STAA Bear Put Spread Strategy
STAA (STAAR Surgical Company), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides Visian implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia; and Hyperopic ICL, which treats far-sightedness. It also offers preloaded silicone cataract intraocular lenses and injector systems for use in cataract surgery. In addition, the company sells injector parts, and other related instruments and devices. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists. The company sells its products directly through its sales representatives in the United States, Japan, Germany, Spain, Canada, the United Kingdom, and Singapore, as well as through own representatives and independent distributors in China, Korea, India, France, Benelux, Italy, and internationally.
STAA (STAAR Surgical Company) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $1.46B, a beta of 1.20 versus the broader market, a 52-week range of 15.59-30.81, average daily share volume of 1.3M, a public-listing history dating back to 1992, approximately 1K full-time employees. These structural characteristics shape how STAA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.20 places STAA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bear put spread on STAA?
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 STAA snapshot
As of May 15, 2026, spot at $32.44, ATM IV 47.40%, IV rank 27.77%, expected move 13.59%. The bear put spread on STAA 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 STAA specifically: STAA IV at 47.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a STAA bear put spread, with a market-implied 1-standard-deviation move of approximately 13.59% (roughly $4.41 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 STAA expiries trade a higher absolute premium for lower per-day decay. Position sizing on STAA should anchor to the underlying notional of $32.44 per share and to the trader's directional view on STAA stock.
STAA bear put spread setup
The STAA 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 STAA near $32.44, the first option leg uses a $32.44 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed STAA 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 STAA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $32.44 | N/A |
| Sell 1 | Put | $30.82 | N/A |
STAA bear put spread 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 strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
STAA bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on STAA. 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 bear put spread on STAA
Bear put spreads on STAA reduce the cost of a bearish STAA stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
STAA thesis for this bear put spread
The market-implied 1-standard-deviation range for STAA extends from approximately $28.03 on the downside to $36.85 on the upside. A STAA bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on STAA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current STAA IV rank near 27.77% 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 STAA at 47.40%. As a Healthcare name, STAA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to STAA-specific events.
STAA 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. STAA positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move STAA alongside the broader basket even when STAA-specific fundamentals are unchanged. Long-premium structures like a bear put spread on STAA 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 STAA chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on STAA?
- A bear put spread on STAA is the bear put spread strategy applied to STAA (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 STAA stock trading near $32.44, the strikes shown on this page are snapped to the nearest listed STAA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are STAA 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 STAA bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 47.40%), 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 STAA bear put spread?
- The breakeven for the STAA bear put spread 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 STAA market-implied 1-standard-deviation expected move is approximately 13.59%; 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 STAA?
- Bear put spreads on STAA reduce the cost of a bearish STAA 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 STAA implied volatility affect this bear put spread?
- STAA ATM IV is at 47.40% with IV rank near 27.77%, 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.