NCNO Cash-Secured Put Strategy
NCNO (nCino, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
nCino, Inc. operates as a software-as-a-service (SaaS) provider, delivering cloud-based applications to financial organizations both within the United States and internationally. Its core product, the nCino Bank Operating System, is a multi-tenant cloud platform. This system is engineered to digitalize, automate, and streamline complex operational processes and workflows. By harnessing data analytics, artificial intelligence, and machine learning (AI/ML), it empowers banks and credit unions to efficiently manage new client onboarding, originate and oversee the complete loan lifecycle, facilitate the opening of various accounts (including deposits), and ensure regulatory adherence. Another key offering is nCino IQ, an application suite that utilizes data analytics and AI/ML to provide customers with both automation and valuable operational insights. This includes tools for assessing, quantifying, and managing credit risk, alongside enhancing their capabilities to meet regulatory obligations.
NCNO (nCino, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $1.71B, a trailing P/E of 127.91, a beta of 0.69 versus the broader market, a 52-week range of 13.8-33.92, average daily share volume of 3.9M, a public-listing history dating back to 2020, approximately 2K full-time employees. These structural characteristics shape how NCNO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.69 indicates NCNO has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 127.91 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 NCNO?
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 NCNO snapshot
As of June 30, 2026, spot at $16.36, ATM IV 65.40%, IV rank 24.92%, expected move 18.75%. The cash-secured put on NCNO 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 17-day expiry.
Why this cash-secured put structure on NCNO specifically: NCNO IV at 65.40% is on the cheap side of its 1-year range, which means a premium-selling NCNO cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 18.75% (roughly $3.07 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NCNO expiries trade a higher absolute premium for lower per-day decay. Position sizing on NCNO should anchor to the underlying notional of $16.36 per share and to the trader's directional view on NCNO stock.
NCNO cash-secured put setup
The NCNO 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 NCNO near $16.36, the first option leg uses a $15.54 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NCNO chain at a 17-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 NCNO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $15.54 | N/A |
NCNO 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.
NCNO cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on NCNO. 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 NCNO
Cash-secured puts on NCNO earn premium while a trader waits to acquire NCNO stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NCNO.
NCNO thesis for this cash-secured put
The market-implied 1-standard-deviation range for NCNO extends from approximately $13.29 on the downside to $19.43 on the upside. A NCNO cash-secured put lets a trader earn premium while waiting to acquire NCNO 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 NCNO IV rank near 24.92% 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 NCNO at 65.40%. As a Technology name, NCNO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NCNO-specific events.
NCNO 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. NCNO positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NCNO alongside the broader basket even when NCNO-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on NCNO carry tail risk when realized volatility exceeds the implied move; review historical NCNO earnings reactions and macro stress periods before sizing. Always rebuild the position from current NCNO chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on NCNO?
- A cash-secured put on NCNO is the cash-secured put strategy applied to NCNO (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 NCNO stock trading near $16.36, the strikes shown on this page are snapped to the nearest listed NCNO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NCNO 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 NCNO cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 65.40%), 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 NCNO cash-secured put?
- The breakeven for the NCNO 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 NCNO market-implied 1-standard-deviation expected move is approximately 18.75%; 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 NCNO?
- Cash-secured puts on NCNO earn premium while a trader waits to acquire NCNO stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NCNO.
- How does current NCNO implied volatility affect this cash-secured put?
- NCNO ATM IV is at 65.40% with IV rank near 24.92%, 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.