Cash-Secured Put — Strategie de opțiuni

The cash-secured put strategy lets you generate income by selling put options while holding enough cash (or margin) to purchase the underlying shares if the put is assigned. When you sell a put, you collect a premium immediately and take on the obligation to buy 100 shares at the strike price if the stock falls below that level by expiration.

Investors use cash-secured puts for two complementary reasons: to earn income on idle cash and to acquire shares at a better price than the current market. If the stock stays above the strike, the put expires worthless and you keep the full premium—effectively earning interest on cash that would otherwise sit idle. If the stock falls below the strike, you are assigned and purchase shares at the strike minus the premium received, giving you a lower cost basis than if you had simply bought the stock at the current price.

The strategy pairs naturally with the covered call as part of the 'wheel' strategy—a cycle where you sell cash-secured puts until assigned, then sell covered calls on those shares until called away, then repeat. Done consistently on high-quality stocks with elevated implied volatility, the wheel can generate annualized returns significantly above simple stock ownership.

Strike and expiration selection follow similar principles to covered calls. Targeting a delta of -0.25 to -0.35 (25-35% probability of assignment) with 30-45 days to expiration captures efficient time decay while keeping assignment probability moderate. Selling puts when IV rank is high—above 50—produces richer premiums that cushion against downside moves more effectively.

The key risk in cash-secured puts is the same as direct stock ownership: if the stock falls sharply, the losses on your assigned shares can be significant. The premium provides limited protection. For this reason, cash-secured puts should only be sold on stocks you would genuinely want to own at the strike price. Selling puts on stocks you consider high-quality but slightly expensive can be an excellent way to get paid to wait for a better entry.