SPY Cash-Secured Put: Nov 20 $744 Put

State Street SPDR S&P 500 ETF Trust (SPY). Option quotes as of Oct 19, 2026, 4:15 PM ET. Stock prices are closing prices.

Open SPY in the interactive scannerCovered Call on SPY

Profit and loss at expiry

Why this cash-secured put

Why this expiry

CFU's rules chose the Nov 20 expiry, 31 days out.

It is the standard monthly expiry.

A put with one week left looks like it pays more per day, but it does not keep it.

With the stock unchanged, a put like this with one week left loses about 16 percent of its value a day. It also swings hard with the stock, and you pay the spread again every week.

With the stock unchanged, a put 21 to 45 days out loses about 3 to 6 percent of its value a day, and its strike sits further from the stock.

Those decay figures are model estimates from Black-Scholes at 30% implied volatility, not predictions.

For this put, the options data puts the decay at about $0.18 a share a day, 3.0% of its value, with the stock unchanged. That is a model estimate, not a prediction.

CFU's rules look for expiries 21 to 45 days out and aim for about 35. They take the monthly when it fits.

One- and two-week puts are out unless an earnings report is close.

Why this strike and delta

The $744 put has a delta of 0.25.

CFU's rules sell a put with a delta between 0.20 and 0.30, as close to 0.25 as a liquid strike allows.

Among the strikes in that band, the rules keep the ones that pass the liquidity checks and take the one closest to 0.25.

Below 0.20 the premium gets thin. Above 0.30 the strike sits close to the stock, and you are more likely to buy the shares.

Delta is a market-implied estimate drawn from option prices.

The options market prices roughly a 75% chance SPY finishes above $744 at expiry. That is an estimate, not a prediction.

Earnings

SPY is an exchange-traded fund, so it has no earnings reports of its own.

Macro events before expiry

Fed rate decision on Oct 28, 2026 at 2:00 PM ET. The Fed sets short-term interest rates at this meeting, and a decision or statement that surprises traders can move the whole market.

Personal Income and Outlays (PCE price index) on Oct 29, 2026 at 8:30 AM ET. The PCE price index is the inflation measure the Fed watches most closely, and a surprise can change the outlook for interest rates and move stock prices.

GDP, advance estimate on Oct 29, 2026 at 8:30 AM ET. The GDP report is the first estimate of how fast the economy grew last quarter, and a surprise can move stock prices.

Employment Situation on Nov 6, 2026 at 8:30 AM ET. The jobs report counts hiring and unemployment, and a surprise can change the outlook for the economy and interest rates and move stock prices.

Consumer Price Index on Nov 10, 2026 at 8:30 AM ET. CPI measures inflation in consumer prices, and a surprise can change the outlook for interest rates and move stock prices.

Producer Price Index on Nov 13, 2026 at 8:30 AM ET. PPI measures inflation in the prices businesses receive, and a surprise can change the outlook for interest rates and move stock prices.

CFU's method does not change the example for these releases. They are listed so you know they fall inside the trade.

Dividends and early assignment

SPY has no declared ex-dividend date before this expiry.

Liquidity

The bid is $5.85 and the ask is $5.90, a spread of 0.9% of the midpoint. On closing prices CFU's rules allow up to 30% of the midpoint, or 10 cents on a low-priced option, because spreads widen at the close.

Open interest, the number of these contracts already open, is 2,324. The rules need at least 100.

The rules also need a bid of at least $0.05.

Your risk

If SPY is below $744 at expiry, you buy 100 shares at $744.

The premium lowers your cost to $738.15 a share. Below that breakeven, the position loses $100 for each $1 the stock falls.

If the stock went to zero, you would lose $73,815.

Your gain is capped at the premium

Your upside is capped at the premium.

If SPY is at or above $744 at expiry, you keep the $585 premium and nothing more.

How the numbers are priced

Every figure on this page uses the $5.85 bid, the price you could sell at when the quote was taken.

The example order starts at $5.87, the midpoint of the bid and ask rounded down to the option's price step, and walks toward the bid.

CFU's put rules are the same expiry, delta, liquidity and earnings rules the covered call scanner uses.

SPY put strikes for Nov 20

Every listed strike near the money for the same expiry, priced at the bid. The highlighted row is the one CFU's rules chose. Grey rows fail a liquidity check.

Example order

Sell the put

SELL TO OPEN 1 SPY 11/20/26 744.00 PUT
LIMIT: $5.87 credit (mid)
If not filled: lower $0.01 every 2 min
Floor: $5.85 (bid). Don't sell for less.

Prices are from Oct 19, 2026, 4:14 PM ET. Recompute from your live quote: start at mid, walk toward the bid, never past it.

Before you sell, ask

• Am I happy buying SPY at $744?
• Can I leave $74,400 set aside until Nov 20?

These are the two questions CFU asks before any example, for every ticker. If either answer is no, this is not the trade for you.

Other expirations for SPY

Open one in the interactive scanner to see its strikes, chart and order example.

• Oct 30 · 10 days · weekly
• Nov 6 · 17 days · weekly
• Nov 13 · 24 days · weekly
• Nov 27 · 38 days · weekly
• Dec 18 · 59 days · monthly
• Dec 31 · 72 days · weekly
• Jan 15 · 87 days · monthly
• Jan 29 · 101 days · weekly
• Feb 19 · 122 days · monthly
• Feb 26 · 129 days · weekly
• Mar 19 · 150 days · monthly
• Jun 17 · 240 days · monthly
• Sep 17 · 332 days · monthly
• Dec 17 · 423 days · monthly
• Jan 21 · 458 days · monthly