How are CCB 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 CCB strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$522.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CCB strangle?

The breakeven for the CCB strangle priced on this page is roughly $44.78 and $60.23 at expiration, derived from the August 14, 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 CCB market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CCB implied volatility affect this strangle?

CCB ATM IV is at 54.30% with IV rank near 6.65%, 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.

CCB Strangle Strategy

CCB (Coastal Financial Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.

Coastal Financial Corporation functions as the parent company for Coastal Community Bank, providing a comprehensive suite of banking products and services. Its clientele includes small and medium-sized businesses, professionals, and individuals across the Puget Sound region of Washington. The bank offers various deposit options, such as checking and savings accounts, certificates of deposit, and money market accounts. Lending activities cover commercial and industrial needs, including term loans, Small Business Administration (SBA) loans, commercial lines of credit, and financing for working capital and equipment. Real estate lending encompasses owner-occupied and investment properties, multi-family residences, and construction and land development projects, alongside standard residential mortgages. Consumer loan products range from automobile, boat, and recreational vehicle financing to secured term loans and overdraft protection.

CCB (Coastal Financial Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $752.1M, a beta of 0.77 versus the broader market, a 52-week range of 36.61-120.05, average daily share volume of 192K, a public-listing history dating back to 2018, approximately 483 full-time employees. These structural characteristics shape how CCB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.77 places CCB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a strangle on CCB?

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.

CCB snapshot

As of August 14, 2026, spot at $52.30, ATM IV 54.30%, IV rank 6.65%, expected move 15.57%. The strangle on CCB below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this strangle structure on CCB specifically: CCB IV at 54.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a CCB strangle, with a market-implied 1-standard-deviation move of approximately 15.57% (roughly $8.14 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCB expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCB should anchor to the underlying notional of $52.30 per share and to the trader's directional view on CCB stock.

CCB strangle setup

The CCB strangle below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CCB at $52.30 on that close, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCB chain at a 35-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 CCB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$55.00	$1.93
Buy 1	Put	$50.00	$3.30

CCB strangle risk and reward

Net Premium / Debit: -$522.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$522.50
Breakeven(s): $44.78, $60.23
Risk / Reward Ratio: Unbounded

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.

CCB strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on CCB. 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	-100.0%	+$4,476.50
$11.57	-77.9%	+$3,320.23
$23.14	-55.8%	+$2,163.96
$34.70	-33.7%	+$1,007.69
$46.26	-11.5%	-$148.59
$57.82	+10.6%	-$240.14
$69.39	+32.7%	+$916.13
$80.95	+54.8%	+$2,072.40
$92.51	+76.9%	+$3,228.67
$104.07	+99.0%	+$4,384.94

When traders use strangle on CCB

Strangles on CCB 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 CCB chain.

CCB thesis for this strangle

The market-implied 1-standard-deviation range for CCB extends from approximately $44.16 on the downside to $60.44 on the upside. A CCB 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 CCB IV rank near 6.65% 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 CCB at 54.30%. As a Financial Services name, CCB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCB-specific events.

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

Frequently asked questions

What is a strangle on CCB?: A strangle on CCB is the strangle strategy applied to CCB (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 CCB stock at $52.30 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CCB chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CCB 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 CCB strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$522.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CCB strangle?: The breakeven for the CCB strangle priced on this page is roughly $44.78 and $60.23 at expiration, derived from the August 14, 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 CCB market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on CCB?: Strangles on CCB 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 CCB chain.
How does current CCB implied volatility affect this strangle?: CCB ATM IV is at 54.30% with IV rank near 6.65%, 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.