MRNA Credit Put Spread (Bull Put) — Nov 20, 2026
Trade Setup
Current Stock Price
$280.00
Entry Price
$280.00
Target Price
$140.00
Stop Loss
$560.00
Expiration
Nov 20, 2026
Suggested Contracts
1
Strike Details
Sell 185P / Buy 175P
Risk / Reward
Max Loss
$720.00
Max Profit
$280.00
Analysis
MRNA (Moderna, Inc. - Common Stock) presents a credit put spread (bull put) opportunity with very elevated implied volatility. IV Rank 96. IV 11424.0% trades 2294.0pp above 30-day HV (9130.0%). This setup favors net premium sellers.
Sell the $185 put and buy the $175 put for protection. Bullish setup — profits if MRNA stays above $185 at expiration. Defined risk equal to the spread width minus credit collected. Underlying ~$190.00, 32 DTE. Max profit $280 per contract, max loss $720, 38.9% return on risk, 78% POP. Breakeven at $182.20.
Management: take profit at ~50% of max profit ($140). Cut at 2x credit ($560 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 @ ~$190.00 Expiration: Nov 20, 2026 (32 DTE) Net credit (entry): ~$280.00 per spread Legs:
- Sell MRNA Nov 20, 2026 $185 Put (delta -0.22, mid $11.25)
- Buy MRNA Nov 20, 2026 $175 Put (delta -0.18, mid $8.45)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~6.2% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($140). Cut loss if position reaches 2x credit received ($560 loss). Roll if tested with > 14 DTE remaining.