How are SPCG 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 SPCG straddle priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$234.07 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPCG straddle?

The breakeven for the SPCG straddle priced on this page is roughly $12.60 and $17.40 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 SPCG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPCG implied volatility affect this straddle?

Current SPCG ATM IV is 90.90%; IV rank context is unavailable in the current snapshot.

SPCG Straddle Strategy

SPCG (Investment Managers Series Trust II - Tradr 2x Short SpaceX Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

SPCG is a short-term tactical tool that aims to deliver -2x the price return, less fees and expenses, for a single day of Space Exploration Technologies Corp. (SPCX). SpaceX is a private aerospace and space transportation firm that develops and operates launch vehicles, spacecraft, satellite systems, and related space technologies. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the -2x multiple. Aside from the inverse exposure, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade.

SPCG (Investment Managers Series Trust II - Tradr 2x Short SpaceX Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $17.2M, a beta of 0.00 versus the broader market, a 52-week range of 12.12-41.65, average daily share volume of 2.1M, a public-listing history dating back to 2026. These structural characteristics shape how SPCG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates SPCG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a straddle on SPCG?

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.

SPCG snapshot

As of September 29, 2026, spot at $15.48, ATM IV 90.90%, expected move 26.06%. The straddle on SPCG 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 straddle structure on SPCG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPCG is inferred from ATM IV at 90.90% alone, with a market-implied 1-standard-deviation move of approximately 26.06% (roughly $4.03 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 SPCG expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPCG should anchor to the underlying notional of $15.48 per share and to the trader's directional view on SPCG etf.

SPCG straddle setup

The SPCG straddle 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 SPCG at $15.48 on that close, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPCG 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 SPCG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$15.00	$1.50
Buy 1	Put	$15.00	$0.90

SPCG straddle risk and reward

Net Premium / Debit: -$240.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$234.07
Breakeven(s): $12.60, $17.40
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.

SPCG straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on SPCG. 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%	+$1,259.00
$3.43	-77.8%	+$916.84
$6.85	-55.7%	+$574.68
$10.27	-33.6%	+$232.52
$13.70	-11.5%	-$109.64
$17.12	+10.6%	-$28.20
$20.54	+32.7%	+$313.96
$23.96	+54.8%	+$656.13
$27.38	+76.9%	+$998.29
$30.80	+99.0%	+$1,340.45

When traders use straddle on SPCG

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

SPCG thesis for this straddle

The market-implied 1-standard-deviation range for SPCG extends from approximately $11.45 on the downside to $19.51 on the upside. A SPCG 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. As a Financial Services name, SPCG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPCG-specific events.

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

Frequently asked questions

What is a straddle on SPCG?: A straddle on SPCG is the straddle strategy applied to SPCG (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 SPCG etf at $15.48 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SPCG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPCG 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 SPCG straddle priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$234.07 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPCG straddle?: The breakeven for the SPCG straddle priced on this page is roughly $12.60 and $17.40 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 SPCG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 26.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on SPCG?: Straddles on SPCG are pure-volatility plays that profit from large moves in either direction; traders typically buy SPCG 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 SPCG implied volatility affect this straddle?: Current SPCG ATM IV is 90.90%; IV rank context is unavailable in the current snapshot.