How are OMAH 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 OMAH straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 242.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$63.16 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a OMAH straddle?

The breakeven for the OMAH straddle priced on this page is roughly $17.36 and $18.64 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 OMAH market-implied 1-standard-deviation expected move is approximately 69.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current OMAH implied volatility affect this straddle?

OMAH ATM IV is at 242.10% with IV rank near 49.39%, 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.

OMAH Straddle Strategy

OMAH (VistaShares Target 15 Berkshire Select Income ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Tidal Trust III - Vistashares Target 15 Berkshire Select Income ETF is an exchange traded fund launched and managed by Tidal Investments LLC. It invests in public equity and fixed income markets of the United States. The fund seeks to invest through derivatives in stocks of companies operating across diversified sectors. The fund uses derivatives such as options to create its portfolio. For its equity portion, the fund invests in value stocks of large-cap companies. For its fixed income portion, it invests in short-term U.S.

OMAH (VistaShares Target 15 Berkshire Select Income ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $466.4M, a beta of 0.29 versus the broader market, a 52-week range of 17.82-19.72, average daily share volume of 725K, a public-listing history dating back to 2025, approximately 155 full-time employees. These structural characteristics shape how OMAH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.29 indicates OMAH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. OMAH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on OMAH?

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.

Current OMAH snapshot

As of June 30, 2026, spot at $18.45, ATM IV 242.10%, IV rank 49.39%, expected move 69.41%. The straddle on OMAH 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 17-day expiry.

Why this straddle structure on OMAH specifically: OMAH IV at 242.10% 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 69.41% (roughly $12.81 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 OMAH expiries trade a higher absolute premium for lower per-day decay. Position sizing on OMAH should anchor to the underlying notional of $18.45 per share and to the trader's directional view on OMAH etf.

OMAH straddle setup

The OMAH straddle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With OMAH near $18.45, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OMAH 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 OMAH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$18.00	$0.56
Buy 1	Put	$18.00	$0.08

OMAH straddle risk and reward

Net Premium / Debit: -$64.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$63.16
Breakeven(s): $17.36, $18.64
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.

OMAH straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on OMAH. 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	-99.9%	+$1,735.00
$4.09	-77.8%	+$1,327.17
$8.17	-55.7%	+$919.34
$12.24	-33.6%	+$511.51
$16.32	-11.5%	+$103.68
$20.40	+10.6%	+$176.15
$24.48	+32.7%	+$583.97
$28.56	+54.8%	+$991.80
$32.64	+76.9%	+$1,399.63
$36.71	+99.0%	+$1,807.46

When traders use straddle on OMAH

Straddles on OMAH are pure-volatility plays that profit from large moves in either direction; traders typically buy OMAH straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

OMAH thesis for this straddle

The market-implied 1-standard-deviation range for OMAH extends from approximately $5.64 on the downside to $31.26 on the upside. A OMAH 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 OMAH IV rank near 49.39% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on OMAH should anchor more to the directional view and the expected-move geometry. As a Financial Services name, OMAH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OMAH-specific events.

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

Frequently asked questions

What is a straddle on OMAH?: A straddle on OMAH is the straddle strategy applied to OMAH (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 OMAH etf trading near $18.45, the strikes shown on this page are snapped to the nearest listed OMAH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are OMAH 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 OMAH straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 242.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$63.16 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a OMAH straddle?: The breakeven for the OMAH straddle priced on this page is roughly $17.36 and $18.64 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 OMAH market-implied 1-standard-deviation expected move is approximately 69.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on OMAH?: Straddles on OMAH are pure-volatility plays that profit from large moves in either direction; traders typically buy OMAH 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 OMAH implied volatility affect this straddle?: OMAH ATM IV is at 242.10% with IV rank near 49.39%, 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.