How are HUMN 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 HUMN strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 50.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$685.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HUMN strangle?

The breakeven for the HUMN strangle priced on this page is roughly $27.15 and $43.85 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 HUMN market-implied 1-standard-deviation expected move is approximately 14.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HUMN implied volatility affect this strangle?

HUMN ATM IV is at 50.10% with IV rank near 42.17%, 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.

HUMN Strangle Strategy

HUMN (Roundhill Investments - Roundhill Humanoid Robotics ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

Roundhill views humanoid robotics as a deeply impactful and pioneering domain emerging at the forefront of artificial intelligence and automation. The Roundhill Humanoid Robotics ETF, identified by the ticker HUMN, is distinguished as the first exchange-traded fund dedicated to humanoid technology to be listed on U.S. exchanges. Furthermore, HUMN operates under an active investment management approach.

HUMN (Roundhill Investments - Roundhill Humanoid Robotics ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $36.3M, a beta of 2.21 versus the broader market, a 52-week range of 23.99-39.17, average daily share volume of 84K, a public-listing history dating back to 2025. These structural characteristics shape how HUMN etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.21 indicates HUMN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. HUMN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a strangle on HUMN?

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 HUMN snapshot

As of June 30, 2026, spot at $35.60, ATM IV 50.10%, IV rank 42.17%, expected move 14.36%. The strangle on HUMN 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 171-day expiry.

Why this strangle structure on HUMN specifically: HUMN IV at 50.10% 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 14.36% (roughly $5.11 on the underlying). The 171-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HUMN expiries trade a higher absolute premium for lower per-day decay. Position sizing on HUMN should anchor to the underlying notional of $35.60 per share and to the trader's directional view on HUMN etf.

HUMN strangle setup

The HUMN 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 HUMN near $35.60, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HUMN chain at a 171-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 HUMN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$37.00	$3.45
Buy 1	Put	$34.00	$3.40

HUMN strangle risk and reward

Net Premium / Debit: -$685.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$685.00
Breakeven(s): $27.15, $43.85
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.

HUMN strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on HUMN. 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%	+$2,714.00
$7.88	-77.9%	+$1,926.97
$15.75	-55.8%	+$1,139.95
$23.62	-33.6%	+$352.92
$31.49	-11.5%	-$434.10
$39.36	+10.6%	-$448.87
$47.23	+32.7%	+$338.15
$55.10	+54.8%	+$1,125.18
$62.97	+76.9%	+$1,912.20
$70.84	+99.0%	+$2,699.23

When traders use strangle on HUMN

Strangles on HUMN 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 HUMN chain.

HUMN thesis for this strangle

The market-implied 1-standard-deviation range for HUMN extends from approximately $30.49 on the downside to $40.71 on the upside. A HUMN 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 HUMN IV rank near 42.17% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on HUMN should anchor more to the directional view and the expected-move geometry. As a Financial Services name, HUMN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HUMN-specific events.

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

Frequently asked questions

What is a strangle on HUMN?: A strangle on HUMN is the strangle strategy applied to HUMN (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 HUMN etf trading near $35.60, the strikes shown on this page are snapped to the nearest listed HUMN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HUMN 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 HUMN strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 50.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$685.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HUMN strangle?: The breakeven for the HUMN strangle priced on this page is roughly $27.15 and $43.85 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 HUMN market-implied 1-standard-deviation expected move is approximately 14.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on HUMN?: Strangles on HUMN 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 HUMN chain.
How does current HUMN implied volatility affect this strangle?: HUMN ATM IV is at 50.10% with IV rank near 42.17%, 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.