RHP Cash-Secured Put Strategy
RHP (Ryman Hospitality Properties, Inc.), in the Real Estate sector, (REIT - Hotel & Motel industry), listed on NYSE.
Ryman Hospitality Properties, Inc. (NYSE: RHP) operates as a prominent real estate investment trust (REIT) in the lodging and hospitality sectors, focusing on high-end convention center properties and a diverse portfolio of country music entertainment venues. At its core, the company boasts a collection of five premier non-gaming convention center hotels, recognized among the ten largest nationwide by indoor meeting capacity. These expansive resorts, branded as Gaylord Hotels, are expertly managed by Marriott International. Complementing these, Ryman also possesses two nearby auxiliary hotels and several attractions, all overseen by Marriott International. Collectively, these properties provide an impressive 10,110 guest rooms and over 2.7 million square feet of combined indoor and outdoor meeting facilities, strategically situated in prime convention and leisure markets throughout the nation. Its Entertainment division encompasses an expanding array of celebrated and burgeoning country music enterprises.
RHP (Ryman Hospitality Properties, Inc.) trades in the Real Estate sector, specifically REIT - Hotel & Motel, with a market capitalization of approximately $7.82B, a trailing P/E of 28.78, a beta of 1.20 versus the broader market, a 52-week range of 83.82-137.46, average daily share volume of 613K, a public-listing history dating back to 1991, approximately 2K full-time employees. These structural characteristics shape how RHP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.20 places RHP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RHP 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 RHP?
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.
RHP snapshot
As of August 14, 2026, spot at $125.28, ATM IV 26.40%, IV rank 2.65%, expected move 7.57%. The cash-secured put on RHP 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 35-day expiry.
Why this cash-secured put structure on RHP specifically: RHP IV at 26.40% is on the cheap side of its 1-year range, which means a premium-selling RHP cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.57% (roughly $9.48 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RHP expiries trade a higher absolute premium for lower per-day decay. Position sizing on RHP should anchor to the underlying notional of $125.28 per share and to the trader's directional view on RHP stock.
RHP cash-secured put setup
The RHP 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 RHP at $125.28 on that close, the first option leg uses a $120.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RHP chain at a 35-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 RHP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $120.00 | $2.53 |
RHP cash-secured put risk and reward
- Net Premium / Debit
- +$252.50
- Max Profit (per contract)
- $252.50
- Max Loss (per contract)
- -$11,746.50
- Breakeven(s)
- $117.48
- Risk / Reward Ratio
- 0.021
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
RHP cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on RHP. 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% | -$11,746.50 |
| $27.71 | -77.9% | -$8,976.60 |
| $55.41 | -55.8% | -$6,206.70 |
| $83.11 | -33.7% | -$3,436.80 |
| $110.81 | -11.6% | -$666.90 |
| $138.50 | +10.6% | +$252.50 |
| $166.20 | +32.7% | +$252.50 |
| $193.90 | +54.8% | +$252.50 |
| $221.60 | +76.9% | +$252.50 |
| $249.30 | +99.0% | +$252.50 |
When traders use cash-secured put on RHP
Cash-secured puts on RHP earn premium while a trader waits to acquire RHP stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RHP.
RHP thesis for this cash-secured put
The market-implied 1-standard-deviation range for RHP extends from approximately $115.80 on the downside to $134.76 on the upside. A RHP cash-secured put lets a trader earn premium while waiting to acquire RHP 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 RHP IV rank near 2.65% 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 RHP at 26.40%. As a Real Estate name, RHP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RHP-specific events.
RHP 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. RHP positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RHP alongside the broader basket even when RHP-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on RHP carry tail risk when realized volatility exceeds the implied move; review historical RHP earnings reactions and macro stress periods before sizing. Always rebuild the position from current RHP chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on RHP?
- A cash-secured put on RHP is the cash-secured put strategy applied to RHP (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 RHP stock at $125.28 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed RHP chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are RHP 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 RHP cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 26.40%), the computed maximum profit is $252.50 per contract and the computed maximum loss is -$11,746.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RHP cash-secured put?
- The breakeven for the RHP cash-secured put priced on this page is roughly $117.48 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 RHP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.57%; 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 RHP?
- Cash-secured puts on RHP earn premium while a trader waits to acquire RHP stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RHP.
- How does current RHP implied volatility affect this cash-secured put?
- RHP ATM IV is at 26.40% with IV rank near 2.65%, 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.