SIBN Cash-Secured Put Strategy
SIBN (SI-BONE, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
SI-BONE, Inc., a medical device company, develops implantable devices used to solve musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. It offers iFuse, a minimally invasive surgical implant system to address sacroiliac joint dysfunction and degeneration, adult deformity, and pelvic ring traumatic fractures. The company also provides iFuse-3D, a titanium implant that combines the triangular cross-section of the iFuse implant with the proprietary 3D-printed porous surface and fenestrated design; and iFuse-TORQ, a set of 3D-printed threaded implants designed to treat fractures of the pelvis and for minimally invasive sacroiliac joint fusion. It markets its products primarily with a direct sales force, as well as through distributors. The company was incorporated in 2008 and is headquartered in Santa Clara, California.
SIBN (SI-BONE, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $626.5M, a beta of 0.67 versus the broader market, a 52-week range of 11.48-21.89, average daily share volume of 713K, a public-listing history dating back to 2018, approximately 349 full-time employees. These structural characteristics shape how SIBN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.67 indicates SIBN 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 cash-secured put on SIBN?
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 SIBN snapshot
As of May 15, 2026, spot at $14.13, ATM IV 61.40%, IV rank 8.69%, expected move 17.60%. The cash-secured put on SIBN 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 SIBN specifically: SIBN IV at 61.40% is on the cheap side of its 1-year range, which means a premium-selling SIBN cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.60% (roughly $2.49 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 SIBN expiries trade a higher absolute premium for lower per-day decay. Position sizing on SIBN should anchor to the underlying notional of $14.13 per share and to the trader's directional view on SIBN stock.
SIBN cash-secured put setup
The SIBN 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 SIBN near $14.13, the first option leg uses a $13.42 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SIBN 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 SIBN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $13.42 | N/A |
SIBN cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
SIBN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SIBN. 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.
When traders use cash-secured put on SIBN
Cash-secured puts on SIBN earn premium while a trader waits to acquire SIBN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SIBN.
SIBN thesis for this cash-secured put
The market-implied 1-standard-deviation range for SIBN extends from approximately $11.64 on the downside to $16.62 on the upside. A SIBN cash-secured put lets a trader earn premium while waiting to acquire SIBN 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 SIBN IV rank near 8.69% 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 SIBN at 61.40%. As a Healthcare name, SIBN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SIBN-specific events.
SIBN 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. SIBN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SIBN alongside the broader basket even when SIBN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on SIBN carry tail risk when realized volatility exceeds the implied move; review historical SIBN earnings reactions and macro stress periods before sizing. Always rebuild the position from current SIBN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on SIBN?
- A cash-secured put on SIBN is the cash-secured put strategy applied to SIBN (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 SIBN stock trading near $14.13, the strikes shown on this page are snapped to the nearest listed SIBN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SIBN 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 SIBN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 61.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SIBN cash-secured put?
- The breakeven for the SIBN cash-secured put priced on this page is no defined breakeven on the modeled curve 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 SIBN market-implied 1-standard-deviation expected move is approximately 17.60%; 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 SIBN?
- Cash-secured puts on SIBN earn premium while a trader waits to acquire SIBN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SIBN.
- How does current SIBN implied volatility affect this cash-secured put?
- SIBN ATM IV is at 61.40% with IV rank near 8.69%, 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.