How are LUNR 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 LUNR cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 82.03%), the computed maximum profit is $102.00 per contract and the computed maximum loss is -$1,297.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a LUNR cash-secured put?

The breakeven for the LUNR cash-secured put priced on this page is roughly $12.98 at expiration, derived from the September 29, 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 LUNR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current LUNR implied volatility affect this cash-secured put?

LUNR ATM IV is at 82.03% with IV rank near 5.61%, 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.

LUNR Cash-Secured Put Strategy

LUNR (Intuitive Machines, Inc.), in the Industrials sector, (Aerospace & Defense industry), listed on NASDAQ.

Intuitive Machines, Inc. specializes in the development and provision of aerospace products and services. The company's core mission is to facilitate ongoing robotic and human missions aimed at exploring the Moon, Mars, and other distant celestial bodies. Its comprehensive offerings are delivered through several distinct divisions: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure. Headquartered in Houston, Texas, this firm was established in 2013.

LUNR (Intuitive Machines, Inc.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $2.27B, a beta of 1.85 versus the broader market, a 52-week range of 7.78-46.75, average daily share volume of 11.2M, a public-listing history dating back to 2021, approximately 525 full-time employees. These structural characteristics shape how LUNR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.85 indicates LUNR 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 LUNR?

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.

LUNR snapshot

As of September 29, 2026, spot at $14.59, ATM IV 82.03%, IV rank 5.61%, expected move 23.52%. The cash-secured put on LUNR below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 31-day expiry.

Why this cash-secured put structure on LUNR specifically: LUNR IV at 82.03% is on the cheap side of its 1-year range, which means a premium-selling LUNR cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 23.52% (roughly $3.43 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LUNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on LUNR should anchor to the underlying notional of $14.59 per share and to the trader's directional view on LUNR stock.

LUNR cash-secured put setup

The LUNR cash-secured put below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With LUNR at $14.59 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LUNR chain at a 31-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 LUNR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$14.00	$1.02

LUNR cash-secured put risk and reward

Net Premium / Debit: +$102.00
Max Profit (per contract): $102.00
Max Loss (per contract): -$1,297.00
Breakeven(s): $12.98
Risk / Reward Ratio: 0.079

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

LUNR cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on LUNR. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$1,297.00
$3.23	-77.8%	-$974.52
$6.46	-55.7%	-$652.04
$9.68	-33.6%	-$329.55
$12.91	-11.5%	-$7.07
$16.13	+10.6%	+$102.00
$19.36	+32.7%	+$102.00
$22.58	+54.8%	+$102.00
$25.81	+76.9%	+$102.00
$29.03	+99.0%	+$102.00

When traders use cash-secured put on LUNR

Cash-secured puts on LUNR earn premium while a trader waits to acquire LUNR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LUNR.

LUNR thesis for this cash-secured put

The market-implied 1-standard-deviation range for LUNR extends from approximately $11.16 on the downside to $18.02 on the upside. A LUNR cash-secured put lets a trader earn premium while waiting to acquire LUNR 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 LUNR IV rank near 5.61% 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 LUNR at 82.03%. As a Industrials name, LUNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LUNR-specific events.

LUNR 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. LUNR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LUNR alongside the broader basket even when LUNR-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on LUNR carry tail risk when realized volatility exceeds the implied move; review historical LUNR earnings reactions and macro stress periods before sizing. Always rebuild the position from current LUNR chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on LUNR?: A cash-secured put on LUNR is the cash-secured put strategy applied to LUNR (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 LUNR stock at $14.59 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed LUNR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are LUNR 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 LUNR cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 82.03%), the computed maximum profit is $102.00 per contract and the computed maximum loss is -$1,297.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a LUNR cash-secured put?: The breakeven for the LUNR cash-secured put priced on this page is roughly $12.98 at expiration, derived from the September 29, 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 LUNR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.52%; 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 LUNR?: Cash-secured puts on LUNR earn premium while a trader waits to acquire LUNR stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning LUNR.
How does current LUNR implied volatility affect this cash-secured put?: LUNR ATM IV is at 82.03% with IV rank near 5.61%, 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.