ANGO Strangle Strategy
ANGO (AngioDynamics, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
AngioDynamics, Inc. specializes in the development, manufacturing, and commercialization of a diverse array of medical, surgical, and diagnostic instruments. These products are utilized by healthcare professionals to address conditions such as peripheral vascular disease, facilitate vascular access, and support various oncology and surgical interventions, serving both domestic and international markets. The company's portfolio includes advanced ablation systems like NanoKnife, designed for the precise surgical removal of soft tissues, and Solero microwave and radiofrequency systems, effective in ablating solid cancerous or benign growths. Additionally, they provide BioSentry tract sealant systems, IsoLoc Endorectal Balloons, Alatus vaginal balloon packing systems, angiographic catheters, guidewires, percutaneous drainage catheters, and coaxial micro-introducer kits. Their endovascular therapies segment encompasses solutions for thrombus management, atherectomy procedures, core peripheral products, and the treatment of venous insufficiency. Furthermore, AngioDynamics is a key supplier of vascular access devices, such as peripherally inserted central catheters (PICCs), midline catheters, implantable ports, and dialysis catheters, along with associated accessories.
ANGO (AngioDynamics, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $553.7M, a beta of 0.36 versus the broader market, a 52-week range of 8.36-13.99, average daily share volume of 402K, a public-listing history dating back to 2004, approximately 748 full-time employees. These structural characteristics shape how ANGO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.36 indicates ANGO 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 strangle on ANGO?
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.
Current ANGO snapshot
As of June 29, 2026, spot at $13.26, ATM IV 58.10%, IV rank 13.46%, expected move 16.66%. The strangle on ANGO 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 18-day expiry.
Why this strangle structure on ANGO specifically: ANGO IV at 58.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a ANGO strangle, with a market-implied 1-standard-deviation move of approximately 16.66% (roughly $2.21 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ANGO expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANGO should anchor to the underlying notional of $13.26 per share and to the trader's directional view on ANGO stock.
ANGO strangle setup
The ANGO strangle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ANGO near $13.26, the first option leg uses a $13.92 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANGO chain at a 18-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 ANGO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $13.92 | N/A |
| Buy 1 | Put | $12.60 | N/A |
ANGO strangle risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
ANGO strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on ANGO. 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.
When traders use strangle on ANGO
Strangles on ANGO 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 ANGO chain.
ANGO thesis for this strangle
The market-implied 1-standard-deviation range for ANGO extends from approximately $11.05 on the downside to $15.47 on the upside. A ANGO 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. Current ANGO IV rank near 13.46% 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 ANGO at 58.10%. As a Healthcare name, ANGO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANGO-specific events.
ANGO 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. ANGO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANGO alongside the broader basket even when ANGO-specific fundamentals are unchanged. Always rebuild the position from current ANGO chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on ANGO?
- A strangle on ANGO is the strangle strategy applied to ANGO (stock). 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 ANGO stock trading near $13.26, the strikes shown on this page are snapped to the nearest listed ANGO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ANGO 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 ANGO strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 58.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ANGO strangle?
- The breakeven for the ANGO strangle priced on this page is no defined breakeven on the modeled curve 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 ANGO market-implied 1-standard-deviation expected move is approximately 16.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on ANGO?
- Strangles on ANGO 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 ANGO chain.
- How does current ANGO implied volatility affect this strangle?
- ANGO ATM IV is at 58.10% with IV rank near 13.46%, 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.