ICHR Cash-Secured Put Strategy
ICHR (Ichor Holdings, Ltd.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.
Ichor Holdings, Ltd. specializes in the conception, development, and production of fluid delivery subsystems and their constituent components, tailored for capital equipment used in semiconductor manufacturing. The company's primary focus is on gas and chemical handling systems, which are integral to the fabrication of semiconductor devices. Their gas delivery units are engineered to precisely supply, monitor, and regulate gases for critical processes like etching and deposition. Complementarily, their chemical delivery subsystems accurately blend and dispense reactive liquid chemistries indispensable for operations such as chemical-mechanical planarization (CMP), electroplating, and various cleaning stages in chip production. Furthermore, Ichor manufactures a diverse array of other specialized items for fluid management, encompassing precision machined components, various welded assemblies (including electron beam and laser-welded types), high-precision vacuum and hydrogen brazed elements, advanced surface treatment technologies, and other proprietary solutions. Ichor distributes its offerings both directly and through resellers to original equipment manufacturers (OEMs) operating within the semiconductor equipment market.
ICHR (Ichor Holdings, Ltd.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $2.41B, a beta of 1.86 versus the broader market, a 52-week range of 14.06-113.58, average daily share volume of 1.1M, a public-listing history dating back to 2016, approximately 2K full-time employees. These structural characteristics shape how ICHR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.86 indicates ICHR 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 cash-secured put on ICHR?
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.
ICHR snapshot
As of August 14, 2026, spot at $70.78, ATM IV 83.90%, IV rank 22.20%, expected move 24.05%. The cash-secured put on ICHR 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 35-day expiry.
Why this cash-secured put structure on ICHR specifically: ICHR IV at 83.90% is on the cheap side of its 1-year range, which means a premium-selling ICHR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 24.05% (roughly $17.02 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ICHR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ICHR should anchor to the underlying notional of $70.78 per share and to the trader's directional view on ICHR stock.
ICHR cash-secured put setup
The ICHR 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 ICHR at $70.78 on that close, the first option leg uses a $67.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ICHR chain at a 35-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 ICHR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $67.50 | $5.65 |
ICHR cash-secured put risk and reward
- Net Premium / Debit
- +$565.00
- Max Profit (per contract)
- $565.00
- Max Loss (per contract)
- -$6,184.00
- Breakeven(s)
- $61.85
- Risk / Reward Ratio
- 0.091
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ICHR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ICHR. 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% | -$6,184.00 |
| $15.66 | -77.9% | -$4,619.13 |
| $31.31 | -55.8% | -$3,054.25 |
| $46.96 | -33.7% | -$1,489.38 |
| $62.60 | -11.5% | +$75.50 |
| $78.25 | +10.6% | +$565.00 |
| $93.90 | +32.7% | +$565.00 |
| $109.55 | +54.8% | +$565.00 |
| $125.20 | +76.9% | +$565.00 |
| $140.85 | +99.0% | +$565.00 |
When traders use cash-secured put on ICHR
Cash-secured puts on ICHR earn premium while a trader waits to acquire ICHR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ICHR.
ICHR thesis for this cash-secured put
The market-implied 1-standard-deviation range for ICHR extends from approximately $53.76 on the downside to $87.80 on the upside. A ICHR cash-secured put lets a trader earn premium while waiting to acquire ICHR 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 ICHR IV rank near 22.20% 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 ICHR at 83.90%. As a Technology name, ICHR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ICHR-specific events.
ICHR 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. ICHR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ICHR alongside the broader basket even when ICHR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ICHR carry tail risk when realized volatility exceeds the implied move; review historical ICHR earnings reactions and macro stress periods before sizing. Always rebuild the position from current ICHR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ICHR?
- A cash-secured put on ICHR is the cash-secured put strategy applied to ICHR (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 ICHR stock at $70.78 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ICHR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ICHR 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 ICHR cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.90%), the computed maximum profit is $565.00 per contract and the computed maximum loss is -$6,184.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ICHR cash-secured put?
- The breakeven for the ICHR cash-secured put priced on this page is roughly $61.85 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 ICHR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.05%; 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 ICHR?
- Cash-secured puts on ICHR earn premium while a trader waits to acquire ICHR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ICHR.
- How does current ICHR implied volatility affect this cash-secured put?
- ICHR ATM IV is at 83.90% with IV rank near 22.20%, 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.