How are SA 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 SA bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 66.50%), the computed maximum profit is $52.50 per contract and the computed maximum loss is -$47.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SA bear put spread?

The breakeven for the SA bear put spread priced on this page is roughly $28.53 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 SA market-implied 1-standard-deviation expected move is approximately 19.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

SA ATM IV is at 66.50% with IV rank near 51.85%, 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.

SA Bear Put Spread Strategy

SA (Seabridge Gold Inc.), in the Basic Materials sector, (Gold industry), listed on NYSE.

Seabridge Gold Inc., together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for copper, silver, molybdenum, and rhenium deposits. Its principal projects are the Kerr-Sulphurets-Mitchell property and Iskut project located in British Columbia, Canada; Courageous Lake property situated in Northwest Territories, Canada; Snowstorm project located in the Nevada; and 3 Aces project located in the Yukon Territory. The company was formerly known as Seabridge Resources Inc. and changed its name to Seabridge Gold Inc. in June 2002. Seabridge Gold Inc. was incorporated in 1979 and is headquartered in Toronto, Canada.

SA (Seabridge Gold Inc.) trades in the Basic Materials sector, specifically Gold, with a market capitalization of approximately $3.57B, a beta of 1.79 versus the broader market, a 52-week range of 11.12-40.06, average daily share volume of 975K, a public-listing history dating back to 2004, approximately 12 full-time employees. These structural characteristics shape how SA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.79 indicates SA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a bear put spread on SA?

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.

Current SA snapshot

As of May 15, 2026, spot at $29.41, ATM IV 66.50%, IV rank 51.85%, expected move 19.06%. The bear put spread on SA 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 bear put spread structure on SA specifically: SA IV at 66.50% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 19.06% (roughly $5.61 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 SA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SA should anchor to the underlying notional of $29.41 per share and to the trader's directional view on SA stock.

SA bear put spread setup

The SA bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SA near $29.41, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SA 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 SA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$29.00	$2.08
Sell 1	Put	$28.00	$1.60

SA bear put spread risk and reward

Net Premium / Debit: -$47.50
Max Profit (per contract): $52.50
Max Loss (per contract): -$47.50
Breakeven(s): $28.53
Risk / Reward Ratio: 1.105

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.

SA bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on SA. 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%	+$52.50
$6.51	-77.9%	+$52.50
$13.01	-55.8%	+$52.50
$19.51	-33.6%	+$52.50
$26.02	-11.5%	+$52.50
$32.52	+10.6%	-$47.50
$39.02	+32.7%	-$47.50
$45.52	+54.8%	-$47.50
$52.02	+76.9%	-$47.50
$58.52	+99.0%	-$47.50

When traders use bear put spread on SA

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

SA thesis for this bear put spread

The market-implied 1-standard-deviation range for SA extends from approximately $23.80 on the downside to $35.02 on the upside. A SA bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SA IV rank near 51.85% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on SA should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, SA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SA-specific events.

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

Frequently asked questions

What is a bear put spread on SA?: A bear put spread on SA is the bear put spread strategy applied to SA (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 SA stock trading near $29.41, the strikes shown on this page are snapped to the nearest listed SA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SA 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 SA bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 66.50%), the computed maximum profit is $52.50 per contract and the computed maximum loss is -$47.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SA bear put spread?: The breakeven for the SA bear put spread priced on this page is roughly $28.53 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 SA market-implied 1-standard-deviation expected move is approximately 19.06%; 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 SA?: Bear put spreads on SA reduce the cost of a bearish SA 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 SA implied volatility affect this bear put spread?: SA ATM IV is at 66.50% with IV rank near 51.85%, 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.