How are CCML strangle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the CCML strangle priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 63.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$186.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CCML strangle?

The breakeven for the CCML strangle priced on this page is roughly $14.14 and $19.87 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CCML market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CCML implied volatility affect this strangle?

Current CCML ATM IV is 63.70%; IV rank context is unavailable in the current snapshot.

CCML Strangle Strategy

CCML (Roundhill MLCC & Electronic Components ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Roundhill MLCC & Electronic Components ETF (CCML) is an actively managed fund that seeks to offer precise exposure to a basket of global manufacturers of multilayer ceramic capacitors (MLCCs). These components are critical for AI infrastructure, as they store and release electrical charge to ensure stable power delivery, and demand increases with more powerful systems. The ETF provides access to hard-to-access market leaders listed in South Korea, Japan, Taiwan, and China.

CCML (Roundhill MLCC & Electronic Components ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $676,236, a beta of 0.00 versus the broader market, a 52-week range of 15.69-29.2, average daily share volume of 34K, a public-listing history dating back to 2026. These structural characteristics shape how CCML etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates CCML has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a strangle on CCML?

A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money.

CCML snapshot

As of November 13, 2026, spot at $17.28, ATM IV 63.70%, expected move 18.26%. The strangle on CCML below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this strangle structure on CCML specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CCML is inferred from ATM IV at 63.70% alone, with a market-implied 1-standard-deviation move of approximately 18.26% (roughly $3.16 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCML expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCML should anchor to the underlying notional of $17.28 per share and to the trader's directional view on CCML etf.

CCML strangle setup

The CCML strangle below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CCML at $17.28 on that close, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCML chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CCML shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$18.00	$0.89
Buy 1	Put	$16.00	$0.98

CCML strangle risk and reward

Net Premium / Debit: -$186.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$186.50
Breakeven(s): $14.14, $19.87
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit.

CCML strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on CCML. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	+$1,412.50
$3.83	-77.8%	+$1,030.54
$7.65	-55.7%	+$648.58
$11.47	-33.6%	+$266.62
$15.29	-11.5%	-$115.34
$19.11	+10.6%	-$75.70
$22.93	+32.7%	+$306.26
$26.75	+54.8%	+$688.22
$30.57	+76.9%	+$1,070.18
$34.39	+99.0%	+$1,452.14

When traders use strangle on CCML

Strangles on CCML are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the CCML chain.

CCML thesis for this strangle

The market-implied 1-standard-deviation range for CCML extends from approximately $14.12 on the downside to $20.44 on the upside. A CCML long strangle is the OTM cousin of the straddle: lower up-front cost but the underlying has to travel further past either OTM strike before the position turns profitable at expiration. As a Financial Services name, CCML options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCML-specific events.

CCML strangle positions are structurally neutral / high-volatility (long premium, OTM); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CCML positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCML alongside the broader basket even when CCML-specific fundamentals are unchanged. Always rebuild the position from current CCML chain quotes before placing a trade.

Frequently asked questions

What is a strangle on CCML?: A strangle on CCML is the strangle strategy applied to CCML (etf). The strategy is structurally neutral / high-volatility (long premium, OTM): A long strangle buys an OTM call and an OTM put at offset strikes, cheaper than a straddle but requiring a larger underlying move to profit since both wings start out-of-the-money. With CCML etf at $17.28 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CCML chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CCML strangle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the put strike minus the combined debit (reached at zero). Max loss equals the combined debit times 100 (reached anywhere between the two OTM strikes). Two breakevens at call-strike plus debit and put-strike minus debit. For the CCML strangle priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 63.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$186.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CCML strangle?: The breakeven for the CCML strangle priced on this page is roughly $14.14 and $19.87 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CCML market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on CCML?: Strangles on CCML are the cheaper cousin of the straddle - traders use them when they want a large directional move but are willing to give up the inner-strike sensitivity in exchange for a lower up-front debit on the CCML chain.
How does current CCML implied volatility affect this strangle?: Current CCML ATM IV is 63.70%; IV rank context is unavailable in the current snapshot.