How are CLSX straddle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the CLSX straddle priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 149.00%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$751.67 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLSX straddle?

The breakeven for the CLSX straddle priced on this page is roughly $5.43 and $20.58 at expiration, derived from the September 29, 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 CLSX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLSX implied volatility affect this straddle?

CLSX ATM IV is at 149.00% with IV rank near 33.54%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

CLSX Straddle Strategy

CLSX (Tradr 2X Long CLSK Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

CLSX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Cleanspark, Inc. (CLSK), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror CLSKs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold CLSK stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade.

CLSX (Tradr 2X Long CLSK Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $17.0M, a beta of 11.92 versus the broader market, a 52-week range of 7.46-118.09, average daily share volume of 334K, a public-listing history dating back to 2025. These structural characteristics shape how CLSX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 11.92 indicates CLSX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a straddle on CLSX?

A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.

CLSX snapshot

As of September 29, 2026, spot at $13.27, ATM IV 149.00%, IV rank 33.54%, expected move 42.72%. The straddle on CLSX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this straddle structure on CLSX specifically: CLSX IV at 149.00% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 42.72% (roughly $5.67 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLSX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLSX should anchor to the underlying notional of $13.27 per share and to the trader's directional view on CLSX etf.

CLSX straddle setup

The CLSX straddle below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLSX at $13.27 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLSX chain at a 80-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 CLSX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$13.00	$4.00
Buy 1	Put	$13.00	$3.58

CLSX straddle risk and reward

Net Premium / Debit: -$757.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$751.67
Breakeven(s): $5.43, $20.58
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.

CLSX straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on CLSX. 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%	+$541.50
$2.94	-77.8%	+$248.20
$5.88	-55.7%	-$45.09
$8.81	-33.6%	-$338.39
$11.74	-11.5%	-$631.69
$14.67	+10.6%	-$590.02
$17.61	+32.7%	-$296.72
$20.54	+54.8%	-$3.42
$23.47	+76.9%	+$289.87
$26.41	+99.0%	+$583.17

When traders use straddle on CLSX

Straddles on CLSX are pure-volatility plays that profit from large moves in either direction; traders typically buy CLSX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

CLSX thesis for this straddle

The market-implied 1-standard-deviation range for CLSX extends from approximately $7.60 on the downside to $18.94 on the upside. A CLSX long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. Current CLSX IV rank near 33.54% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on CLSX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CLSX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLSX-specific events.

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

Frequently asked questions

What is a straddle on CLSX?: A straddle on CLSX is the straddle strategy applied to CLSX (etf). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With CLSX etf at $13.27 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CLSX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CLSX straddle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the CLSX straddle priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 149.00%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$751.67 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLSX straddle?: The breakeven for the CLSX straddle priced on this page is roughly $5.43 and $20.58 at expiration, derived from the September 29, 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 CLSX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on CLSX?: Straddles on CLSX are pure-volatility plays that profit from large moves in either direction; traders typically buy CLSX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
How does current CLSX implied volatility affect this straddle?: CLSX ATM IV is at 149.00% with IV rank near 33.54%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.