MIR Long Put Strategy
MIR (Mirion Technologies, Inc.), in the Industrials sector, (Industrial - Machinery industry), listed on NYSE.
Mirion Technologies, Inc. provides radiation detection, measurement, analysis, and monitoring products and services in the United States, Canada, the United Kingdom, France, Germany, Finland, China, Belgium, Netherlands, Estonia, and Japan. It operates through two segments, Medical and Industrial. The medical segment offers radiation oncology quality assurance and dosimetry solutions; patient safety solutions for diagnostic imaging and radiation therapy centers; radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy; and radionuclide therapy products for nuclear medicine applications, such as shielding, product handling, medical imaging furniture, and rehabilitation products. This segment supports applications in medical diagnostics, cancer treatment, practitioner safety, and rehabilitation. The Industrial segment focuses on addressing critical radiation safety, measurement, and analysis applications; and provides personal radiation detection, identification equipment, and analysis tools. The company's products and solutions also include nuclear medicines, dosimeters, contamination and clearance monitors, reactor instrumentation and control equipment and systems, medical and industrial imaging systems and related accessories, alpha spectroscopy instruments, alpha/beta counting instruments, and gamma spectroscopy detector systems; and electrical penetration, cancer diagnostics, software, and other services.
MIR (Mirion Technologies, Inc.) trades in the Industrials sector, specifically Industrial - Machinery, with a market capitalization of approximately $4.56B, a trailing P/E of 181.69, a beta of 1.07 versus the broader market, a 52-week range of 16.43-30.277, average daily share volume of 3.7M, a public-listing history dating back to 2020, approximately 3K full-time employees. These structural characteristics shape how MIR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.07 places MIR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 181.69 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 long put on MIR?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
Current MIR snapshot
As of May 15, 2026, spot at $18.24, ATM IV 54.00%, IV rank 21.20%, expected move 15.48%. The long put on MIR 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 long put structure on MIR specifically: MIR IV at 54.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a MIR long put, with a market-implied 1-standard-deviation move of approximately 15.48% (roughly $2.82 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 MIR expiries trade a higher absolute premium for lower per-day decay. Position sizing on MIR should anchor to the underlying notional of $18.24 per share and to the trader's directional view on MIR stock.
MIR long put setup
The MIR long 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 MIR near $18.24, the first option leg uses a $18.24 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MIR 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 MIR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $18.24 | N/A |
MIR long 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
MIR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on MIR. 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 long put on MIR
Long puts on MIR hedge an existing long MIR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MIR exposure being hedged.
MIR thesis for this long put
The market-implied 1-standard-deviation range for MIR extends from approximately $15.42 on the downside to $21.06 on the upside. A MIR long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long MIR position with one put per 100 shares held. Current MIR IV rank near 21.20% 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 MIR at 54.00%. As a Industrials name, MIR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MIR-specific events.
MIR long put positions are structurally bearish; 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. MIR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MIR alongside the broader basket even when MIR-specific fundamentals are unchanged. Long-premium structures like a long put on MIR are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current MIR chain quotes before placing a trade.
Frequently asked questions
- What is a long put on MIR?
- A long put on MIR is the long put strategy applied to MIR (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With MIR stock trading near $18.24, the strikes shown on this page are snapped to the nearest listed MIR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MIR long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the MIR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 54.00%), 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 MIR long put?
- The breakeven for the MIR long 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 MIR market-implied 1-standard-deviation expected move is approximately 15.48%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on MIR?
- Long puts on MIR hedge an existing long MIR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MIR exposure being hedged.
- How does current MIR implied volatility affect this long put?
- MIR ATM IV is at 54.00% with IV rank near 21.20%, 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.