How are CHPX 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 CHPX strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 58.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$650.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CHPX strangle?

The breakeven for the CHPX strangle priced on this page is roughly $88.50 and $111.50 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CHPX market-implied 1-standard-deviation expected move is approximately 16.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CHPX implied volatility affect this strangle?

Current CHPX ATM IV is 58.90%; IV rank context is unavailable in the current snapshot.

CHPX Strangle Strategy

CHPX (Global X - AI Semiconductor & Quantum ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.

The Global X AI Semiconductor & Quantum ETF, identified by the ticker CHPX, is structured to mirror the financial performance—both capital gains and income—of the Global X AI Semiconductor & Quantum Index. Its primary goal is to replicate these results before any management fees or operational expenses are subtracted.

CHPX (Global X - AI Semiconductor & Quantum ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $33.4M, a beta of 3.32 versus the broader market, a 52-week range of 49-112, average daily share volume of 101K, a public-listing history dating back to 2025. These structural characteristics shape how CHPX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.32 indicates CHPX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CHPX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a strangle on CHPX?

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.

Current CHPX snapshot

As of June 29, 2026, spot at $101.03, ATM IV 58.90%, expected move 16.89%. The strangle on CHPX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.

Why this strangle structure on CHPX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CHPX is inferred from ATM IV at 58.90% alone, with a market-implied 1-standard-deviation move of approximately 16.89% (roughly $17.06 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CHPX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHPX should anchor to the underlying notional of $101.03 per share and to the trader's directional view on CHPX etf.

CHPX strangle setup

The CHPX strangle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CHPX near $101.03, the first option leg uses a $105.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHPX chain at a 18-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 CHPX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$105.00	$4.35
Buy 1	Put	$95.00	$2.15

CHPX strangle risk and reward

Net Premium / Debit: -$650.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$650.00
Breakeven(s): $88.50, $111.50
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.

CHPX strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on CHPX. 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	-100.0%	+$8,849.00
$22.35	-77.9%	+$6,615.28
$44.68	-55.8%	+$4,381.56
$67.02	-33.7%	+$2,147.84
$89.36	-11.6%	-$85.87
$111.70	+10.6%	+$19.59
$134.03	+32.7%	+$2,253.31
$156.37	+54.8%	+$4,487.03
$178.71	+76.9%	+$6,720.75
$201.04	+99.0%	+$8,954.47

When traders use strangle on CHPX

Strangles on CHPX 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 CHPX chain.

CHPX thesis for this strangle

The market-implied 1-standard-deviation range for CHPX extends from approximately $83.97 on the downside to $118.09 on the upside. A CHPX 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, CHPX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHPX-specific events.

CHPX 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. CHPX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CHPX alongside the broader basket even when CHPX-specific fundamentals are unchanged. Always rebuild the position from current CHPX chain quotes before placing a trade.

Frequently asked questions

What is a strangle on CHPX?: A strangle on CHPX is the strangle strategy applied to CHPX (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 CHPX etf trading near $101.03, the strikes shown on this page are snapped to the nearest listed CHPX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CHPX 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 CHPX strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 58.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$650.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CHPX strangle?: The breakeven for the CHPX strangle priced on this page is roughly $88.50 and $111.50 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CHPX market-implied 1-standard-deviation expected move is approximately 16.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on CHPX?: Strangles on CHPX 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 CHPX chain.
How does current CHPX implied volatility affect this strangle?: Current CHPX ATM IV is 58.90%; IV rank context is unavailable in the current snapshot.