How are PCG 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 PCG cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 52.81%), the computed maximum profit is $64.00 per contract and the computed maximum loss is -$1,635.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

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

The breakeven for the PCG cash-secured put priced on this page is roughly $16.36 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The PCG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.14%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

PCG ATM IV is at 52.81% with IV rank near 72.07%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

PCG Cash-Secured Put Strategy

PCG (PG&E Corporation), in the Utilities sector, (Regulated Electric industry), listed on NYSE.

PG&E Corporation operates as a holding company, overseeing the generation, transmission, and distribution of electricity and natural gas to its clientele. The firm's expertise spans a broad range of energy-related services, including general utilities, power provision, gas supply, electrical grids, solar solutions, and sustainability initiatives. Established in 1995, the company maintains its corporate headquarters in Oakland, California.

PCG (PG&E Corporation) trades in the Utilities sector, specifically Regulated Electric, with a market capitalization of approximately $46.58B, a trailing P/E of 12.09, a beta of 0.28 versus the broader market, a 52-week range of 14.3-19.16, average daily share volume of 20.7M, a public-listing history dating back to 1972, approximately 29K full-time employees. These structural characteristics shape how PCG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.28 indicates PCG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. PCG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a cash-secured put on PCG?

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.

PCG snapshot

As of August 14, 2026, spot at $17.80, ATM IV 52.81%, IV rank 72.07%, expected move 15.14%. The cash-secured put on PCG below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.

Why this cash-secured put structure on PCG specifically: PCG IV at 52.81% is rich versus its 1-year range, which favors premium-selling structures like a PCG cash-secured put, with a market-implied 1-standard-deviation move of approximately 15.14% (roughly $2.70 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PCG expiries trade a higher absolute premium for lower per-day decay. Position sizing on PCG should anchor to the underlying notional of $17.80 per share and to the trader's directional view on PCG stock.

PCG cash-secured put setup

The PCG cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PCG at $17.80 on that close, the first option leg uses a $17.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PCG chain at a 28-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 PCG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$17.00	$0.64

PCG cash-secured put risk and reward

Net Premium / Debit: +$64.00
Max Profit (per contract): $64.00
Max Loss (per contract): -$1,635.00
Breakeven(s): $16.36
Risk / Reward Ratio: 0.039

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

PCG cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on PCG. 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%	-$1,635.00
$3.94	-77.8%	-$1,241.54
$7.88	-55.7%	-$848.09
$11.81	-33.6%	-$454.63
$15.75	-11.5%	-$61.17
$19.68	+10.6%	+$64.00
$23.62	+32.7%	+$64.00
$27.55	+54.8%	+$64.00
$31.49	+76.9%	+$64.00
$35.42	+99.0%	+$64.00

When traders use cash-secured put on PCG

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

PCG thesis for this cash-secured put

The market-implied 1-standard-deviation range for PCG extends from approximately $15.10 on the downside to $20.50 on the upside. A PCG cash-secured put lets a trader earn premium while waiting to acquire PCG 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 PCG IV rank near 72.07% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on PCG at 52.81%. As a Utilities name, PCG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PCG-specific events.

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

Frequently asked questions

What is a cash-secured put on PCG?: A cash-secured put on PCG is the cash-secured put strategy applied to PCG (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 PCG stock at $17.80 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PCG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PCG 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 PCG cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 52.81%), the computed maximum profit is $64.00 per contract and the computed maximum loss is -$1,635.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PCG cash-secured put?: The breakeven for the PCG cash-secured put priced on this page is roughly $16.36 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The PCG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.14%; 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 PCG?: Cash-secured puts on PCG earn premium while a trader waits to acquire PCG stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PCG.
How does current PCG implied volatility affect this cash-secured put?: PCG ATM IV is at 52.81% with IV rank near 72.07%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.