What makes a long put cheap here?

The ask is small relative to the same-expiry ATM-straddle implied move, inside one OTM sleeve, without paying a large IV premium versus that expiry’s ATM IV.

Why not rank the cheapest ask?

The cheapest ask is usually a far-OTM lottery. It only pays after a move larger than the book already priced.

What is the maximum loss?

The debit paid, before fees, if the put expires worthless.

Are the displayed option prices actual fills?

No. ASK is the executable-side quote a buyer would lift. MID is shown only to expose the quote gap. A real order may fill at a different price or not fill at all.

Is this a Black-Scholes fair-value screen?

No. Fairness is measured against the listed book: the same-expiry ATM straddle and that expiry’s ATM IV. The page does not invent a model price, treat delta as probability, or compute expected value.

Are these recommendations?

No. Each row is contract-quality evidence for an existing thesis or hedge. LOPJLB does not forecast direction or place the trades.

Is this the paid Options Workbench?

No. These are public research ledgers. Proprietary workbench configurations are not published here.

Long puts

Oct 19, 2026, 12:12 PM PDT944 setups · 944 selectedOBSERVATIONAL

Daily 21–60 DTE quote-based put insurance. A put is cheap when the ask buys a smaller slice of the book’s already-priced move, inside a 1–4%, 4–8%, or 8–15% OTM sleeve. A far-OTM penny that only pays after a crash larger than the implied move is not cheap.

Debit: ASK is the executable-side quote; MID is the midpoint. Neither is a fill.
Debit / IM: Ask debit divided by the same-expiry ATM-straddle dollars. Lower is cheaper insurance versus the listed book.
BE / IM: Move from spot to ask breakeven, divided by that straddle. OTM insurance often needs more than the implied move.
IV premium: Contract IV minus that expiry’s ATM IV. Positive means you are paying put skew.

DTE

SORT

SETUPS

SYMBOL / EXPIRY		SLEEVE	ASK / MID	FILL GAP			THETA/ASK		ATM / CHEAP
TLT2026-11-20	32	FAR	$0.02 / $0.02	33.3%	0.01	8.4%	0.46	926	$1.34 / $0.02	0.01
TLT2026-11-30	42	FAR	$0.03 / $0.03	20.0%	0.01	7.8%	0.36	305	$1.72 / $0.02	0.01
COST2026-11-20	32	FAR	$0.52 / $0.43	22.4%	0.01	5.8%	0.41	1,646	$22.70 / $0.22	0.01
TLT2026-12-18	60	FAR	$0.06 / $0.05	20.0%	0.02	4.9%	0.22	2,063	$2.27 / $0.02	0.02
XLU2026-11-20	32	FAR	$0.03 / $0.02	50.0%	0.02	5.3%	0.33	662	$0.86 / $0.03	0.02
JNJ2026-11-13	25	FAR	$0.22 / $0.12	91.3%	0.02	3.2%	0.33	53	$6.50 / $0.19	0.02
XLP2026-11-20	32	FAR	$0.06 / $0.05	33.3%	0.02	8.8%	0.37	686	$1.65 / $0.06	0.02
JPM2026-11-13	25	FAR	$0.30 / $0.18	71.4%	0.02	6.0%	0.37	17	$8.45 / $0.30	0.02
IEF2026-11-20	32	MID	$0.03 / $0.02	50.0%	0.02	3.8%	0.34	10	$0.76 / $0.02	0.02
XLE2026-11-20	32	FAR	$0.09 / $0.08	12.5%	0.02	3.6%	0.37	878	$2.04 / $0.05	0.02
GLD2026-11-27	39	FAR	$0.43 / $0.40	7.5%	0.02	6.8%	0.32	33	$9.25 / $0.04	0.02
WMT2026-11-13	25	FAR	$0.13 / $0.13	4.0%	0.02	3.9%	0.50	87	$2.83 / $0.08	0.02
GLD2026-11-13	25	FAR	$0.39 / $0.37	6.8%	0.02	6.8%	0.49	347	$8.30 / $0.04	0.02
MCD2026-11-13	25	FAR	$0.32 / $0.22	45.5%	0.02	4.7%	0.40	73	$7.35 / $0.20	0.02
DIA2026-11-13	25	FAR	$0.41 / $0.36	13.9%	0.03	16.5%	0.52	38	$7.15 / $0.10	0.03
XLV2026-12-18	60	FAR	$0.42 / $0.28	52.7%	0.03	2.2%	0.13	56	$6.90 / $0.39	0.03
COST2026-12-18	60	FAR	$2.17 / $1.81	19.9%	0.03	2.7%	0.16	623	$32.95 / $0.38	0.03
V2026-11-20	32	FAR	$0.70 / $0.60	16.7%	0.03	7.9%	0.33	678	$10.60 / $0.15	0.03
GLD2026-12-18	60	FAR	$0.79 / $0.77	2.6%	0.03	4.3%	0.18	984	$11.45 / $0.04	0.03
EXE2026-11-20	32	FAR	$0.35 / $0.23	55.6%	0.03	-2.7%	0.23	20,583	$2.40 / $0.35	0.03
XLF2026-11-13	25	FAR	$0.06 / $0.05	20.0%	0.03	13.1%	0.46	1,109	$0.82 / $0.06	0.03
LQD2026-12-18	60	FAR	$0.10 / $0.07	42.9%	0.03	7.6%	0.18	165	$1.93 / $0.05	0.03
MA2026-11-13	25	FAR	$1.10 / $0.75	46.7%	0.03	8.2%	0.36	101	$17.40 / $1.10	0.03
JNJ2026-11-27	39	FAR	$0.52 / $0.31	70.5%	0.03	1.5%	0.20	156	$8.95 / $0.35	0.03
MSFT2026-11-13	25	FAR	$1.22 / $1.16	5.2%	0.03	6.0%	0.44	362	$18.15 / $0.08	0.03

TLT2026-11-20 · 32D

TLT2026-11-30 · 42D

COST2026-11-20 · 32D

TLT2026-12-18 · 60D

XLU2026-11-20 · 32D

JNJ2026-11-13 · 25D

XLP2026-11-20 · 32D

JPM2026-11-13 · 25D

IEF2026-11-20 · 32D

XLE2026-11-20 · 32D

GLD2026-11-27 · 39D

WMT2026-11-13 · 25D

GLD2026-11-13 · 25D

MCD2026-11-13 · 25D

DIA2026-11-13 · 25D

XLV2026-12-18 · 60D

COST2026-12-18 · 60D

V2026-11-20 · 32D

GLD2026-12-18 · 60D

EXE2026-11-20 · 32D

XLF2026-11-13 · 25D

LQD2026-12-18 · 60D

MA2026-11-13 · 25D

JNJ2026-11-27 · 39D

MSFT2026-11-13 · 25D

Showing 1-25 of 944

PAYOFF · EXPIRATION ESTIMATE

SELECT A SETUP TO VIEW EXPIRATION PAYOFF

ASK and MID are quote estimates, not fills. Long puts can expire worthless. General research for an existing hedge thesis, not personalized advice.

How long puts are scored

Ask debit, ATM-straddle implied move, and the evidence shown in each row.

What a cheap long put is

A long put pays a defined debit for the right to sell 100 shares at the strike. This ledger treats that debit as insurance against the listed book, not as a crash forecast.

Cheapness is ask divided by the same-expiry ATM-straddle implied move. Ranking stays inside one OTM sleeve so a lottery far-OTM put cannot beat a mid-sleeve contract just because the ask is smaller in dollars.

How to read the ledger

BE/IM is shown even when it is greater than 1. Out-of-the-money insurance often needs more than the already-priced move to finish in the money after paying the ask.

ATM and cheapest same-expiry asks are controls. IV premium, theta/ask, open interest, and quote age describe the book. None of them is a probability of profit.

Quick FAQ

Put the option quote in stock context.

Screen the underlying, inspect its nightly signal evidence, and treat every option row as a research starting point, not an order.

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