How are FLY long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the FLY long put priced from the end-of-day chain at a 30-day expiry (ATM IV 115.25%), the computed maximum profit is $3,579.00 per contract and the computed maximum loss is -$520.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FLY long put?

The breakeven for the FLY long put priced on this page is roughly $35.80 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 FLY market-implied 1-standard-deviation expected move is approximately 33.04%; 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 long put?

FLY ATM IV is at 115.25% with IV rank near 78.69%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

FLY Long Put Strategy

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

Firefly Aerospace Inc. operates as a space and defense technology company and provides mission solutions for national security, government, and commercial customers. It offers integrated launch and space services technology that is committed to enabling launch, transit, and operations in space. The company also provides Alpha, a responsive small launch service; Eclipse, a medium-lift launch vehicle; Blue Ghost, a lunar delivery and operation service; Elytra, which offers space maneuverability and servicing; and Ocula, a lunar imaging service. The company was incorporated in 2017 and is headquartered in Cedar Park, Texas.

FLY (Firefly Aerospace Inc.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $6.31B, a beta of -1.14 versus the broader market, a 52-week range of 16-73.8, average daily share volume of 5.6M, a public-listing history dating back to 2025, approximately 780 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 -1.14 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 long put on FLY?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current FLY snapshot

As of May 15, 2026, spot at $40.77, ATM IV 115.25%, IV rank 78.69%, expected move 33.04%. The long put on FLY 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 long put structure on FLY specifically: FLY IV at 115.25% is rich versus its 1-year range, which makes a premium-buying FLY long put relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 33.04% (roughly $13.47 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 $40.77 per share and to the trader's directional view on FLY stock.

FLY long put setup

The FLY long 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 FLY near $40.77, the first option leg uses a $41.00 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)
Buy 1	Put	$41.00	$5.20

FLY long put risk and reward

Net Premium / Debit: -$520.00
Max Profit (per contract): $3,579.00
Max Loss (per contract): -$520.00
Breakeven(s): $35.80
Risk / Reward Ratio: 6.883

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

FLY long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$3,579.00
$9.02	-77.9%	+$2,677.66
$18.04	-55.8%	+$1,776.33
$27.05	-33.7%	+$874.99
$36.06	-11.5%	-$26.35
$45.08	+10.6%	-$520.00
$54.09	+32.7%	-$520.00
$63.10	+54.8%	-$520.00
$72.12	+76.9%	-$520.00
$81.13	+99.0%	-$520.00

When traders use long put on FLY

Long puts on FLY hedge an existing long FLY stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FLY exposure being hedged.

FLY thesis for this long put

The market-implied 1-standard-deviation range for FLY extends from approximately $27.30 on the downside to $54.24 on the upside. A FLY long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long FLY position with one put per 100 shares held. Current FLY IV rank near 78.69% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on FLY at 115.25%. 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 long put positions are structurally bearish; 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. Long-premium structures like a long put on FLY are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current FLY chain quotes before placing a trade.

Frequently asked questions

What is a long put on FLY?: A long put on FLY is the long put strategy applied to FLY (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With FLY stock trading near $40.77, the strikes shown on this page are snapped to the nearest listed FLY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FLY long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the FLY long put priced from the end-of-day chain at a 30-day expiry (ATM IV 115.25%), the computed maximum profit is $3,579.00 per contract and the computed maximum loss is -$520.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FLY long put?: The breakeven for the FLY long put priced on this page is roughly $35.80 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 FLY market-implied 1-standard-deviation expected move is approximately 33.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on FLY?: Long puts on FLY hedge an existing long FLY stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FLY exposure being hedged.
How does current FLY implied volatility affect this long put?: FLY ATM IV is at 115.25% with IV rank near 78.69%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.