CFU Cash-Secured Put Scanner

A cash-secured put scanner for any US stock or ETF

Enter a ticker and the scanner checks the listed options to find one cash-secured put that fits CFU's rules: the expiry, the strike, the premium at the bid, the breakeven and whether earnings fall before expiry.

You also get a price chart with the strike and breakeven, a profit and loss chart at expiry, and the exact order to place, with the cash you set aside. Change the expiry or strike and everything updates.

CFU's rules for choosing the put

Expiry

21 to 45 days out, aim for 35

Enough time for the premium to be worth selling, short enough that time decay works for you.

Strike

Near 0.25 delta, between 0.20 and 0.30

Leaves room for the stock to fall before you are asked to buy the shares.

Liquidity

Bid $0.05 or more, open interest 100 or more, spread within 15% of mid or $0.05 during market hours

An option you can actually sell near the quoted price. After the close, closing quotes sit wider, so spreads up to 30% of mid or $0.10 pass.

Earnings

Ends before the next report

Keeps the earnings gap out of the trade. When it cannot, the page flags it in red. ETFs have none.

Cash-secured put questions

What is a cash-secured put?

You set aside the cash to buy 100 shares at the strike and sell one put option. You collect the premium now. If the stock finishes above the strike at expiry, the put expires and you keep the premium and the cash. If it finishes below, you buy 100 shares at the strike, and the premium lowers your cost.

How does the scanner choose a put?

It looks at expiries 21 to 45 days out and aims for 35, then looks for a strike near 0.25 delta, between 0.20 and 0.30, which leaves room for the stock to fall before you are asked to buy the shares. The option has to trade: a bid of at least $0.05, open interest of at least 100 and, during market hours, a bid-ask spread within 15% of the mid price or $0.05 a share. After the close, results use closing quotes, which sit wider, so the spread may be up to 30% of the mid price or $0.10 a share. The expiry should end before the company's next earnings report, so when a report is coming it can choose an expiry as short as 7 days. When that is not possible, the page flags the earnings in red. If nothing fits in 21 to 45 days, it looks out as far as 64 days. The expiry comes from the same rule the covered call scanner uses, so both scanners show the same expiry for a ticker.

What does "Return if the stock stays above the strike" mean?

It is what you make if the stock finishes at or above the strike and the put expires: the premium divided by the strike minus the premium, which is the cash the trade puts at risk. It is the most the trade can make.

What does "Breakeven, your cost if assigned" mean?

It is the strike minus the premium. If the stock finishes below the strike, you buy 100 shares at the strike, and the premium you kept brings your cost down to this price. Below it, the trade loses money.

Can I choose a different expiry or strike?

Yes. Choose any listed expiry and any strike, including in-the-money strikes for a higher premium and a higher chance of buying the shares. The charts, the order ticket and the rule checks update for your choice, and the panel beside them shows how it measures up against CFU's rules.

Why avoid earnings?

A stock can gap up or down on its earnings report. Choosing an expiry that ends before the report keeps that event out of the trade. A report that falls within a week after expiry is flagged but allowed. ETFs have no earnings reports of their own.

Why are premiums shown at the bid?

The bid is the price you could sell at when the quote was taken, so the premium shown is one you could actually collect, not a hopeful midpoint.

How current are the prices?

Every result shows the time of its option quotes. During market hours stock prices are delayed 15 minutes, and quotes move after they are taken, so check a live quote before you place an order.

Is the cash-secured put scanner free?

Yes. It is free to use, with no sign-up. Sharing your email is optional. It is for education only and is not financial advice.

New to the terms? The options glossary explains delta, open interest, assignment and more.