HGZ6 P&L Curve
Copper Futures (December 2026) (HGZ6) operates in the Metals Futures sector, specifically the Metals Futures industry, listed on COMEX. Copper Futures December 2026 contract: COMEX Copper futures (HG): high-grade copper futures used for industrial-metal hedging and macroeconomic positioning.
A profit/loss curve charts the theoretical gain or loss of an options position across a range of underlying prices. It helps traders visualize risk, identify breakeven points, and compare strategies before committing capital.
- Exchange
- COMEX
- Sector
- Metals Futures
- Industry
- Metals Futures
As of Oct 15, 2026, with a $6.57 spot price, 19.2% ATM implied volatility, and 40 days to the front expiration, an at-the-money long straddle carries an approximate combined premium near $0.33, producing breakevens at roughly $6.23 and $6.90. Market-implied 1-standard-deviation range extends from $6.21 to $6.93, which sets the relevant P&L evaluation window for most near-term strategies. Payoff diagrams should be rebuilt from the live options chain; the preceding values are illustrative and assume a single at-the-money straddle for reference.
Frequently asked HGZ6 pl curve questions
- What does a HGZ6 ATM straddle cost?
- As of Oct 15, 2026, using HGZ6 end-of-day pricing (19.2% ATM IV, 40-day front expiration, $6.57 spot), an at-the-money long straddle (long call + long put at the same strike) carries an approximate combined premium near $0.33 per spread. Breakevens land at roughly $6.90 on the upside and $6.23 on the downside. The estimate uses the Brenner-Subrahmanyam approximation for at-the-money options under Black-Scholes.
- How do I read an options P&L curve?
- An options P&L curve plots theoretical position value at expiration (or at any chosen evaluation date) against the underlying price. The X-axis is the underlying price scenario, the Y-axis is position dollar P&L. The shape of the curve tells you the strategy's directional sensitivity, breakeven points, maximum profit and loss levels, and where time decay or volatility shifts will be most impactful. Multi-leg structures combine the curves of the individual legs to produce composite payoff diagrams.
- What's the difference between a P&L curve and a payoff diagram?
- Strictly: a payoff diagram shows option value at expiration (no time premium left), while a P&L curve typically shows position value at any evaluation date (with remaining time premium). The expiration payoff diagram has kinks at the strikes; the early P&L curve is smooth. For directional-vega trades, the early P&L curve also responds to IV shifts that the expiration payoff diagram does not capture - which is why options traders often look at both views.
- Why are illustrative HGZ6 P&L numbers approximate?
- The numbers above use Black-Scholes assumptions (lognormal returns, constant volatility, no early exercise, no dividends). Real-world option prices reflect skew, term structure, jump risk, and (for US-style options) early exercise premium. Use the live options chain for actual quoted bid/ask prices when sizing trades; the values here illustrate magnitude only.