FSLR Long Put Strategy
FSLR (First Solar, Inc.), in the Energy sector, (Solar industry), listed on NASDAQ.
First Solar, Inc. provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.
FSLR (First Solar, Inc.) trades in the Energy sector, specifically Solar, with a market capitalization of approximately $25.21B, a trailing P/E of 15.12, a beta of 1.56 versus the broader market, a 52-week range of 135.5-285.99, average daily share volume of 2.3M, a public-listing history dating back to 2006, approximately 8K full-time employees. These structural characteristics shape how FSLR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.56 indicates FSLR 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 long put on FSLR?
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 FSLR snapshot
As of May 15, 2026, spot at $236.03, ATM IV 55.41%, IV rank 38.18%, expected move 15.89%. The long put on FSLR 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 FSLR specifically: FSLR IV at 55.41% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 15.89% (roughly $37.50 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 FSLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on FSLR should anchor to the underlying notional of $236.03 per share and to the trader's directional view on FSLR stock.
FSLR long put setup
The FSLR 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 FSLR near $236.03, the first option leg uses a $235.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FSLR 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 FSLR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $235.00 | $13.38 |
FSLR long put risk and reward
- Net Premium / Debit
- -$1,337.50
- Max Profit (per contract)
- $22,161.50
- Max Loss (per contract)
- -$1,337.50
- Breakeven(s)
- $221.63
- Risk / Reward Ratio
- 16.569
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
FSLR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on FSLR. 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% | +$22,161.50 |
| $52.20 | -77.9% | +$16,942.86 |
| $104.38 | -55.8% | +$11,724.21 |
| $156.57 | -33.7% | +$6,505.57 |
| $208.76 | -11.6% | +$1,286.93 |
| $260.94 | +10.6% | -$1,337.50 |
| $313.13 | +32.7% | -$1,337.50 |
| $365.32 | +54.8% | -$1,337.50 |
| $417.50 | +76.9% | -$1,337.50 |
| $469.69 | +99.0% | -$1,337.50 |
When traders use long put on FSLR
Long puts on FSLR hedge an existing long FSLR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FSLR exposure being hedged.
FSLR thesis for this long put
The market-implied 1-standard-deviation range for FSLR extends from approximately $198.53 on the downside to $273.53 on the upside. A FSLR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long FSLR position with one put per 100 shares held. Current FSLR IV rank near 38.18% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on FSLR should anchor more to the directional view and the expected-move geometry. As a Energy name, FSLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FSLR-specific events.
FSLR 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. FSLR positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FSLR alongside the broader basket even when FSLR-specific fundamentals are unchanged. Long-premium structures like a long put on FSLR 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 FSLR chain quotes before placing a trade.
Frequently asked questions
- What is a long put on FSLR?
- A long put on FSLR is the long put strategy applied to FSLR (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 FSLR stock trading near $236.03, the strikes shown on this page are snapped to the nearest listed FSLR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FSLR 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 FSLR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 55.41%), the computed maximum profit is $22,161.50 per contract and the computed maximum loss is -$1,337.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FSLR long put?
- The breakeven for the FSLR long put priced on this page is roughly $221.63 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 FSLR market-implied 1-standard-deviation expected move is approximately 15.89%; 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 FSLR?
- Long puts on FSLR hedge an existing long FSLR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FSLR exposure being hedged.
- How does current FSLR implied volatility affect this long put?
- FSLR ATM IV is at 55.41% with IV rank near 38.18%, 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.