GOOX Straddle Strategy
GOOX (T-REX 2X Long Alphabet Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.
Under typical conditions, this exchange-traded fund allocates at least 80% of its net assets, potentially augmented by borrowed capital, to various financial instruments. These instruments are strategically chosen to deliver, on a daily basis, a leveraged return equivalent to 200% of the price movement of Alphabet (GOOG) stock. It is important to note that this fund is not diversified.
GOOX (T-REX 2X Long Alphabet Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $48.7M, a beta of 3.10 versus the broader market, a 52-week range of 16.85-107.61, average daily share volume of 90K, a public-listing history dating back to 2024. These structural characteristics shape how GOOX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.10 indicates GOOX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. GOOX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a straddle on GOOX?
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.
GOOX snapshot
As of August 14, 2026, spot at $72.88, ATM IV 54.90%, IV rank 5.89%, expected move 15.74%. The straddle on GOOX below is built from the August 14, 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 straddle structure on GOOX specifically: GOOX IV at 54.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a GOOX straddle, with a market-implied 1-standard-deviation move of approximately 15.74% (roughly $11.47 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 GOOX expiries trade a higher absolute premium for lower per-day decay. Position sizing on GOOX should anchor to the underlying notional of $72.88 per share and to the trader's directional view on GOOX etf.
GOOX straddle setup
The GOOX straddle below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With GOOX at $72.88 on that close, the first option leg uses a $73.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GOOX 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 GOOX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $73.00 | $4.95 |
| Buy 1 | Put | $73.00 | $4.95 |
GOOX straddle risk and reward
- Net Premium / Debit
- -$990.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$964.88
- Breakeven(s)
- $63.10, $82.90
- 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.
GOOX straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on GOOX. 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% | +$6,309.00 |
| $16.12 | -77.9% | +$4,697.69 |
| $32.24 | -55.8% | +$3,086.39 |
| $48.35 | -33.7% | +$1,475.08 |
| $64.46 | -11.6% | -$136.23 |
| $80.58 | +10.6% | -$232.47 |
| $96.69 | +32.7% | +$1,378.84 |
| $112.80 | +54.8% | +$2,990.15 |
| $128.91 | +76.9% | +$4,601.45 |
| $145.03 | +99.0% | +$6,212.76 |
When traders use straddle on GOOX
Straddles on GOOX are pure-volatility plays that profit from large moves in either direction; traders typically buy GOOX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
GOOX thesis for this straddle
The market-implied 1-standard-deviation range for GOOX extends from approximately $61.41 on the downside to $84.35 on the upside. A GOOX 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 GOOX IV rank near 5.89% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on GOOX at 54.90%. As a Financial Services name, GOOX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GOOX-specific events.
GOOX 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. GOOX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GOOX alongside the broader basket even when GOOX-specific fundamentals are unchanged. Always rebuild the position from current GOOX chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on GOOX?
- A straddle on GOOX is the straddle strategy applied to GOOX (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 GOOX etf at $72.88 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GOOX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GOOX 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 GOOX straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$964.88 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GOOX straddle?
- The breakeven for the GOOX straddle priced on this page is roughly $63.10 and $82.90 at expiration, derived from the August 14, 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 GOOX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on GOOX?
- Straddles on GOOX are pure-volatility plays that profit from large moves in either direction; traders typically buy GOOX 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 GOOX implied volatility affect this straddle?
- GOOX ATM IV is at 54.90% with IV rank near 5.89%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.