Wartime Option Strategies: We Can Still Make Money – March 30, 2026
Covered call writing and cash-secured puts are low-risk option-selling strategies that can be implemented even in challenging market environments. In the 1st quarter of 2026, the US has been experiencing uncertainty and volatility exacerbated by a war with Iran. This article will analyze a $100k defensive cash-secured put portfolio of mine where I used 4 elite-performing securities that resulted in a 22% annualized return.
4 Selected Stocks for the $100k Portfolio
- EQT Corp. (NYSE: EQT): $65.12 on 3/13/2026 (Friday)
- Vita Coco Company Inc. (Nasdaq: COCO): $59.12 on 3/13/2026 (Friday)
- Vista Energy SAB (NYSE: VIST): $66.43 on 3/16/2026 (Monday)
- Marvell Technology Inc. (Nasdaq: MRVL): $91.98 on 3/16/2026 (Monday)
Initial Cash-Secured Put Trade Calculations: BCI Trade Management Calculator (TMC)
- Red circle# days in trade
- Yellow cell: Breakeven price is $58.75
- Brown cells: Initial 5-8 day & annualized returns
- Blue cell: $ amount of premium collected
- Purple cell: % discount on initial price, if exercised
Initial Portfolio Total Returns
- 22.36% annualized
- $4906.00 cash reserve for exit strategies
Trade Status as of 3/20/2026 After 4 PM ET: All strikes expire OTM and worthless
All strikes expired out-of-the-money and worthless. There was no exercise and the initial return of 22% annualized was realized.
Discussion
Our covered call writing and cash-secured put trades can generate significant annualized returns, while still offering substantial protection to the downside. This article analyzed a 4-stock, $100k portfolio which resulted in a 22% annualized return during a volatile and down-market (down > 5% year-to-date) environment.
Author: Alan Ellman