How are CASY 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 CASY straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 40.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$8,265.21 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CASY straddle?

The breakeven for the CASY straddle priced on this page is roughly $774.75 and $945.25 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 CASY market-implied 1-standard-deviation expected move is approximately 11.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CASY implied volatility affect this straddle?

CASY ATM IV is at 40.90% with IV rank near 50.53%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

CASY Straddle Strategy

CASY (Casey's General Stores, Inc.), in the Consumer Cyclical sector, (Specialty Retail industry), listed on NASDAQ.

Casey's General Stores, Inc., together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names in the United States. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores also provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, and housewares; and breadsticks, wraps, chicken wings and tenders, breakfast croissants and biscuits, breakfast burritos, hash browns, burgers, cookies and brownies, and other seasonal items. In addition, its stores offer motor fuel for sale on a self-service basis; gasoline and diesel fuel; and ATM, lotto/lottery, and prepaid cards, as well as car wash services. The company also operates distribution centers. Casey's General Stores, Inc. was founded in 1959 and is headquartered in Ankeny, Iowa.

CASY (Casey's General Stores, Inc.) trades in the Consumer Cyclical sector, specifically Specialty Retail, with a market capitalization of approximately $32.93B, a trailing P/E of 50.61, a beta of 0.65 versus the broader market, a 52-week range of 430-889.99, average daily share volume of 587K, a public-listing history dating back to 1983, approximately 23K full-time employees. These structural characteristics shape how CASY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.65 indicates CASY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 50.61 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. CASY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on CASY?

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 CASY snapshot

As of May 15, 2026, spot at $858.28, ATM IV 40.90%, IV rank 50.53%, expected move 11.73%. The straddle on CASY 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 CASY specifically: CASY IV at 40.90% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 11.73% (roughly $100.64 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 CASY expiries trade a higher absolute premium for lower per-day decay. Position sizing on CASY should anchor to the underlying notional of $858.28 per share and to the trader's directional view on CASY stock.

CASY straddle setup

The CASY 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 CASY near $858.28, the first option leg uses a $860.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CASY 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 CASY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$860.00	$41.75
Buy 1	Put	$860.00	$43.50

CASY straddle risk and reward

Net Premium / Debit: -$8,525.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$8,265.21
Breakeven(s): $774.75, $945.25
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.

CASY straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on CASY. 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	-100.0%	+$77,474.00
$189.78	-77.9%	+$58,497.07
$379.55	-55.8%	+$39,520.13
$569.32	-33.7%	+$20,543.20
$759.09	-11.6%	+$1,566.26
$948.86	+10.6%	+$360.67
$1,138.63	+32.7%	+$19,337.61
$1,328.40	+54.8%	+$38,314.54
$1,518.16	+76.9%	+$57,291.48
$1,707.93	+99.0%	+$76,268.41

When traders use straddle on CASY

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

CASY thesis for this straddle

The market-implied 1-standard-deviation range for CASY extends from approximately $757.64 on the downside to $958.92 on the upside. A CASY 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 CASY IV rank near 50.53% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on CASY should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, CASY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CASY-specific events.

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

Frequently asked questions

What is a straddle on CASY?: A straddle on CASY is the straddle strategy applied to CASY (stock). 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 CASY stock trading near $858.28, the strikes shown on this page are snapped to the nearest listed CASY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CASY 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 CASY straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 40.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$8,265.21 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CASY straddle?: The breakeven for the CASY straddle priced on this page is roughly $774.75 and $945.25 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 CASY market-implied 1-standard-deviation expected move is approximately 11.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on CASY?: Straddles on CASY are pure-volatility plays that profit from large moves in either direction; traders typically buy CASY 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 CASY implied volatility affect this straddle?: CASY ATM IV is at 40.90% with IV rank near 50.53%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.