How are MARA 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 MARA cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 91.29%), the computed maximum profit is $105.50 per contract and the computed maximum loss is -$1,243.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the MARA cash-secured put priced on this page is roughly $12.45 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 MARA market-implied 1-standard-deviation expected move is approximately 26.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

MARA ATM IV is at 91.29% with IV rank near 44.90%, 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.

MARA Cash-Secured Put Strategy

MARA (Marathon Digital Holdings, Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NASDAQ.

Marathon Digital Holdings, Inc. is a technology firm specializing in digital assets. Its core business involves mining cryptocurrencies, with a strategic focus on developing the blockchain ecosystem and generating new digital assets primarily within the United States. By the close of 2021, the company held roughly 8,115 bitcoins, 4,794 of which were managed within an investment fund. Founded in 2010, the company, headquartered in Las Vegas, Nevada, adopted its current name in February 2021, having previously been known as Marathon Patent Group, Inc.

MARA (Marathon Digital Holdings, Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $5.54B, a beta of 5.38 versus the broader market, a 52-week range of 6.66-23.45, average daily share volume of 43.2M, a public-listing history dating back to 2012, approximately 171 full-time employees. These structural characteristics shape how MARA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 5.38 indicates MARA 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 MARA?

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 MARA snapshot

As of June 29, 2026, spot at $14.32, ATM IV 91.29%, IV rank 44.90%, expected move 26.17%. The cash-secured put on MARA 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 32-day expiry.

Why this cash-secured put structure on MARA specifically: MARA IV at 91.29% is mid-range versus its 1-year history, so the credit collected on a MARA cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 26.17% (roughly $3.75 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MARA expiries trade a higher absolute premium for lower per-day decay. Position sizing on MARA should anchor to the underlying notional of $14.32 per share and to the trader's directional view on MARA stock.

MARA cash-secured put setup

The MARA 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 MARA near $14.32, the first option leg uses a $13.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MARA chain at a 32-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 MARA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$13.50	$1.06

MARA cash-secured put risk and reward

Net Premium / Debit: +$105.50
Max Profit (per contract): $105.50
Max Loss (per contract): -$1,243.50
Breakeven(s): $12.45
Risk / Reward Ratio: 0.085

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

MARA cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on MARA. 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%	-$1,243.50
$3.18	-77.8%	-$926.99
$6.34	-55.7%	-$610.47
$9.51	-33.6%	-$293.96
$12.67	-11.5%	+$22.55
$15.84	+10.6%	+$105.50
$19.00	+32.7%	+$105.50
$22.17	+54.8%	+$105.50
$25.33	+76.9%	+$105.50
$28.50	+99.0%	+$105.50

When traders use cash-secured put on MARA

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

MARA thesis for this cash-secured put

The market-implied 1-standard-deviation range for MARA extends from approximately $10.57 on the downside to $18.07 on the upside. A MARA cash-secured put lets a trader earn premium while waiting to acquire MARA 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 MARA IV rank near 44.90% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on MARA should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MARA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MARA-specific events.

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

Frequently asked questions

What is a cash-secured put on MARA?: A cash-secured put on MARA is the cash-secured put strategy applied to MARA (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 MARA stock trading near $14.32, the strikes shown on this page are snapped to the nearest listed MARA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MARA 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 MARA cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 91.29%), the computed maximum profit is $105.50 per contract and the computed maximum loss is -$1,243.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MARA cash-secured put?: The breakeven for the MARA cash-secured put priced on this page is roughly $12.45 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 MARA market-implied 1-standard-deviation expected move is approximately 26.17%; 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 MARA?: Cash-secured puts on MARA earn premium while a trader waits to acquire MARA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MARA.
How does current MARA implied volatility affect this cash-secured put?: MARA ATM IV is at 91.29% with IV rank near 44.90%, 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.