CRBG Options Opportunities: Your February Week Strategy Guide

This week’s derivatives market has opened up fresh trading possibilities for Corebridge Financial Inc (CRBG) positioning ahead of the February 20th expiration window. Our analysis of the available contracts reveals a particularly compelling pair of opportunities worth examining—one on the put side and another on the call side—each presenting different risk-reward profiles for active traders.

The Case for Put Selling: Accumulation Strategy

Let’s start with the bullish put approach. CRBG’s $25.00 strike put contract is currently quoted at a 5-cent bid, representing an 18% discount relative to today’s $30.36 price level. Here’s where it gets interesting: if you initiate a put-to-open position at this strike, you’re effectively locking in a net purchase price of $24.95 per share (accounting for the premium collected), even if the stock gets assigned. That’s a meaningful reduction compared to acquiring shares at market rates today.

The mathematics worth noting: our data suggests there’s an 87% probability this contract concludes out-of-the-money by February 20th. Should that occur, the premium yield works out to 0.20% for the cash-secured period, translating to approximately 1.66% on an annualized basis—what we reference as the YieldBoost component.

For traders tracking CRBG’s twelve-month trajectory, the $25.00 strike has historically served as an interesting support level, sitting well below the stock’s recent trading ranges.

The Covered Call Angle: Income Enhancement

Shifting focus to the call side reveals another tactical opportunity. The $31.00 strike call is trading with a 95-cent ask, sitting just 2% above the current market price. The covered call strategy here works like this: purchase CRBG at $30.36, then immediately sell-to-open the $31.00 call. If assignment occurs on February 20th, your total profit lands at 5.24% (excluding any dividend distributions and before commissions).

The data point to track: current analytics suggest a 53% chance this contract expires worthless. In that scenario, you retain your shares plus pocket the 95-cent premium—a clean 3.13% return boost, or 25.96% when annualized. We term this the YieldBoost.

Reviewing CRBG’s twelve-month price action, the $31.00 strike has positioned itself as a reasonable upside capture level relative to the stock’s historical volatility patterns.

Volatility Context: What the Greeks Tell Us

The implied volatility metrics diverge notably between these two contracts. The put chain reflects 54% IV, while the call side shows 37% IV. When we calculate the realized volatility (spanning the trailing 250 trading days plus today’s closing), we arrive at 36%—suggesting the call-side expectations are closer to historical norms, while puts are pricing in elevated uncertainty.

This volatility spread is worth considering when constructing a multi-leg strategy or deciding which contract deserves your capital allocation.

Making the Decision

Both contracts merit serious consideration depending on your outlook. The put trade appeals to investors wanting to accumulate CRBG at a meaningful discount with asymmetric odds in their favor. The covered call strategy suits those already holding shares or comfortable initiating a position and willing to cap upside in exchange for immediate income generation during this February week.

Detailed contract tracking, including updated probability curves and greeks, remains available on our platform for both positions. The trailing twelve-month price charts help contextualize where these strikes sit within CRBG’s historical range—essential information for making an informed February 20th expiration play.

For additional options ideas and yield-enhanced strategies, explore our full contract database and YieldBoost framework.