How are NBIL 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 NBIL strangle priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 156.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$570.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NBIL strangle?

The breakeven for the NBIL strangle priced on this page is roughly $19.30 and $33.70 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 NBIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NBIL implied volatility affect this strangle?

Current NBIL ATM IV is 156.70%; IV rank context is unavailable in the current snapshot.

NBIL Strangle Strategy

NBIL (GraniteShares 2x Long NBIS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

NBIL is a short-term tactical tool that aims to deliver 2x the price return, less fees and expenses, for a single day of Nebius Group N.V. stock. Purchasers holding shares for longer than a day need to monitor and frequently rebalance their position to attempt to achieve the 2x multiple. At the adviser's discretion, the fund may utilize standardized exchange-traded and FLEX call and put options with 1-week to 1-month terms. It may either buy deep in-the-money calls or use a synthetic forward options strategy. Aside from the leverage, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own stock research prior to initiating a position and trade with conviction.

NBIL (GraniteShares 2x Long NBIS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $227.3M, a beta of 7.83 versus the broader market, a 52-week range of 6.37-68.49, average daily share volume of 3.2M, a public-listing history dating back to 2025. These structural characteristics shape how NBIL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.83 indicates NBIL 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 strangle on NBIL?

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.

NBIL snapshot

As of September 29, 2026, spot at $26.71, ATM IV 156.70%, expected move 44.92%. The strangle on NBIL 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 17-day expiry.

Why this strangle structure on NBIL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NBIL is inferred from ATM IV at 156.70% alone, with a market-implied 1-standard-deviation move of approximately 44.92% (roughly $12.00 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NBIL expiries trade a higher absolute premium for lower per-day decay. Position sizing on NBIL should anchor to the underlying notional of $26.71 per share and to the trader's directional view on NBIL etf.

NBIL strangle setup

The NBIL strangle 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 NBIL at $26.71 on that close, the first option leg uses a $28.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NBIL chain at a 17-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 NBIL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$28.00	$3.23
Buy 1	Put	$25.00	$2.48

NBIL strangle risk and reward

Net Premium / Debit: -$570.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$570.00
Breakeven(s): $19.30, $33.70
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.

NBIL strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on NBIL. 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%	+$1,929.00
$5.91	-77.9%	+$1,338.54
$11.82	-55.7%	+$748.08
$17.72	-33.6%	+$157.61
$23.63	-11.5%	-$432.85
$29.53	+10.6%	-$416.69
$35.44	+32.7%	+$173.77
$41.34	+54.8%	+$764.24
$47.25	+76.9%	+$1,354.70
$53.15	+99.0%	+$1,945.16

When traders use strangle on NBIL

Strangles on NBIL 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 NBIL chain.

NBIL thesis for this strangle

The market-implied 1-standard-deviation range for NBIL extends from approximately $14.71 on the downside to $38.71 on the upside. A NBIL 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. As a Financial Services name, NBIL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NBIL-specific events.

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

Frequently asked questions

What is a strangle on NBIL?: A strangle on NBIL is the strangle strategy applied to NBIL (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 NBIL etf at $26.71 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed NBIL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NBIL 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 NBIL strangle priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 156.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$570.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NBIL strangle?: The breakeven for the NBIL strangle priced on this page is roughly $19.30 and $33.70 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 NBIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on NBIL?: Strangles on NBIL 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 NBIL chain.
How does current NBIL implied volatility affect this strangle?: Current NBIL ATM IV is 156.70%; IV rank context is unavailable in the current snapshot.