Cash-Secured Put
You want to buy the coin, but cheaper than now. You promise to buy it below market and get paid for that promise right away. If it falls to your price you buy at a discount; if it doesn't, you simply keep the cash.
How the Cash-Secured Put works
You sell a put and reserve the cash to buy the asset if assigned. If price stays above the strike the put expires and you keep the premium. If it falls below, you buy the asset at the strike — effectively cheaper by the premium.
When to use it
When you want to buy BTC/ETH below the current price and are happy to be paid a premium to wait. Part of the "wheel": after assignment you sell a Covered Call against the asset.
Placing the strike at GEX levels
Sell the put at the Put Wall. Place the sold-put strike at a large put level (the Put Wall) — a strong support zone where price is more likely to hold, and premium is richer when IV is high.
You either collect the premium or buy BTC/ETH on confirmed GEX support. The Put Wall and hedging pressure are computed live in the GEX Terminal — pick the strike in the Position Builder.
When to open, the Greeks and managing the position
Open it either for premium income in a range or to buy the asset below market. Sell the put at a strong support level in high IV (options are richly priced): if price falls you buy the asset at the strike, discounted by the premium; if it rises you keep the premium. Breakeven = strike − premium.
Greeks: positive theta makes every day of sideways drift profitable. Management: keep the full cash to cover the strike — then it is not a leveraged naked put but a disciplined way to accumulate the asset.
FAQ
It is fully backed by cash for the strike, so you can always buy the asset — it is not a naked, leveraged put.
The premium received — if the put expires worthless.
Build the Cash-Secured Put on live BTC and ETH quotes in the Position Builder.
Open the Position BuilderRelated strategies
Information is for educational purposes only and does not constitute investment advice. Options trading carries high risk.