How are RCLY bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the RCLY bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 17.90%), the computed maximum profit is $399.00 per contract and the computed maximum loss is -$201.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a RCLY bear put spread?

The breakeven for the RCLY bear put spread priced on this page is roughly $100.99 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 RCLY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current RCLY implied volatility affect this bear put spread?

Current RCLY ATM IV is 17.90%; IV rank context is unavailable in the current snapshot.

RCLY Bear Put Spread Strategy

RCLY (Reckoner BBB-B CLO Annual ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

RCLY is a feeder fund that provides leveraged exposure to CLO tranches rated as BBB+ to B- by investing exclusively in its master fund, the Reckoner BBB-B CLO ETF (RCLO). The underlying ETF, RCLO, primarily focuses on floating-rate CLOs within its target rating range but may invest up to 70% in CLOs rated BB+ or lower, and up to 10% in CLOs rated above BBB+. Investments could be of any maturity, purchased from both primary and secondary markets. It applies a bottom-up approach to select investments by reviewing documentation on an issuers management, individual CLO structure and collateral, ability to meet obligations, cash flow, and trading frequency. RCLY makes a single annual dividend payment, offering tax efficiency, compounding potential, and the opportunity to maximize long-term total return.

RCLY (Reckoner BBB-B CLO Annual ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.7M, a beta of 0.09 versus the broader market, a 52-week range of 96.37-101.5, average daily share volume of 0K, a public-listing history dating back to 2026, approximately 320 full-time employees. These structural characteristics shape how RCLY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.09 indicates RCLY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bear put spread on RCLY?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

RCLY snapshot

As of August 14, 2026, spot at $102.62, ATM IV 17.90%, expected move 5.13%. The bear put spread on RCLY 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 7-day expiry.

Why this bear put spread structure on RCLY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for RCLY is inferred from ATM IV at 17.90% alone, with a market-implied 1-standard-deviation move of approximately 5.13% (roughly $5.27 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RCLY expiries trade a higher absolute premium for lower per-day decay. Position sizing on RCLY should anchor to the underlying notional of $102.62 per share and to the trader's directional view on RCLY stock.

RCLY bear put spread setup

The RCLY bear put spread 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 RCLY at $102.62 on that close, the first option leg uses a $103.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RCLY chain at a 7-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 RCLY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$103.00	$2.46
Sell 1	Put	$97.00	$0.45

RCLY bear put spread risk and reward

Net Premium / Debit: -$201.00
Max Profit (per contract): $399.00
Max Loss (per contract): -$201.00
Breakeven(s): $100.99
Risk / Reward Ratio: 1.985

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

RCLY bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on RCLY. 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%	+$399.00
$22.70	-77.9%	+$399.00
$45.39	-55.8%	+$399.00
$68.08	-33.7%	+$399.00
$90.76	-11.6%	+$399.00
$113.45	+10.6%	-$201.00
$136.14	+32.7%	-$201.00
$158.83	+54.8%	-$201.00
$181.52	+76.9%	-$201.00
$204.21	+99.0%	-$201.00

When traders use bear put spread on RCLY

Bear put spreads on RCLY reduce the cost of a bearish RCLY stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

RCLY thesis for this bear put spread

The market-implied 1-standard-deviation range for RCLY extends from approximately $97.35 on the downside to $107.89 on the upside. A RCLY bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on RCLY, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, RCLY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RCLY-specific events.

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

Frequently asked questions

What is a bear put spread on RCLY?: A bear put spread on RCLY is the bear put spread strategy applied to RCLY (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With RCLY stock at $102.62 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed RCLY chain strike and the premiums come straight from that session's bid/ask midpoint.
How are RCLY bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the RCLY bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 17.90%), the computed maximum profit is $399.00 per contract and the computed maximum loss is -$201.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a RCLY bear put spread?: The breakeven for the RCLY bear put spread priced on this page is roughly $100.99 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 RCLY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on RCLY?: Bear put spreads on RCLY reduce the cost of a bearish RCLY stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current RCLY implied volatility affect this bear put spread?: Current RCLY ATM IV is 17.90%; IV rank context is unavailable in the current snapshot.