IT Cash-Secured Put Strategy
IT (Gartner, Inc.), in the Technology sector, (Information Technology Services industry), listed on NYSE.
Gartner, Inc. operates as a research and advisory company in the United States, Canada, Europe, the Middle East, Africa, and internationally. It operates through three segments: Research, Conferences, and Consulting. The Research segment delivers its research primarily through a subscription service that include on-demand access to published research content, data and benchmarks, and direct access to a network of research experts. The Conferences segment offers business professionals in an organization the opportunity to learn, share, and network. The Consulting segment offers market research, custom analysis, and on-the-ground support services. This segment also offers actionable solutions for IT-related priorities, including IT cost optimization, digital transformation, and IT sourcing optimization.
IT (Gartner, Inc.) trades in the Technology sector, specifically Information Technology Services, with a market capitalization of approximately $9.67B, a trailing P/E of 13.61, a beta of 0.91 versus the broader market, a 52-week range of 139.18-450.6, average daily share volume of 1.5M, a public-listing history dating back to 1993, approximately 21K full-time employees. These structural characteristics shape how IT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.91 places IT 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 IT?
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 IT snapshot
As of May 15, 2026, spot at $145.80, ATM IV 48.70%, IV rank 36.29%, expected move 13.96%. The cash-secured put on IT 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 IT specifically: IT IV at 48.70% is mid-range versus its 1-year history, so the credit collected on a IT cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 13.96% (roughly $20.36 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 IT expiries trade a higher absolute premium for lower per-day decay. Position sizing on IT should anchor to the underlying notional of $145.80 per share and to the trader's directional view on IT stock.
IT cash-secured put setup
The IT 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 IT near $145.80, the first option leg uses a $140.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IT 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 IT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $140.00 | $6.10 |
IT cash-secured put risk and reward
- Net Premium / Debit
- +$610.00
- Max Profit (per contract)
- $610.00
- Max Loss (per contract)
- -$13,389.00
- Breakeven(s)
- $133.90
- Risk / Reward Ratio
- 0.046
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
IT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on IT. 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% | -$13,389.00 |
| $32.25 | -77.9% | -$10,165.39 |
| $64.48 | -55.8% | -$6,941.78 |
| $96.72 | -33.7% | -$3,718.18 |
| $128.95 | -11.6% | -$494.57 |
| $161.19 | +10.6% | +$610.00 |
| $193.43 | +32.7% | +$610.00 |
| $225.66 | +54.8% | +$610.00 |
| $257.90 | +76.9% | +$610.00 |
| $290.13 | +99.0% | +$610.00 |
When traders use cash-secured put on IT
Cash-secured puts on IT earn premium while a trader waits to acquire IT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IT.
IT thesis for this cash-secured put
The market-implied 1-standard-deviation range for IT extends from approximately $125.44 on the downside to $166.16 on the upside. A IT cash-secured put lets a trader earn premium while waiting to acquire IT 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 IT IV rank near 36.29% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on IT should anchor more to the directional view and the expected-move geometry. As a Technology name, IT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IT-specific events.
IT 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. IT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IT alongside the broader basket even when IT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on IT carry tail risk when realized volatility exceeds the implied move; review historical IT earnings reactions and macro stress periods before sizing. Always rebuild the position from current IT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on IT?
- A cash-secured put on IT is the cash-secured put strategy applied to IT (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 IT stock trading near $145.80, the strikes shown on this page are snapped to the nearest listed IT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IT 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 IT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 48.70%), the computed maximum profit is $610.00 per contract and the computed maximum loss is -$13,389.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IT cash-secured put?
- The breakeven for the IT cash-secured put priced on this page is roughly $133.90 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 IT market-implied 1-standard-deviation expected move is approximately 13.96%; 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 IT?
- Cash-secured puts on IT earn premium while a trader waits to acquire IT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning IT.
- How does current IT implied volatility affect this cash-secured put?
- IT ATM IV is at 48.70% with IV rank near 36.29%, 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.