HAL Cash-Secured Put Strategy
HAL (Halliburton Company), in the Energy sector, (Oil & Gas Equipment & Services industry), listed on NYSE.
Halliburton Company (HAL) is a global supplier of products and services tailored for the energy sector. Its operations are structured into two primary divisions: Completion and Production, and Drilling and Evaluation. The Completion and Production segment focuses on enhancing well output through techniques like stimulation and sand control. It provides cementing services for well integrity, including casing and bonding, alongside a range of specialized downhole completion tools such as intelligent well systems, liner hangers, and multilateral solutions. This segment also supports production with offerings like coiled tubing, hydraulic workover units, pumping, and nitrogen services, in addition to managing pipeline and process services from initial setup (pre-commissioning, commissioning) through ongoing maintenance and eventual retirement (decommissioning). Furthermore, it supplies electrical submersible pumps and delivers artificial lift solutions.
HAL (Halliburton Company) trades in the Energy sector, specifically Oil & Gas Equipment & Services, with a market capitalization of approximately $27.81B, a trailing P/E of 17.37, a beta of 0.75 versus the broader market, a 52-week range of 20.57-43.59, average daily share volume of 12.5M, a public-listing history dating back to 1972, approximately 46K full-time employees. These structural characteristics shape how HAL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.75 places HAL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. HAL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on HAL?
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.
HAL snapshot
As of August 14, 2026, spot at $34.55, ATM IV 31.49%, IV rank 10.48%, expected move 9.03%. The cash-secured put on HAL 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 HAL specifically: HAL IV at 31.49% is on the cheap side of its 1-year range, which means a premium-selling HAL cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.03% (roughly $3.12 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 HAL expiries trade a higher absolute premium for lower per-day decay. Position sizing on HAL should anchor to the underlying notional of $34.55 per share and to the trader's directional view on HAL stock.
HAL cash-secured put setup
The HAL 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 HAL at $34.55 on that close, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HAL 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 HAL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $33.00 | $0.61 |
HAL cash-secured put risk and reward
- Net Premium / Debit
- +$60.50
- Max Profit (per contract)
- $60.50
- Max Loss (per contract)
- -$3,238.50
- Breakeven(s)
- $32.40
- Risk / Reward Ratio
- 0.019
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
HAL cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on HAL. 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% | -$3,238.50 |
| $7.65 | -77.9% | -$2,474.69 |
| $15.29 | -55.8% | -$1,710.88 |
| $22.92 | -33.6% | -$947.07 |
| $30.56 | -11.5% | -$183.26 |
| $38.20 | +10.6% | +$60.50 |
| $45.84 | +32.7% | +$60.50 |
| $53.48 | +54.8% | +$60.50 |
| $61.11 | +76.9% | +$60.50 |
| $68.75 | +99.0% | +$60.50 |
When traders use cash-secured put on HAL
Cash-secured puts on HAL earn premium while a trader waits to acquire HAL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning HAL.
HAL thesis for this cash-secured put
The market-implied 1-standard-deviation range for HAL extends from approximately $31.43 on the downside to $37.67 on the upside. A HAL cash-secured put lets a trader earn premium while waiting to acquire HAL 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 HAL IV rank near 10.48% 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 HAL at 31.49%. As a Energy name, HAL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HAL-specific events.
HAL 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. HAL positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HAL alongside the broader basket even when HAL-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on HAL carry tail risk when realized volatility exceeds the implied move; review historical HAL earnings reactions and macro stress periods before sizing. Always rebuild the position from current HAL chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on HAL?
- A cash-secured put on HAL is the cash-secured put strategy applied to HAL (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 HAL stock at $34.55 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HAL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are HAL 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 HAL cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 31.49%), the computed maximum profit is $60.50 per contract and the computed maximum loss is -$3,238.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HAL cash-secured put?
- The breakeven for the HAL cash-secured put priced on this page is roughly $32.40 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 HAL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.03%; 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 HAL?
- Cash-secured puts on HAL earn premium while a trader waits to acquire HAL stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning HAL.
- How does current HAL implied volatility affect this cash-secured put?
- HAL ATM IV is at 31.49% with IV rank near 10.48%, 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.