How are ICLR bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ICLR bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 69.00%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$250.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ICLR bear put spread?

The breakeven for the ICLR bear put spread priced on this page is roughly $112.50 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 ICLR market-implied 1-standard-deviation expected move is approximately 19.78%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ICLR implied volatility affect this bear put spread?

ICLR ATM IV is at 69.00% with IV rank near 52.08%, 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.

ICLR Bear Put Spread Strategy

ICLR (ICON Public Limited Company), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.

ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies. It offers clinical development services, including early development, patient recruitment and retention, strategy and analytics, late phase research, data and technology solution, and consulting and analytics services. The company's clinical development services also comprise medical imaging, clinical research and laboratory services, project management, site monitoring and management services, data management, biostatistics and programming, medical writing and publishing, medical affair, endpoint adjudication/data monitoring committees, pharmacovigilance, interactive response technologies, clinical supplies management, strategic regulatory, medical communication, and consulting and advisory services. It serves pharmaceutical, biotechnology, and medical device industries, as well as government and public health organizations. The company was incorporated in 1990 and is headquartered in Dublin, Ireland.

ICLR (ICON Public Limited Company) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $8.96B, a trailing P/E of 15.15, a beta of 1.23 versus the broader market, a 52-week range of 66.57-211, average daily share volume of 1.3M, a public-listing history dating back to 1998, approximately 41K full-time employees. These structural characteristics shape how ICLR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.23 places ICLR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a bear put spread on ICLR?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

Current ICLR snapshot

As of May 15, 2026, spot at $115.55, ATM IV 69.00%, IV rank 52.08%, expected move 19.78%. The bear put spread on ICLR 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 34-day expiry.

Why this bear put spread structure on ICLR specifically: ICLR IV at 69.00% 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 19.78% (roughly $22.86 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ICLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ICLR should anchor to the underlying notional of $115.55 per share and to the trader's directional view on ICLR stock.

ICLR bear put spread setup

The ICLR bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ICLR near $115.55, the first option leg uses a $115.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ICLR chain at a 34-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 ICLR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$115.00	$8.75
Sell 1	Put	$110.00	$6.25

ICLR bear put spread risk and reward

Net Premium / Debit: -$250.00
Max Profit (per contract): $250.00
Max Loss (per contract): -$250.00
Breakeven(s): $112.50
Risk / Reward Ratio: 1.000

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

ICLR bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on ICLR. 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%	+$250.00
$25.56	-77.9%	+$250.00
$51.11	-55.8%	+$250.00
$76.65	-33.7%	+$250.00
$102.20	-11.6%	+$250.00
$127.75	+10.6%	-$250.00
$153.30	+32.7%	-$250.00
$178.84	+54.8%	-$250.00
$204.39	+76.9%	-$250.00
$229.94	+99.0%	-$250.00

When traders use bear put spread on ICLR

Bear put spreads on ICLR reduce the cost of a bearish ICLR stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

ICLR thesis for this bear put spread

The market-implied 1-standard-deviation range for ICLR extends from approximately $92.69 on the downside to $138.41 on the upside. A ICLR bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ICLR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ICLR IV rank near 52.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on ICLR should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ICLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ICLR-specific events.

ICLR bear put spread positions are structurally moderately 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. ICLR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ICLR alongside the broader basket even when ICLR-specific fundamentals are unchanged. Long-premium structures like a bear put spread on ICLR 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 ICLR chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on ICLR?: A bear put spread on ICLR is the bear put spread strategy applied to ICLR (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With ICLR stock trading near $115.55, the strikes shown on this page are snapped to the nearest listed ICLR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ICLR bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ICLR bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 69.00%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$250.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ICLR bear put spread?: The breakeven for the ICLR bear put spread priced on this page is roughly $112.50 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 ICLR market-implied 1-standard-deviation expected move is approximately 19.78%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on ICLR?: Bear put spreads on ICLR reduce the cost of a bearish ICLR stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current ICLR implied volatility affect this bear put spread?: ICLR ATM IV is at 69.00% with IV rank near 52.08%, 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.