MIAX Cash-Secured Put Strategy
MIAX (Miami International Holdings, Inc. ), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.
Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. Its markets include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities; U.S. futures and options on futures through MIAX Futures; and international listings through BSX and TISE. The company also trades hard red spring wheat futures and options on MIAX Futures; offers clearing services for U.S. futures and options through MIAX Futures Clearing; and owns Dorman Trading, a full-service futures commission merchant provides execution and clearing services for introducing brokers, retail customers, institutional clients, and professional traders. Miami International Holdings, Inc. was incorporated in 2007 and is headquartered in Princeton, New Jersey
MIAX (Miami International Holdings, Inc. ) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $5.24B, a trailing P/E of 41.67, a beta of 1.79 versus the broader market, a 52-week range of 28.63-55.9, average daily share volume of 1.4M, a public-listing history dating back to 2025, approximately 433 full-time employees. These structural characteristics shape how MIAX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.79 indicates MIAX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 41.67 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a cash-secured put on MIAX?
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 MIAX snapshot
As of May 15, 2026, spot at $56.55, ATM IV 43.70%, IV rank 31.19%, expected move 12.53%. The cash-secured put on MIAX 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 MIAX specifically: MIAX IV at 43.70% is mid-range versus its 1-year history, so the credit collected on a MIAX cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 12.53% (roughly $7.08 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 MIAX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MIAX should anchor to the underlying notional of $56.55 per share and to the trader's directional view on MIAX stock.
MIAX cash-secured put setup
The MIAX 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 MIAX near $56.55, the first option leg uses a $53.72 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MIAX 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 MIAX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $53.72 | N/A |
MIAX cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
MIAX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on MIAX. 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.
When traders use cash-secured put on MIAX
Cash-secured puts on MIAX earn premium while a trader waits to acquire MIAX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MIAX.
MIAX thesis for this cash-secured put
The market-implied 1-standard-deviation range for MIAX extends from approximately $49.47 on the downside to $63.63 on the upside. A MIAX cash-secured put lets a trader earn premium while waiting to acquire MIAX 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 MIAX IV rank near 31.19% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on MIAX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MIAX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MIAX-specific events.
MIAX 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. MIAX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MIAX alongside the broader basket even when MIAX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on MIAX carry tail risk when realized volatility exceeds the implied move; review historical MIAX earnings reactions and macro stress periods before sizing. Always rebuild the position from current MIAX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on MIAX?
- A cash-secured put on MIAX is the cash-secured put strategy applied to MIAX (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 MIAX stock trading near $56.55, the strikes shown on this page are snapped to the nearest listed MIAX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MIAX 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 MIAX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 43.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MIAX cash-secured put?
- The breakeven for the MIAX cash-secured put priced on this page is no defined breakeven on the modeled curve 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 MIAX market-implied 1-standard-deviation expected move is approximately 12.53%; 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 MIAX?
- Cash-secured puts on MIAX earn premium while a trader waits to acquire MIAX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning MIAX.
- How does current MIAX implied volatility affect this cash-secured put?
- MIAX ATM IV is at 43.70% with IV rank near 31.19%, 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.