How are PLNT 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 PLNT long put priced from the end-of-day chain at a 30-day expiry (ATM IV 42.40%), the computed maximum profit is $5,021.50 per contract and the computed maximum loss is -$227.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PLNT long put?

The breakeven for the PLNT long put priced on this page is roughly $50.23 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 PLNT market-implied 1-standard-deviation expected move is approximately 12.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PLNT implied volatility affect this long put?

PLNT ATM IV is at 42.40% with IV rank near 29.01%, 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.

PLNT Long Put Strategy

PLNT (Planet Fitness, Inc.), in the Consumer Cyclical sector, (Leisure industry), listed on NYSE.

Planet Fitness, Inc., encompassing its various holdings, develops and oversees fitness facilities operating under the Planet Fitness brand. The company's business model is organized into three distinct divisions: Franchising, Corporate-Owned Locations, and Equipment Sales. Its Franchising division manages the licensing of Planet Fitness centers throughout the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-Owned Locations segment is responsible for the direct operation of company-owned fitness clubs within the United States and Canada. Furthermore, the Equipment Sales division supplies fitness machinery to its franchised establishments located in the U.S. and Canada. As of December 31, 2021, the firm maintained a total of 2,254 centers spanning 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia.

PLNT (Planet Fitness, Inc.) trades in the Consumer Cyclical sector, specifically Leisure, with a market capitalization of approximately $4.19B, a trailing P/E of 18.34, a beta of 1.04 versus the broader market, a 52-week range of 37.03-114.47, average daily share volume of 2.4M, a public-listing history dating back to 2015, approximately 4K full-time employees. These structural characteristics shape how PLNT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.04 places PLNT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a long put on PLNT?

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 PLNT snapshot

As of June 29, 2026, spot at $51.86, ATM IV 42.40%, IV rank 29.01%, expected move 12.16%. The long put on PLNT 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 18-day expiry.

Why this long put structure on PLNT specifically: PLNT IV at 42.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a PLNT long put, with a market-implied 1-standard-deviation move of approximately 12.16% (roughly $6.30 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PLNT expiries trade a higher absolute premium for lower per-day decay. Position sizing on PLNT should anchor to the underlying notional of $51.86 per share and to the trader's directional view on PLNT stock.

PLNT long put setup

The PLNT 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 PLNT near $51.86, the first option leg uses a $52.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PLNT chain at a 18-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 PLNT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$52.50	$2.28

PLNT long put risk and reward

Net Premium / Debit: -$227.50
Max Profit (per contract): $5,021.50
Max Loss (per contract): -$227.50
Breakeven(s): $50.23
Risk / Reward Ratio: 22.073

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

PLNT long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on PLNT. 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	-100.0%	+$5,021.50
$11.48	-77.9%	+$3,874.96
$22.94	-55.8%	+$2,728.41
$34.41	-33.7%	+$1,581.87
$45.87	-11.5%	+$435.33
$57.34	+10.6%	-$227.50
$68.80	+32.7%	-$227.50
$80.27	+54.8%	-$227.50
$91.73	+76.9%	-$227.50
$103.20	+99.0%	-$227.50

When traders use long put on PLNT

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

PLNT thesis for this long put

The market-implied 1-standard-deviation range for PLNT extends from approximately $45.56 on the downside to $58.16 on the upside. A PLNT long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long PLNT position with one put per 100 shares held. Current PLNT IV rank near 29.01% 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 PLNT at 42.40%. As a Consumer Cyclical name, PLNT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PLNT-specific events.

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

Frequently asked questions

What is a long put on PLNT?: A long put on PLNT is the long put strategy applied to PLNT (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 PLNT stock trading near $51.86, the strikes shown on this page are snapped to the nearest listed PLNT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PLNT 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 PLNT long put priced from the end-of-day chain at a 30-day expiry (ATM IV 42.40%), the computed maximum profit is $5,021.50 per contract and the computed maximum loss is -$227.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PLNT long put?: The breakeven for the PLNT long put priced on this page is roughly $50.23 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 PLNT market-implied 1-standard-deviation expected move is approximately 12.16%; 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 PLNT?: Long puts on PLNT hedge an existing long PLNT stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PLNT exposure being hedged.
How does current PLNT implied volatility affect this long put?: PLNT ATM IV is at 42.40% with IV rank near 29.01%, 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.