RJF Cash-Secured Put Strategy
RJF (Raymond James Financial, Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.
Raymond James Financial, Inc., a diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Canada, and Europe. The Private Client Group segment offers investment services, portfolio management services, insurance and annuity products, and mutual funds; support to third-party product partners, including sales and marketing support, as well as distribution and accounting, and administrative services; margin loans; and securities borrowing and lending services. The Capital Markets segment provides investment banking services, including equity underwriting, debt underwriting, and merger and acquisition advisory services; and fixed income and equity brokerage services. The Asset Management segment offers asset management, portfolio management, and related administrative services to retail and institutional clients; and administrative support services, such as record-keeping. The Raymond James Bank segment provides insured deposit accounts; commercial and industrial, commercial real estate (CRE) and CRE construction, tax-exempt, residential, securities-based, and other loans; and loan syndication services. The Other segment engages in the private equity investments, including various direct and third-party private equity investments; and legacy private equity funds.
RJF (Raymond James Financial, Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $30.00B, a trailing P/E of 14.06, a beta of 1.00 versus the broader market, a 52-week range of 138.82-177.66, average daily share volume of 1.4M, a public-listing history dating back to 1983, approximately 25K full-time employees. These structural characteristics shape how RJF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.00 places RJF roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RJF 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 RJF?
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 RJF snapshot
As of May 15, 2026, spot at $154.02, ATM IV 26.00%, IV rank 30.50%, expected move 7.45%. The cash-secured put on RJF 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 34-day expiry.
Why this cash-secured put structure on RJF specifically: RJF IV at 26.00% is mid-range versus its 1-year history, so the credit collected on a RJF cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.45% (roughly $11.48 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RJF expiries trade a higher absolute premium for lower per-day decay. Position sizing on RJF should anchor to the underlying notional of $154.02 per share and to the trader's directional view on RJF stock.
RJF cash-secured put setup
The RJF 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 RJF near $154.02, the first option leg uses a $145.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RJF chain at a 34-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 RJF shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $145.00 | $1.83 |
RJF cash-secured put risk and reward
- Net Premium / Debit
- +$182.50
- Max Profit (per contract)
- $182.50
- Max Loss (per contract)
- -$14,316.50
- Breakeven(s)
- $143.18
- Risk / Reward Ratio
- 0.013
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
RJF cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on RJF. 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% | -$14,316.50 |
| $34.06 | -77.9% | -$10,911.14 |
| $68.12 | -55.8% | -$7,505.79 |
| $102.17 | -33.7% | -$4,100.43 |
| $136.22 | -11.6% | -$695.07 |
| $170.28 | +10.6% | +$182.50 |
| $204.33 | +32.7% | +$182.50 |
| $238.38 | +54.8% | +$182.50 |
| $272.44 | +76.9% | +$182.50 |
| $306.49 | +99.0% | +$182.50 |
When traders use cash-secured put on RJF
Cash-secured puts on RJF earn premium while a trader waits to acquire RJF stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RJF.
RJF thesis for this cash-secured put
The market-implied 1-standard-deviation range for RJF extends from approximately $142.54 on the downside to $165.50 on the upside. A RJF cash-secured put lets a trader earn premium while waiting to acquire RJF 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 RJF IV rank near 30.50% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on RJF should anchor more to the directional view and the expected-move geometry. As a Financial Services name, RJF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RJF-specific events.
RJF 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. RJF positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RJF alongside the broader basket even when RJF-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on RJF carry tail risk when realized volatility exceeds the implied move; review historical RJF earnings reactions and macro stress periods before sizing. Always rebuild the position from current RJF chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on RJF?
- A cash-secured put on RJF is the cash-secured put strategy applied to RJF (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 RJF stock trading near $154.02, the strikes shown on this page are snapped to the nearest listed RJF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RJF 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 RJF cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.00%), the computed maximum profit is $182.50 per contract and the computed maximum loss is -$14,316.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RJF cash-secured put?
- The breakeven for the RJF cash-secured put priced on this page is roughly $143.18 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 RJF market-implied 1-standard-deviation expected move is approximately 7.45%; 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 RJF?
- Cash-secured puts on RJF earn premium while a trader waits to acquire RJF stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning RJF.
- How does current RJF implied volatility affect this cash-secured put?
- RJF ATM IV is at 26.00% with IV rank near 30.50%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.