MRNA Credit Put Spread (Bull Put) — Nov 20, 2026
Trade Setup
Current Stock Price
$220.00
Entry Price
$220.00
Target Price
$110.00
Stop Loss
$440.00
Expiration
Nov 20, 2026
Suggested Contracts
1
Strike Details
Sell 165P / Buy 155P
Risk / Reward
Max Loss
$780.00
Max Profit
$220.00
Analysis
MRNA (Moderna, Inc. - Common Stock) presents a credit put spread (bull put) opportunity with very elevated implied volatility. IV Rank 81. IV 10738.0% trades 2075.0pp above 30-day HV (8663.0%). This setup favors net premium sellers.
Sell the $165 put and buy the $155 put for protection. Bullish setup — profits if MRNA stays above $165 at expiration. Defined risk equal to the spread width minus credit collected. Underlying ~$172.50, 39 DTE. Max profit $220 per contract, max loss $780, 28.2% return on risk, 84% POP. Breakeven at $162.80.
Management: take profit at ~50% of max profit ($110). Cut at 2x credit ($440 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: MRNA @ ~$172.50 Expiration: Nov 20, 2026 (39 DTE) Net credit (entry): ~$220.00 per spread Legs:
- Sell MRNA Nov 20, 2026 $165 Put (delta -0.16, mid $6.60)
- Buy MRNA Nov 20, 2026 $155 Put (delta -0.11, mid $4.40)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~10.6% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($110). Cut loss if position reaches 2x credit received ($440 loss). Roll if tested with > 14 DTE remaining.