STAA Cash-Secured Put 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 cash-secured put on STAA?
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 STAA snapshot
As of May 15, 2026, spot at $32.44, ATM IV 47.40%, IV rank 27.77%, expected move 13.59%. The cash-secured put 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 cash-secured put structure on STAA specifically: STAA IV at 47.40% is on the cheap side of its 1-year range, which means a premium-selling STAA cash-secured put collects less credit per unit of strike-width risk, 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 cash-secured put setup
The STAA 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 STAA near $32.44, the first option leg uses a $30.82 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) |
|---|---|---|---|
| Sell 1 | Put | $30.82 | N/A |
STAA 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.
STAA cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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 cash-secured put on STAA
Cash-secured puts on STAA earn premium while a trader waits to acquire STAA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning STAA.
STAA thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire STAA 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 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 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. 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. Short-premium structures like a cash-secured put on STAA carry tail risk when realized volatility exceeds the implied move; review historical STAA earnings reactions and macro stress periods before sizing. Always rebuild the position from current STAA chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on STAA?
- A cash-secured put on STAA is the cash-secured put strategy applied to STAA (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 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 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 STAA cash-secured put 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 cash-secured put?
- The breakeven for the STAA 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 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 cash-secured put on STAA?
- Cash-secured puts on STAA earn premium while a trader waits to acquire STAA stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning STAA.
- How does current STAA implied volatility affect this cash-secured put?
- 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.