trade a higher absolute premium for lower per-day decay. Position sizing on FLY should anchor to the underlying notional of $26.56 per share and to the trader's directional view on FLY stock.

FLY cash-secured put setup

The FLY 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 FLY at $26.56 on that close, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FLY 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 FLY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$25.00	$1.83

FLY cash-secured put risk and reward

Net Premium / Debit: +$182.50
Max Profit (per contract): $182.50
Max Loss (per contract): -$2,316.50
Breakeven(s): $23.18
Risk / Reward Ratio: 0.079

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

FLY cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on FLY. 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%	-$2,316.50
$5.88	-77.9%	-$1,729.35
$11.75	-55.7%	-$1,142.21
$17.62	-33.6%	-$555.06
$23.50	-11.5%	+$32.08
$29.37	+10.6%	+$182.50
$35.24	+32.7%	+$182.50
$41.11	+54.8%	+$182.50
$46.98	+76.9%	+$182.50
$52.85	+99.0%	+$182.50

When traders use cash-secured put on FLY

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

FLY thesis for this cash-secured put

The market-implied 1-standard-deviation range for FLY extends from approximately $19.59 on the downside to $33.53 on the upside. A FLY cash-secured put lets a trader earn premium while waiting to acquire FLY 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 FLY IV rank near 61.27% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on FLY should anchor more to the directional view and the expected-move geometry. As a Industrials name, FLY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FLY-specific events.

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

Frequently asked questions

What is a cash-secured put on FLY?: A cash-secured put on FLY is the cash-secured put strategy applied to FLY (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 FLY stock at $26.56 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FLY chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FLY 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 FLY cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 91.60%), the computed maximum profit is $182.50 per contract and the computed maximum loss is -$2,316.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FLY cash-secured put?: The breakeven for the FLY cash-secured put priced on this page is roughly $23.18 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 FLY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.26%; 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 FLY?: Cash-secured puts on FLY earn premium while a trader waits to acquire FLY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning FLY.
How does current FLY implied volatility affect this cash-secured put?: FLY ATM IV is at 91.60% with IV rank near 61.27%, 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.