PTIR Straddle Strategy
PTIR (GraniteShares 2x Long PLTR Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Palantir Technologies Inc, (NASDAQ: PLTR) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of PLTR for periods greater than a day.
PTIR (GraniteShares 2x Long PLTR Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $362.4M, a beta of 1.87 versus the broader market, a 52-week range of 11.32-40.78, average daily share volume of 5.2M, a public-listing history dating back to 2024. These structural characteristics shape how PTIR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.87 indicates PTIR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. PTIR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a straddle on PTIR?
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 PTIR snapshot
As of May 15, 2026, spot at $13.14, ATM IV 101.20%, IV rank 24.90%, expected move 29.01%. The straddle on PTIR 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 34-day expiry.
Why this straddle structure on PTIR specifically: PTIR IV at 101.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a PTIR straddle, with a market-implied 1-standard-deviation move of approximately 29.01% (roughly $3.81 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PTIR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PTIR should anchor to the underlying notional of $13.14 per share and to the trader's directional view on PTIR etf.
PTIR straddle setup
The PTIR 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 PTIR near $13.14, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PTIR chain at a 34-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 PTIR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $13.00 | $1.53 |
| Buy 1 | Put | $13.00 | $1.65 |
PTIR straddle risk and reward
- Net Premium / Debit
- -$317.50
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$312.20
- Breakeven(s)
- $9.83, $16.18
- 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.
PTIR straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on PTIR. 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 | -99.9% | +$981.50 |
| $2.91 | -77.8% | +$691.08 |
| $5.82 | -55.7% | +$400.66 |
| $8.72 | -33.6% | +$110.23 |
| $11.63 | -11.5% | -$180.19 |
| $14.53 | +10.6% | -$164.39 |
| $17.44 | +32.7% | +$126.03 |
| $20.34 | +54.8% | +$416.45 |
| $23.24 | +76.9% | +$706.88 |
| $26.15 | +99.0% | +$997.30 |
When traders use straddle on PTIR
Straddles on PTIR are pure-volatility plays that profit from large moves in either direction; traders typically buy PTIR straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
PTIR thesis for this straddle
The market-implied 1-standard-deviation range for PTIR extends from approximately $9.33 on the downside to $16.95 on the upside. A PTIR 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 PTIR IV rank near 24.90% 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 PTIR at 101.20%. As a Financial Services name, PTIR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PTIR-specific events.
PTIR 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. PTIR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PTIR alongside the broader basket even when PTIR-specific fundamentals are unchanged. Always rebuild the position from current PTIR chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on PTIR?
- A straddle on PTIR is the straddle strategy applied to PTIR (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 PTIR etf trading near $13.14, the strikes shown on this page are snapped to the nearest listed PTIR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PTIR 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 PTIR straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 101.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$312.20 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PTIR straddle?
- The breakeven for the PTIR straddle priced on this page is roughly $9.83 and $16.18 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 PTIR market-implied 1-standard-deviation expected move is approximately 29.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on PTIR?
- Straddles on PTIR are pure-volatility plays that profit from large moves in either direction; traders typically buy PTIR 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 PTIR implied volatility affect this straddle?
- PTIR ATM IV is at 101.20% with IV rank near 24.90%, 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.