CCRN Straddle Strategy
CCRN (Cross Country Healthcare, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
Cross Country Healthcare, Inc. is a U.S.-based provider specializing in talent management and consultative advisory services for healthcare organizations. The company operates through two main divisions: Nurse and Allied Staffing, and Physician Staffing. The Nurse and Allied Staffing segment offers a broad range of recruitment and personnel solutions under the Cross Country brand. This includes both temporary and direct-hire placements for travel nurses, local nurses, and various allied health professionals. It sources registered nurses, licensed practical nurses, certified nurse assistants, practitioners, and pharmacists for per diem or short-term engagements, as well as clinical and non-clinical specialists for longer contract durations. Additionally, this segment delivers comprehensive workforce solutions, including Managed Service Programs (MSP), Recruitment Process Outsourcing (RPO), and consulting, alongside retained and contingent search services for healthcare professionals.
CCRN (Cross Country Healthcare, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $427.1M, a beta of 0.45 versus the broader market, a 52-week range of 7.43-14.99, average daily share volume of 666K, a public-listing history dating back to 2001, approximately 10K full-time employees. These structural characteristics shape how CCRN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.45 indicates CCRN 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 straddle on CCRN?
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 CCRN snapshot
As of June 29, 2026, spot at $13.21, ATM IV 358.70%, IV rank 76.99%, expected move 102.84%. The straddle on CCRN 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 straddle structure on CCRN specifically: CCRN IV at 358.70% is rich versus its 1-year range, which makes a premium-buying CCRN straddle relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 102.84% (roughly $13.58 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 CCRN expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCRN should anchor to the underlying notional of $13.21 per share and to the trader's directional view on CCRN stock.
CCRN straddle setup
The CCRN 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 CCRN near $13.21, the first option leg uses a $13.21 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCRN 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 CCRN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $13.21 | N/A |
| Buy 1 | Put | $13.21 | N/A |
CCRN straddle 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 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.
CCRN straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on CCRN. 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 straddle on CCRN
Straddles on CCRN are pure-volatility plays that profit from large moves in either direction; traders typically buy CCRN straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
CCRN thesis for this straddle
The market-implied 1-standard-deviation range for CCRN extends from approximately $-0.37 on the downside to $26.79 on the upside. A CCRN 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 CCRN IV rank near 76.99% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CCRN at 358.70%. As a Healthcare name, CCRN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCRN-specific events.
CCRN 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. CCRN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCRN alongside the broader basket even when CCRN-specific fundamentals are unchanged. Always rebuild the position from current CCRN chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on CCRN?
- A straddle on CCRN is the straddle strategy applied to CCRN (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 CCRN stock trading near $13.21, the strikes shown on this page are snapped to the nearest listed CCRN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CCRN 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 CCRN straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 358.70%), 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 CCRN straddle?
- The breakeven for the CCRN straddle 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 CCRN market-implied 1-standard-deviation expected move is approximately 102.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on CCRN?
- Straddles on CCRN are pure-volatility plays that profit from large moves in either direction; traders typically buy CCRN 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 CCRN implied volatility affect this straddle?
- CCRN ATM IV is at 358.70% with IV rank near 76.99%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.