AVR Strangle Strategy
AVR (Anteris Technologies Global Corp.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Anteris Technologies Global Corp. is a structural heart innovator dedicated to discovering, developing, and bringing to market medical devices that enhance the well-being of patients grappling with aortic stenosis. The company's premier offering is the DurAVR transcatheter heart valve system, a pioneering transcatheter aortic valve engineered to treat aortic stenosis by precisely emulating the performance of a healthy human aortic valve. Beyond this, Anteris develops ADAPT anti-calcification tissue, a unique preparation that transforms xenograft tissue into robust bioscaffolds. These bioscaffolds are designed to simulate human tissue for various surgical repairs, notably in aortic valve replacement. Additionally, the ComASUR delivery system, a physician-designed balloon-expandable apparatus, features a reinforced, steerable catheter. This allows for highly accurate navigation through cardiac anatomy in a controlled manner, thereby mitigating potential damage to the aorta.
AVR (Anteris Technologies Global Corp.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $356.5M, a beta of 0.73 versus the broader market, a 52-week range of 2.85-10.56, average daily share volume of 1.1M, a public-listing history dating back to 2024, approximately 136 full-time employees. These structural characteristics shape how AVR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.73 places AVR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a strangle on AVR?
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 AVR snapshot
As of June 30, 2026, spot at $9.73, ATM IV 84.20%, IV rank 24.59%, expected move 24.14%. The strangle on AVR 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 strangle structure on AVR specifically: AVR IV at 84.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a AVR strangle, with a market-implied 1-standard-deviation move of approximately 24.14% (roughly $2.35 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 AVR expiries trade a higher absolute premium for lower per-day decay. Position sizing on AVR should anchor to the underlying notional of $9.73 per share and to the trader's directional view on AVR stock.
AVR strangle setup
The AVR 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 AVR near $9.73, the first option leg uses a $10.22 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AVR 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 AVR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.22 | N/A |
| Buy 1 | Put | $9.24 | N/A |
AVR 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.
AVR strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on AVR. 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 AVR
Strangles on AVR 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 AVR chain.
AVR thesis for this strangle
The market-implied 1-standard-deviation range for AVR extends from approximately $7.38 on the downside to $12.08 on the upside. A AVR 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 AVR IV rank near 24.59% 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 AVR at 84.20%. As a Healthcare name, AVR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AVR-specific events.
AVR 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. AVR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AVR alongside the broader basket even when AVR-specific fundamentals are unchanged. Always rebuild the position from current AVR chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on AVR?
- A strangle on AVR is the strangle strategy applied to AVR (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 AVR stock trading near $9.73, the strikes shown on this page are snapped to the nearest listed AVR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AVR 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 AVR strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 84.20%), 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 AVR strangle?
- The breakeven for the AVR 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 AVR market-implied 1-standard-deviation expected move is approximately 24.14%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on AVR?
- Strangles on AVR 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 AVR chain.
- How does current AVR implied volatility affect this strangle?
- AVR ATM IV is at 84.20% with IV rank near 24.59%, 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.