How are MULL 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 MULL strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 129.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$625.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MULL strangle?

The breakeven for the MULL strangle priced on this page is roughly $15.15 and $29.85 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 MULL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MULL implied volatility affect this strangle?

MULL ATM IV is at 129.30% with IV rank near 32.66%, 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.

MULL Strangle Strategy

MULL (GraniteShares 2x Long MU Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The GraniteShares 2x Long MU Daily ETF (MULL) is designed to achieve investment returns, before accounting for its fees and expenses, that are double (200%) the daily percentage change of Micron Technology Inc.'s common stock (NASDAQ: MU). It's important to note that there's no assurance the fund will consistently meet this daily target. Investors should also be aware that, due to the impact of compounding, this fund should not be anticipated to deliver two times the cumulative return of MU over timeframes longer than a single trading day.

MULL (GraniteShares 2x Long MU Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $523.5M, a beta of 9.68 versus the broader market, a 52-week range of 0.692-43.5264, average daily share volume of 10.8M, a public-listing history dating back to 2024. These structural characteristics shape how MULL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 9.68 indicates MULL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MULL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a strangle on MULL?

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.

MULL snapshot

As of August 14, 2026, spot at $22.45, ATM IV 129.30%, IV rank 32.66%, expected move 37.07%. The strangle on MULL 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 strangle structure on MULL specifically: MULL IV at 129.30% 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 37.07% (roughly $8.32 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 MULL expiries trade a higher absolute premium for lower per-day decay. Position sizing on MULL should anchor to the underlying notional of $22.45 per share and to the trader's directional view on MULL etf.

MULL strangle setup

The MULL strangle 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 MULL at $22.45 on that close, the first option leg uses a $23.60 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MULL 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 MULL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$23.60	$3.15
Buy 1	Put	$21.40	$3.10

MULL strangle risk and reward

Net Premium / Debit: -$625.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$625.00
Breakeven(s): $15.15, $29.85
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.

MULL strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on MULL. 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%	+$1,514.00
$4.97	-77.8%	+$1,017.73
$9.94	-55.7%	+$521.46
$14.90	-33.6%	+$25.19
$19.86	-11.5%	-$471.09
$24.82	+10.6%	-$502.64
$29.79	+32.7%	-$6.37
$34.75	+54.8%	+$489.90
$39.71	+76.9%	+$986.17
$44.67	+99.0%	+$1,482.44

When traders use strangle on MULL

Strangles on MULL 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 MULL chain.

MULL thesis for this strangle

The market-implied 1-standard-deviation range for MULL extends from approximately $14.13 on the downside to $30.77 on the upside. A MULL 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 MULL IV rank near 32.66% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on MULL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MULL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MULL-specific events.

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

Frequently asked questions

What is a strangle on MULL?: A strangle on MULL is the strangle strategy applied to MULL (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 MULL etf at $22.45 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed MULL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are MULL 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 MULL strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 129.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$625.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MULL strangle?: The breakeven for the MULL strangle priced on this page is roughly $15.15 and $29.85 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 MULL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on MULL?: Strangles on MULL 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 MULL chain.
How does current MULL implied volatility affect this strangle?: MULL ATM IV is at 129.30% with IV rank near 32.66%, 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.