ICLR Cash-Secured Put 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 cash-secured put on ICLR?
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 ICLR snapshot
As of May 15, 2026, spot at $115.55, ATM IV 69.00%, IV rank 52.08%, expected move 19.78%. The cash-secured put 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 cash-secured put structure on ICLR specifically: ICLR IV at 69.00% is mid-range versus its 1-year history, so the credit collected on a ICLR cash-secured put sits in line with its long-run distribution, 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 cash-secured put setup
The ICLR 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 ICLR near $115.55, the first option leg uses a $110.00 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) |
|---|---|---|---|
| Sell 1 | Put | $110.00 | $6.25 |
ICLR cash-secured put risk and reward
- Net Premium / Debit
- +$625.00
- Max Profit (per contract)
- $625.00
- Max Loss (per contract)
- -$10,374.00
- Breakeven(s)
- $103.75
- Risk / Reward Ratio
- 0.060
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ICLR cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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% | -$10,374.00 |
| $25.56 | -77.9% | -$7,819.24 |
| $51.11 | -55.8% | -$5,264.47 |
| $76.65 | -33.7% | -$2,709.71 |
| $102.20 | -11.6% | -$154.94 |
| $127.75 | +10.6% | +$625.00 |
| $153.30 | +32.7% | +$625.00 |
| $178.84 | +54.8% | +$625.00 |
| $204.39 | +76.9% | +$625.00 |
| $229.94 | +99.0% | +$625.00 |
When traders use cash-secured put on ICLR
Cash-secured puts on ICLR earn premium while a trader waits to acquire ICLR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ICLR.
ICLR thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire ICLR 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 ICLR IV rank near 52.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put 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 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. 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. Short-premium structures like a cash-secured put on ICLR carry tail risk when realized volatility exceeds the implied move; review historical ICLR earnings reactions and macro stress periods before sizing. Always rebuild the position from current ICLR chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ICLR?
- A cash-secured put on ICLR is the cash-secured put strategy applied to ICLR (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 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 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 ICLR cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 69.00%), the computed maximum profit is $625.00 per contract and the computed maximum loss is -$10,374.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ICLR cash-secured put?
- The breakeven for the ICLR cash-secured put priced on this page is roughly $103.75 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 cash-secured put on ICLR?
- Cash-secured puts on ICLR earn premium while a trader waits to acquire ICLR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ICLR.
- How does current ICLR implied volatility affect this cash-secured put?
- 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.