How are GPRE 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 GPRE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 53.70%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$1,361.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the GPRE cash-secured put priced on this page is roughly $13.63 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 GPRE market-implied 1-standard-deviation expected move is approximately 15.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

GPRE ATM IV is at 53.70% with IV rank near 4.91%, 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.

GPRE Cash-Secured Put Strategy

GPRE (Green Plains Inc.), in the Basic Materials sector, (Chemicals - Specialty industry), listed on NASDAQ.

Green Plains Inc. is primarily engaged in the manufacturing, marketing, and worldwide distribution of ethanol, serving both domestic and international markets. The company's operations are organized into three principal divisions: Ethanol Production, Agribusiness and Energy Services, and Partnership. The Ethanol Production division focuses on creating and selling ethanol, which includes industrial-grade alcohol, along with co-products such as distiller grains, ultra-high protein, and corn oil. The Agribusiness and Energy Services division manages grain procurement, handling, and storage operations. It also encompasses a commodity marketing business that acquires, promotes, sells, and delivers various commodities like ethanol, distiller grains, ultra-high protein, corn oil, raw grain, natural gas, and other goods across diverse markets. Furthermore, this division provides grain drying and storage solutions directly to agricultural producers.

GPRE (Green Plains Inc.) trades in the Basic Materials sector, specifically Chemicals - Specialty, with a market capitalization of approximately $1.06B, a beta of 1.19 versus the broader market, a 52-week range of 5.85-18.94, average daily share volume of 1.5M, a public-listing history dating back to 2006, approximately 923 full-time employees. These structural characteristics shape how GPRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.19 places GPRE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a cash-secured put on GPRE?

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 GPRE snapshot

As of June 30, 2026, spot at $15.35, ATM IV 53.70%, IV rank 4.91%, expected move 15.40%. The cash-secured put on GPRE 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 80-day expiry.

Why this cash-secured put structure on GPRE specifically: GPRE IV at 53.70% is on the cheap side of its 1-year range, which means a premium-selling GPRE cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 15.40% (roughly $2.36 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GPRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on GPRE should anchor to the underlying notional of $15.35 per share and to the trader's directional view on GPRE stock.

GPRE cash-secured put setup

The GPRE 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 GPRE near $15.35, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GPRE chain at a 80-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 GPRE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$15.00	$1.38

GPRE cash-secured put risk and reward

Net Premium / Debit: +$137.50
Max Profit (per contract): $137.50
Max Loss (per contract): -$1,361.50
Breakeven(s): $13.63
Risk / Reward Ratio: 0.101

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

GPRE cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on GPRE. 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	-99.9%	-$1,361.50
$3.40	-77.8%	-$1,022.21
$6.80	-55.7%	-$682.93
$10.19	-33.6%	-$343.64
$13.58	-11.5%	-$4.35
$16.97	+10.6%	+$137.50
$20.37	+32.7%	+$137.50
$23.76	+54.8%	+$137.50
$27.15	+76.9%	+$137.50
$30.55	+99.0%	+$137.50

When traders use cash-secured put on GPRE

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

GPRE thesis for this cash-secured put

The market-implied 1-standard-deviation range for GPRE extends from approximately $12.99 on the downside to $17.71 on the upside. A GPRE cash-secured put lets a trader earn premium while waiting to acquire GPRE 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 GPRE IV rank near 4.91% 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 GPRE at 53.70%. As a Basic Materials name, GPRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GPRE-specific events.

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

Frequently asked questions

What is a cash-secured put on GPRE?: A cash-secured put on GPRE is the cash-secured put strategy applied to GPRE (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 GPRE stock trading near $15.35, the strikes shown on this page are snapped to the nearest listed GPRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are GPRE 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 GPRE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 53.70%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$1,361.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GPRE cash-secured put?: The breakeven for the GPRE cash-secured put priced on this page is roughly $13.63 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 GPRE market-implied 1-standard-deviation expected move is approximately 15.40%; 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 GPRE?: Cash-secured puts on GPRE earn premium while a trader waits to acquire GPRE stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning GPRE.
How does current GPRE implied volatility affect this cash-secured put?: GPRE ATM IV is at 53.70% with IV rank near 4.91%, 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.