WYNN Cash-Secured Put Strategy
WYNN (Wynn Resorts, Limited), in the Consumer Cyclical sector, (Gambling, Resorts & Casinos industry), listed on NASDAQ.
Wynn Resorts, Limited excels in the conceptualization, development, and operation of upscale integrated resort properties. The Wynn Palace, situated in Cotai, boasts a gaming floor spanning 424,000 square feet, which includes 323 table games, 1,035 slot machines, exclusive private gaming salons, and sky casinos. Accommodations are offered in a luxurious hotel tower featuring 1,706 guest rooms, suites, and villas, complemented by a health club, spa, salon, and swimming pool. This location further provides 14 distinct food and beverage establishments, 107,000 square feet for retail, 37,000 square feet of conference and event space, alongside a performance lake and elaborate floral displays. The Wynn Macau resort presents a 252,000 square-foot casino housing 331 table games, 818 slot machines, private gaming salons, sky casinos, and a dedicated poker room. Its two opulent hotel towers collectively feature 1,010 guest rooms and suites, enhanced by two health clubs, two spas, a salon, and a swimming pool.
WYNN (Wynn Resorts, Limited) trades in the Consumer Cyclical sector, specifically Gambling, Resorts & Casinos, with a market capitalization of approximately $10.42B, a trailing P/E of 27.61, a beta of 0.98 versus the broader market, a 52-week range of 92.75-134.72, average daily share volume of 1.5M, a public-listing history dating back to 2002, approximately 28K full-time employees. These structural characteristics shape how WYNN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places WYNN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WYNN 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 WYNN?
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 WYNN snapshot
As of June 29, 2026, spot at $99.40, ATM IV 38.79%, IV rank 41.83%, expected move 11.12%. The cash-secured put on WYNN 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 32-day expiry.
Why this cash-secured put structure on WYNN specifically: WYNN IV at 38.79% is mid-range versus its 1-year history, so the credit collected on a WYNN cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 11.12% (roughly $11.05 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WYNN expiries trade a higher absolute premium for lower per-day decay. Position sizing on WYNN should anchor to the underlying notional of $99.40 per share and to the trader's directional view on WYNN stock.
WYNN cash-secured put setup
The WYNN 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 WYNN near $99.40, the first option leg uses a $94.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WYNN chain at a 32-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 WYNN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $94.00 | $2.08 |
WYNN cash-secured put risk and reward
- Net Premium / Debit
- +$208.00
- Max Profit (per contract)
- $208.00
- Max Loss (per contract)
- -$9,191.00
- Breakeven(s)
- $91.92
- Risk / Reward Ratio
- 0.023
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
WYNN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on WYNN. 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% | -$9,191.00 |
| $21.99 | -77.9% | -$6,993.32 |
| $43.96 | -55.8% | -$4,795.64 |
| $65.94 | -33.7% | -$2,597.96 |
| $87.92 | -11.6% | -$400.29 |
| $109.89 | +10.6% | +$208.00 |
| $131.87 | +32.7% | +$208.00 |
| $153.85 | +54.8% | +$208.00 |
| $175.82 | +76.9% | +$208.00 |
| $197.80 | +99.0% | +$208.00 |
When traders use cash-secured put on WYNN
Cash-secured puts on WYNN earn premium while a trader waits to acquire WYNN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning WYNN.
WYNN thesis for this cash-secured put
The market-implied 1-standard-deviation range for WYNN extends from approximately $88.35 on the downside to $110.45 on the upside. A WYNN cash-secured put lets a trader earn premium while waiting to acquire WYNN 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 WYNN IV rank near 41.83% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on WYNN should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, WYNN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WYNN-specific events.
WYNN 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. WYNN positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WYNN alongside the broader basket even when WYNN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on WYNN carry tail risk when realized volatility exceeds the implied move; review historical WYNN earnings reactions and macro stress periods before sizing. Always rebuild the position from current WYNN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on WYNN?
- A cash-secured put on WYNN is the cash-secured put strategy applied to WYNN (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 WYNN stock trading near $99.40, the strikes shown on this page are snapped to the nearest listed WYNN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WYNN 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 WYNN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 38.79%), the computed maximum profit is $208.00 per contract and the computed maximum loss is -$9,191.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a WYNN cash-secured put?
- The breakeven for the WYNN cash-secured put priced on this page is roughly $91.92 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 WYNN market-implied 1-standard-deviation expected move is approximately 11.12%; 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 WYNN?
- Cash-secured puts on WYNN earn premium while a trader waits to acquire WYNN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning WYNN.
- How does current WYNN implied volatility affect this cash-secured put?
- WYNN ATM IV is at 38.79% with IV rank near 41.83%, 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.