SPYEQUITY
—NO QUOTE
Equities
Futures
% r
% q

Cash-Secured Put Calculator

How this strategy works →
AssistantPRO
Type a trade in plain English. A fine-tuned model returns the symbol, structure, expiry and size — never a strike or a price.
RECORDED EXAMPLE1/3
“bull call spread on NVDA, 30 days, 2 contracts”
NVDAEQUITYBull Call Spread30d2×
Not a live answer. Captured from api.optionsandfuturescalculator.com on 2026-08-11 and replayed here — the assistant did not run just now. Type your own above and press Parse for a real one.
Trained on ES and NQ futures only — commodity roots are refused, not guessed.A bare futures directive (“Long NQ, 45 days”) often returns no parameters.Exercise style and averaging come from a keyword scan of your words.
Strategy47
Single-leg calls and puts are free
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Ticket
Averaging
Debit · 1 × 100—
Position · 0 legs
No legsSelect strikes from the option chain to build a position.
Exercise & Averaging
Exercise
Dividend yield is not modelled on this tree (drift is r − σ²/2). The strategy panel prices with a dividend yield; this panel does not.
Averaging
No resultPick a strike with a live quote to price the tree.
Saved
Nothing saved yetBuild a position, name it, and it will be here next time.
Probability Distribution
No distribution yetThe curve needs a live spot, an implied volatility off the option chain, and a real expiry. Add priced legs to draw it.
P&L matrixprice × date
price–
No grid yetAdd priced legs to compute P&L across price and date.
P&L surfaceprice × date × profit
Surface offTurn on 3D to see the position as a height field.
Option Chain
Outcome
No resultRun a calculation to see outcome, probability and Greeks.

Sell a put and hold enough cash to buy the shares if they are put to you. Two outcomes follow, and both are meant to be acceptable: the option expires and the credit is yours, or you are assigned and own the stock at the strike less the premium already received. That makes it an acquisition tool as much as an income one — but only if you would buy at that price with no premium attached, because assignment arrives exactly when the name is weakest. Price the strike and the days here and set the annualised yield against the cash the position has to leave idle.

The full Cash-Secured Put guide, worked example and FAQs →

One leg, but the ticket is really the leg plus the cash: most brokers will not let the order go live without the full strike value already set aside, which is what 'secured' means operationally rather than just economically. Selling further out of the money lowers both the premium and the odds of owning the stock; selling at the money maximizes premium collected per day at the cost of a near-even chance of assignment. If assignment is genuinely unwanted, this is the wrong strike to be selling, not a risk to manage after the fact.

Sizing and account notes

The cash set aside earns money-market or sweep interest at most brokers while the position is open, which is a real part of the return and is easy to leave out of a quick premium-over-notional calculation. Selling the same strike repeatedly as it expires unassigned, and re-selling after assignment once the shares are owned, is the standard way this is run as an ongoing income position rather than a one-off trade. Account approval for this is typically the same tier as a covered call, since the risk profile — full downside of owning the stock, less a modest credit — is identical.

Common mistake. The common mistake is selling a put on a name you would not actually want to own, treating the premium as free money rather than as the price of a real, if discounted, purchase obligation.

At a glance

Legs
1
Market view
Neutral to bullish — income or acquisition
Opened for
Credit
What bounds the profit
Capped: the premium received
What bounds the loss
Bounded: strike minus premium, if the stock goes to zero

The order ticket, from the worked example

#ActionInstrumentStrike
1SellPut560

Payoff at expiry, across a price grid

Computed from the same strikes and net premium as the worked example above — not a simulation, the closed-form payoff evaluated at each price.

SPY at expiryP&L
500-$5440.00
520-$3440.00
540-$1440.00
560$560.00
580$560.00
600$560.00

How this compares with related strategies

StrategyMarket viewOpened forLegs vs. this one
Covered CallNeutral to mildly bullish — incomeDebit or credit+1
Bull Put SpreadBullish to neutral — incomeCredit+1
Protective PutBullish — hedgedDebit+1
Jade LizardNeutral to bullish — incomeCredit+2