CONI Strangle Strategy
CONI (GraniteShares 2x Short COIN Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Coinbase Global Inc, (NASDAQ: COIN) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide -2 times the cumulative return of COIN for periods greater than a day.
CONI (GraniteShares 2x Short COIN Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $443.0M, a beta of -4.06 versus the broader market, a 52-week range of 28.4-141.65, average daily share volume of 267K, a public-listing history dating back to 2024. These structural characteristics shape how CONI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -4.06 indicates CONI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CONI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a strangle on CONI?
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 CONI snapshot
As of May 15, 2026, spot at $41.20, ATM IV 131.90%, IV rank 33.08%, expected move 37.81%. The strangle on CONI 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 34-day expiry.
Why this strangle structure on CONI specifically: CONI IV at 131.90% 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 37.81% (roughly $15.58 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CONI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CONI should anchor to the underlying notional of $41.20 per share and to the trader's directional view on CONI etf.
CONI strangle setup
The CONI 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 CONI near $41.20, the first option leg uses a $43.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CONI chain at a 34-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 CONI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $43.00 | $5.55 |
| Buy 1 | Put | $40.00 | $6.05 |
CONI strangle risk and reward
- Net Premium / Debit
- -$1,160.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$1,160.00
- Breakeven(s)
- $28.40, $54.60
- 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.
CONI strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on CONI. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | +$2,839.00 |
| $9.12 | -77.9% | +$1,928.16 |
| $18.23 | -55.8% | +$1,017.31 |
| $27.34 | -33.7% | +$106.47 |
| $36.44 | -11.5% | -$804.38 |
| $45.55 | +10.6% | -$904.78 |
| $54.66 | +32.7% | +$6.07 |
| $63.77 | +54.8% | +$916.91 |
| $72.88 | +76.9% | +$1,827.75 |
| $81.99 | +99.0% | +$2,738.60 |
When traders use strangle on CONI
Strangles on CONI 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 CONI chain.
CONI thesis for this strangle
The market-implied 1-standard-deviation range for CONI extends from approximately $25.62 on the downside to $56.78 on the upside. A CONI 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. Current CONI IV rank near 33.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on CONI should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CONI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CONI-specific events.
CONI 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. CONI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CONI alongside the broader basket even when CONI-specific fundamentals are unchanged. Always rebuild the position from current CONI chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on CONI?
- A strangle on CONI is the strangle strategy applied to CONI (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 CONI etf trading near $41.20, the strikes shown on this page are snapped to the nearest listed CONI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CONI 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 CONI strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 131.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,160.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CONI strangle?
- The breakeven for the CONI strangle priced on this page is roughly $28.40 and $54.60 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 CONI market-implied 1-standard-deviation expected move is approximately 37.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on CONI?
- Strangles on CONI 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 CONI chain.
- How does current CONI implied volatility affect this strangle?
- CONI ATM IV is at 131.90% with IV rank near 33.08%, 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.