CSCO Credit Put Spread (Bull Put) — Nov 20, 2026
Trade Setup
Current Stock Price
$148.00
Entry Price
$148.00
Target Price
$74.00
Stop Loss
$296.00
Expiration
Nov 20, 2026
Suggested Contracts
1
Strike Details
Sell 105P / Buy 95P
Risk / Reward
Max Loss
$852.00
Max Profit
$148.00
Analysis
CSCO (Cisco Systems, Inc. - Common Stock) presents a credit put spread (bull put) opportunity with elevated implied volatility. IV Rank 60. IV 3973.0% trades 363.0pp above 30-day HV (3610.0%). This setup favors net premium sellers.
Sell the $105 put and buy the $95 put for protection. Bullish setup — profits if CSCO stays above $105 at expiration. Defined risk equal to the spread width minus credit collected. Underlying ~$118.39, 39 DTE. Max profit $148 per contract, max loss $852, 17.4% return on risk, 79% POP. Breakeven at $103.52.
Management: take profit at ~50% of max profit ($74). Cut at 2x credit ($296 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.
Setup Instructions
Underlying: CSCO @ ~$118.39 Expiration: Nov 20, 2026 (39 DTE) Net credit (entry): ~$148.00 per spread Legs:
- Sell CSCO Nov 20, 2026 $105 Put (delta -0.21, mid $2.06)
- Buy CSCO Nov 20, 2026 $95 Put (delta -0.07, mid $0.57)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~4.4% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($74). Cut loss if position reaches 2x credit received ($296 loss). Roll if tested with > 14 DTE remaining.