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The Cash-Secured Put

The covered call's mirror image: selling a put backed by cash, agreeing to buy a stock you want at a lower price while being paid to wait. How it pays off, the two outcomes, the 'getting paid to set a limit order' framing, and the real risk if the stock collapses.

13 min readPublished 25 June 2026

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What Is A Put Option?Assignment & Exercise

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The Covered Call

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The Option Greeks: Theta & Time Decay

Theta — the Greek that measures time decay. How much an option loses each day simply because expiration draws nearer, why that decay accelerates into the final weeks, why it peaks at the money, and why it makes time the option buyer's enemy and the seller's ally.

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