How are MKTX 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 MKTX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 33.80%), the computed maximum profit is $13,429.00 per contract and the computed maximum loss is -$570.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MKTX long put?

The breakeven for the MKTX long put priced on this page is roughly $134.30 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 MKTX market-implied 1-standard-deviation expected move is approximately 9.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MKTX implied volatility affect this long put?

MKTX ATM IV is at 33.80% with IV rank near 41.25%, 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.

MKTX Long Put Strategy

MKTX (MarketAxess Holdings Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NASDAQ.

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products.

MKTX (MarketAxess Holdings Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $4.95B, a trailing P/E of 15.89, a beta of 0.92 versus the broader market, a 52-week range of 137.27-228.16, average daily share volume of 489K, a public-listing history dating back to 2004, approximately 891 full-time employees. These structural characteristics shape how MKTX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places MKTX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. MKTX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on MKTX?

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 MKTX snapshot

As of May 15, 2026, spot at $139.44, ATM IV 33.80%, IV rank 41.25%, expected move 9.69%. The long put on MKTX 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 MKTX specifically: MKTX IV at 33.80% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 9.69% (roughly $13.51 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 MKTX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MKTX should anchor to the underlying notional of $139.44 per share and to the trader's directional view on MKTX stock.

MKTX long put setup

The MKTX 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 MKTX near $139.44, 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 MKTX 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 MKTX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$140.00	$5.70

MKTX long put risk and reward

Net Premium / Debit: -$570.00
Max Profit (per contract): $13,429.00
Max Loss (per contract): -$570.00
Breakeven(s): $134.30
Risk / Reward Ratio: 23.560

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

MKTX long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on MKTX. 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%	+$13,429.00
$30.84	-77.9%	+$10,346.02
$61.67	-55.8%	+$7,263.03
$92.50	-33.7%	+$4,180.05
$123.33	-11.6%	+$1,097.06
$154.16	+10.6%	-$570.00
$184.99	+32.7%	-$570.00
$215.82	+54.8%	-$570.00
$246.65	+76.9%	-$570.00
$277.48	+99.0%	-$570.00

When traders use long put on MKTX

Long puts on MKTX hedge an existing long MKTX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MKTX exposure being hedged.

MKTX thesis for this long put

The market-implied 1-standard-deviation range for MKTX extends from approximately $125.93 on the downside to $152.95 on the upside. A MKTX long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long MKTX position with one put per 100 shares held. Current MKTX IV rank near 41.25% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on MKTX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MKTX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MKTX-specific events.

MKTX 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. MKTX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MKTX alongside the broader basket even when MKTX-specific fundamentals are unchanged. Long-premium structures like a long put on MKTX 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 MKTX chain quotes before placing a trade.

Frequently asked questions

What is a long put on MKTX?: A long put on MKTX is the long put strategy applied to MKTX (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 MKTX stock trading near $139.44, the strikes shown on this page are snapped to the nearest listed MKTX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MKTX 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 MKTX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 33.80%), the computed maximum profit is $13,429.00 per contract and the computed maximum loss is -$570.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MKTX long put?: The breakeven for the MKTX long put priced on this page is roughly $134.30 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 MKTX market-implied 1-standard-deviation expected move is approximately 9.69%; 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 MKTX?: Long puts on MKTX hedge an existing long MKTX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MKTX exposure being hedged.
How does current MKTX implied volatility affect this long put?: MKTX ATM IV is at 33.80% with IV rank near 41.25%, 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.