01 — SPY · CASH-SECURED PUTS

Best SPY cash-secured puts setups.

Pick how long you want to wait and how much risk you'll take. We score every live strike across the next 3 expirations and surface the top setups — updated hourly.

Deep liquidity and broad macro sensitivity, useful for probability-based structures.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
SPDR S&P 500 ETF Trust
Index ETF
SPY
$755.72-0.9% / 30d
IV rank (1y)
33.7% · moderate
Option vol
1593K /day

02 — Live setups

Suggested strikes

Choose your time horizon and risk band. Every match is scored on return, premium, and probability of profit.

Days to expiration
Probability of profit
Sort by
Top pick
$748 put · Dec 4
34 DAYS · 1.0% OTM · SELL TO OPEN
Credit
$1312
Return
1.74%
PoP
61%
StrikeExpirationCreditReturn ↓PoP
$747
1.1% OTM
Dec 4
34 days
$1215
$12.15 / share
1.61%62%
$747
1.1% OTM
Nov 27
27 days
$1170
$11.70 / share
1.55%63%
$748
1.0% OTM
Nov 27
27 days
$1167
$11.67 / share
1.54%62%
$744
1.6% OTM
Dec 4
34 days
$1165
$11.65 / share
1.54%65%
$741
1.9% OTM
Dec 4
34 days
$1104
$11.04 / share
1.46%67%
$749
0.9% OTM
Nov 30
30 days
$1096
$10.96 / share
1.45%60%
$743
1.7% OTM
Dec 4
34 days
$1088
$10.88 / share
1.44%66%
$747
1.1% OTM
Nov 30
30 days
$1066
$10.66 / share
1.41%63%
$745
1.4% OTM
Dec 4
34 days
$1011
$10.11 / share
1.34%64%
10 of 46 matchesCustomize filters →

03 — Strategy

Cash-Secured Puts, plainly explained

Income-focused traders comfortable owning shares if assigned.

P&L at expiration · $748 put · 34 DTE

$0+$1,312losses$734.88 BREAKEVEN$748 STRIKE

Key numbers

Premium collected+$1,312
Max profit+$1,312
Breakeven$734.88
Capped above$748
Probability of profit61%
Days to expiration34

When this trade makes sense

Use when

  • ✓You have cash to buy 100 shares at the strike
  • ✓You'd be happy owning the stock at the strike price
  • ✓You think the stock holds or drifts up
  • ✓IV rank is elevated — premiums are rich

Avoid when

  • ✕You think the stock is about to drop hard
  • ✕You don't actually want to own the stock
  • ✕Earnings are inside the expiration window
  • ✕Premiums are unusually low — nothing to collect
Read the full cash-secured puts guide →

05 — RUN IT LIVE

See the highest chance of profit on SPY.

Alpha Hawk scans live chains and recommends setups based on current market conditions.

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