USAS Long Put Strategy
USAS (Americas Gold and Silver Corporation), in the Basic Materials sector, (Industrial Materials industry), listed on AMEX.
Americas Gold and Silver Corporation, operating with its various subsidiary entities, focuses on the entire lifecycle of mineral properties throughout North America, from acquisition and exploration to development and operation. The company's efforts are directed toward discovering and extracting deposits of silver, lead, zinc, copper, and gold. Its portfolio includes significant assets in Mexico, where it maintains a 100% ownership of the Cosalá Operations, encompassing 67 mining concessions spread across roughly 19,385 hectares in the state of Sinaloa. The company is also developing the San Felipe project, situated in Sonora, Mexico. Within the United States, Americas Gold and Silver holds a 60% interest in the Galena Complex, located in Idaho's northern Silver Valley, and fully controls (100% interest) the Relief Canyon mine in Pershing County, Nevada. Founded in 1998, the firm was initially named Americas Silver Corporation, changing to its current designation, Americas Gold and Silver Corporation, in September 2019.
USAS (Americas Gold and Silver Corporation) trades in the Basic Materials sector, specifically Industrial Materials, with a market capitalization of approximately $1.75B, a beta of 2.20 versus the broader market, a 52-week range of 2.175-10.5, average daily share volume of 4.7M, a public-listing history dating back to 2003, approximately 659 full-time employees. These structural characteristics shape how USAS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.20 indicates USAS 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 long put on USAS?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
USAS snapshot
As of August 14, 2026, spot at $5.24, ATM IV 85.80%, IV rank 21.53%, expected move 24.60%. The long put on USAS below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this long put structure on USAS specifically: USAS IV at 85.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a USAS long put, with a market-implied 1-standard-deviation move of approximately 24.60% (roughly $1.29 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated USAS expiries trade a higher absolute premium for lower per-day decay. Position sizing on USAS should anchor to the underlying notional of $5.24 per share and to the trader's directional view on USAS stock.
USAS long put setup
The USAS long put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With USAS at $5.24 on that close, the first option leg uses a $5.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USAS chain at a 7-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 USAS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $5.00 | $0.15 |
USAS long put risk and reward
- Net Premium / Debit
- -$15.00
- Max Profit (per contract)
- $484.00
- Max Loss (per contract)
- -$15.00
- Breakeven(s)
- $4.85
- Risk / Reward Ratio
- 32.267
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
USAS long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on USAS. 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 | -99.8% | +$484.00 |
| $1.17 | -77.7% | +$368.25 |
| $2.32 | -55.6% | +$252.50 |
| $3.48 | -33.5% | +$136.75 |
| $4.64 | -11.5% | +$21.01 |
| $5.80 | +10.6% | -$15.00 |
| $6.95 | +32.7% | -$15.00 |
| $8.11 | +54.8% | -$15.00 |
| $9.27 | +76.9% | -$15.00 |
| $10.43 | +99.0% | -$15.00 |
When traders use long put on USAS
Long puts on USAS hedge an existing long USAS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying USAS exposure being hedged.
USAS thesis for this long put
The market-implied 1-standard-deviation range for USAS extends from approximately $3.95 on the downside to $6.53 on the upside. A USAS long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long USAS position with one put per 100 shares held. Current USAS IV rank near 21.53% 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 USAS at 85.80%. As a Basic Materials name, USAS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USAS-specific events.
USAS long put positions are structurally 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. USAS positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move USAS alongside the broader basket even when USAS-specific fundamentals are unchanged. Long-premium structures like a long put on USAS 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 USAS chain quotes before placing a trade.
Frequently asked questions
- What is a long put on USAS?
- A long put on USAS is the long put strategy applied to USAS (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With USAS stock at $5.24 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed USAS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are USAS long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the USAS long put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 85.80%), the computed maximum profit is $484.00 per contract and the computed maximum loss is -$15.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a USAS long put?
- The breakeven for the USAS long put priced on this page is roughly $4.85 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The USAS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long put on USAS?
- Long puts on USAS hedge an existing long USAS stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying USAS exposure being hedged.
- How does current USAS implied volatility affect this long put?
- USAS ATM IV is at 85.80% with IV rank near 21.53%, 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.