Cash-Secured Put Screener: the rules and how to read the results
A cash-secured put screener filters stocks and option chains for puts worth a closer look. ThetaGrade’s CSP screener keeps stocks with a House Rating of 65+, no earnings before expiration, buy-leaning analysts and high implied volatility. It then looks for a liquid put 30–45 days out, at a delta of -0.30 to -0.20, that pays at least 12% annualized on the cash collateral.
Data as of .
The rules, one by one
Every stock has to pass every rule. The thresholds below are the same values the screener runs on.
| Rule | Threshold | Why it is there |
|---|---|---|
| Quality | House Rating ≥ 65 with at least 80% data coverage | Limits the list to companies you might actually be willing to own if assigned. |
| Earnings timing | No earnings date or estimated earnings window before expiration | Avoids holding a short put through an earnings gap. A stock with no known date fails this rule. |
| Analyst sentiment | At least 60% buy ratings and a consensus score of 3.5 or higher (1–5 scale) | Keeps names where the analyst consensus leans toward buy. |
| High implied volatility | IV percentile vs the rated universe ≥ 75 | Option premiums are richer when implied volatility is high relative to other stocks. |
| Expiration window | 30–45 days to expiration | Targets the standard monthly expiration, where time decay is meaningful and liquidity is usually best. |
| Strike selection | Put delta between -0.30 and -0.20 | Puts out of the money by a moderate amount, a common middle ground between premium and assignment odds. |
| Liquidity | Open interest ≥ 500, volume ≥ 100, bid/ask spread ≤ 10% | Wide or thin markets cost money to enter and exit. |
| Minimum yield | Annualized yield on collateral ≥ 12% | Filters out trades where the premium is too small for the cash tied up. |
Implied volatility history is not available for a true IV Rank, so the screen compares each stock’s 30–45 DTE put IV with the 20-day realized volatility of every rated stock. Full details are on the methodology page.
How to read the results
- Qualifying strikes: each passing stock is listed with a put that meets every rule, its delta and its annualized yield on collateral.
- Filter funnel: shows how many rated stocks survive each rule in turn, which tells you which rule is doing most of the filtering this week.
- Near misses: stocks that fail exactly one rule. Useful context, not qualifiers.
- Expiration: the screen targets the monthly expiration on the OPEX calendar that falls inside the 30–45 day window.
Annualized yield assumes you could repeat the same trade all year. Use it to compare trades, not as a forecast.
What a screener cannot do
- It runs on end-of-day data, so prices and premiums will have moved by the time you trade.
- It does not know your account size, other positions or tax situation.
- Passing every rule does not make a trade safe. A cash-secured put still carries stock-like downside if the price falls well below the strike.
If you are new to the strategy, start with cash-secured puts: a plain-English guide, which walks through collateral, breakeven and the risks.
Related
Educational content only, not financial advice. Options involve risk and are not suitable for every investor.
Tickers to explore
Names that pass this week’s cash-secured put screen or miss it by one rule. Each page shows the rating, the pillar scores and the earnings date.
Lists update with each data refresh (as of ). Educational, not financial advice. See all grades on the ratings page.
FAQ
- What is a cash-secured put screener?
- A tool that filters stocks and option chains for puts that fit a set of rules, so you can find cash-secured put candidates without checking every chain by hand. ThetaGrade’s screener applies fixed, published rules to end-of-day data.
- What thresholds does the ThetaGrade CSP screener use?
- House Rating 65+, no earnings before expiration, at least 60% buy ratings with consensus 3.5+, IV percentile 75+, 30–45 DTE, delta -0.30 to -0.20, open interest 500+, volume 100+, spread 10% or less, and annualized yield 12%+.
- What is a near miss?
- A stock that fails exactly one rule in a given week. Near misses are shown for context. They are not qualifiers, and the rules are not relaxed for them.
- Why does the list change from week to week?
- Ratings, implied volatility, earnings dates and option prices all move. A name can pass one week and fail the next without anything changing at the company.
- Is a screener result a trade recommendation?
- No. Results are the output of fixed rules and do not account for your finances, taxes or risk tolerance. This page is education, not financial advice.
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