How are WK 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 WK long put priced from the end-of-day chain at a 30-day expiry (ATM IV 68.50%), the computed maximum profit is $4,714.00 per contract and the computed maximum loss is -$285.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WK long put?

The breakeven for the WK long put priced on this page is roughly $47.15 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 WK market-implied 1-standard-deviation expected move is approximately 19.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WK implied volatility affect this long put?

WK ATM IV is at 68.50% with IV rank near 64.10%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

WK Long Put Strategy

WK (Workiva Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Workiva Inc. is a global provider of cloud-based software solutions designed to streamline and manage compliance and regulatory reporting. Its flagship offering, the Workiva platform, delivers a suite of advanced capabilities such as secure collaboration, robust data linking and integration, precise granular permissions, efficient process management, and comprehensive audit trails. This platform empowers users to centralize data from various sources, including enterprise resource planning (ERP), governance, risk, and compliance (GRC), human capital management (HCM), customer relationship management (CRM) systems, and numerous other third-party cloud-based or on-premise applications. Workiva serves a diverse clientele that spans public and private companies, governmental organizations, and academic institutions. The company was established in 2008 and is headquartered in Ames, Iowa.

WK (Workiva Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $2.75B, a trailing P/E of 196.52, a beta of 0.49 versus the broader market, a 52-week range of 43.34-97.095, average daily share volume of 1.1M, a public-listing history dating back to 2014, approximately 3K full-time employees. These structural characteristics shape how WK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.49 indicates WK has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 196.52 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a long put on WK?

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.

Current WK snapshot

As of June 29, 2026, spot at $49.25, ATM IV 68.50%, IV rank 64.10%, expected move 19.64%. The long put on WK 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 18-day expiry.

Why this long put structure on WK specifically: WK IV at 68.50% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 19.64% (roughly $9.67 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WK expiries trade a higher absolute premium for lower per-day decay. Position sizing on WK should anchor to the underlying notional of $49.25 per share and to the trader's directional view on WK stock.

WK long put setup

The WK long 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 WK near $49.25, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WK chain at a 18-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 WK shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$50.00	$2.85

WK long put risk and reward

Net Premium / Debit: -$285.00
Max Profit (per contract): $4,714.00
Max Loss (per contract): -$285.00
Breakeven(s): $47.15
Risk / Reward Ratio: 16.540

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

WK long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on WK. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$4,714.00
$10.90	-77.9%	+$3,625.17
$21.79	-55.8%	+$2,536.33
$32.68	-33.7%	+$1,447.50
$43.56	-11.5%	+$358.66
$54.45	+10.6%	-$285.00
$65.34	+32.7%	-$285.00
$76.23	+54.8%	-$285.00
$87.12	+76.9%	-$285.00
$98.01	+99.0%	-$285.00

When traders use long put on WK

Long puts on WK hedge an existing long WK stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying WK exposure being hedged.

WK thesis for this long put

The market-implied 1-standard-deviation range for WK extends from approximately $39.58 on the downside to $58.92 on the upside. A WK long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long WK position with one put per 100 shares held. Current WK IV rank near 64.10% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on WK should anchor more to the directional view and the expected-move geometry. As a Technology name, WK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WK-specific events.

WK 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. WK positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WK alongside the broader basket even when WK-specific fundamentals are unchanged. Long-premium structures like a long put on WK 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 WK chain quotes before placing a trade.

Frequently asked questions

What is a long put on WK?: A long put on WK is the long put strategy applied to WK (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 WK stock trading near $49.25, the strikes shown on this page are snapped to the nearest listed WK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WK 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 WK long put priced from the end-of-day chain at a 30-day expiry (ATM IV 68.50%), the computed maximum profit is $4,714.00 per contract and the computed maximum loss is -$285.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WK long put?: The breakeven for the WK long put priced on this page is roughly $47.15 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 WK market-implied 1-standard-deviation expected move is approximately 19.64%; 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 WK?: Long puts on WK hedge an existing long WK stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying WK exposure being hedged.
How does current WK implied volatility affect this long put?: WK ATM IV is at 68.50% with IV rank near 64.10%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.