THO Cash-Secured Put Strategy
THO (Thor Industries, Inc.), in the Consumer Cyclical sector, (Auto - Recreational Vehicles industry), listed on NYSE.
Thor Industries, Inc. specializes in the design, production, and sale of recreational vehicles (RVs), complemented by a range of related parts and accessories. Its operations span the United States, Canada, and Europe. The company offers an extensive selection of RVs, including various travel trailers (from conventional models to luxury fifth wheels) and gasoline or diesel-powered Class A, Class B, and Class C motorhomes. Additionally, it caters to European markets with motorcaravans, caravans, campervans, and urban recreational vehicles. Beyond finished products, Thor also manufactures aluminum extrusions and specialized component parts for other RV and industrial manufacturers, and provides digital products and services specifically designed for RVs. Its diverse offerings are distributed through independent and non-franchise dealerships.
THO (Thor Industries, Inc.) trades in the Consumer Cyclical sector, specifically Auto - Recreational Vehicles, with a market capitalization of approximately $4.10B, a trailing P/E of 15.77, a beta of 1.32 versus the broader market, a 52-week range of 69.71-122.83, average daily share volume of 768K, a public-listing history dating back to 1984, approximately 22K full-time employees. These structural characteristics shape how THO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.32 indicates THO has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. THO 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 THO?
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 THO snapshot
As of June 29, 2026, spot at $78.91, ATM IV 40.30%, IV rank 26.72%, expected move 11.55%. The cash-secured put on THO 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 81-day expiry.
Why this cash-secured put structure on THO specifically: THO IV at 40.30% is on the cheap side of its 1-year range, which means a premium-selling THO cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 11.55% (roughly $9.12 on the underlying). The 81-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated THO expiries trade a higher absolute premium for lower per-day decay. Position sizing on THO should anchor to the underlying notional of $78.91 per share and to the trader's directional view on THO stock.
THO cash-secured put setup
The THO 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 THO near $78.91, the first option leg uses a $75.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed THO chain at a 81-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 THO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $75.00 | $4.35 |
THO cash-secured put risk and reward
- Net Premium / Debit
- +$435.00
- Max Profit (per contract)
- $435.00
- Max Loss (per contract)
- -$7,064.00
- Breakeven(s)
- $70.65
- Risk / Reward Ratio
- 0.062
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
THO cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on THO. 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% | -$7,064.00 |
| $17.46 | -77.9% | -$5,319.37 |
| $34.90 | -55.8% | -$3,574.73 |
| $52.35 | -33.7% | -$1,830.10 |
| $69.80 | -11.6% | -$85.47 |
| $87.24 | +10.6% | +$435.00 |
| $104.69 | +32.7% | +$435.00 |
| $122.13 | +54.8% | +$435.00 |
| $139.58 | +76.9% | +$435.00 |
| $157.03 | +99.0% | +$435.00 |
When traders use cash-secured put on THO
Cash-secured puts on THO earn premium while a trader waits to acquire THO stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning THO.
THO thesis for this cash-secured put
The market-implied 1-standard-deviation range for THO extends from approximately $69.79 on the downside to $88.03 on the upside. A THO cash-secured put lets a trader earn premium while waiting to acquire THO 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 THO IV rank near 26.72% 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 THO at 40.30%. As a Consumer Cyclical name, THO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to THO-specific events.
THO 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. THO positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move THO alongside the broader basket even when THO-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on THO carry tail risk when realized volatility exceeds the implied move; review historical THO earnings reactions and macro stress periods before sizing. Always rebuild the position from current THO chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on THO?
- A cash-secured put on THO is the cash-secured put strategy applied to THO (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 THO stock trading near $78.91, the strikes shown on this page are snapped to the nearest listed THO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are THO 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 THO cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 40.30%), the computed maximum profit is $435.00 per contract and the computed maximum loss is -$7,064.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a THO cash-secured put?
- The breakeven for the THO cash-secured put priced on this page is roughly $70.65 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 THO market-implied 1-standard-deviation expected move is approximately 11.55%; 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 THO?
- Cash-secured puts on THO earn premium while a trader waits to acquire THO stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning THO.
- How does current THO implied volatility affect this cash-secured put?
- THO ATM IV is at 40.30% with IV rank near 26.72%, 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.