New options for Ciena Corp (Symbol: CIEN) are now available, expiring in December 2026. Investors may benefit from a significant time value due to the 382 days until expiration, which could lead to higher premiums for both puts and calls.
The put contract at a $195.00 strike price currently has a bid of $47.10, allowing investors to effectively purchase shares at a cost basis of $147.90. This represents a 2% discount compared to the current trading price of $198.70/share. The likelihood of the put expiring worthless is estimated at 67%, yielding a potential return of 24.15% on cash commitment.
On the call side, a $220.00 strike price contract has a bid of $48.10. If executed, this would result in a total return of 34.93%. This strike is approximately 11% above the current trading price. The odds of this covered call expiring worthless are calculated at 40%, potentially providing a 24.21% additional return.
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