How are CIGI 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 CIGI strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$201.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CIGI strangle?

The breakeven for the CIGI strangle priced on this page is roughly $97.99 and $112.01 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 CIGI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CIGI implied volatility affect this strangle?

CIGI ATM IV is at 27.40% with IV rank near 2.73%, 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.

CIGI Strangle Strategy

CIGI (Colliers International Group Inc.), in the Real Estate sector, (Real Estate - Services industry), listed on NASDAQ.

Colliers International Group Inc., headquartered in Toronto, Canada, and established in 1972, offers a comprehensive suite of professional commercial real estate services and investment management solutions. The company serves a diverse clientele of corporate and institutional clients across broad geographies, including the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. Within their professional services, Colliers provides sales brokerage, which includes real estate transactions, debt origination, equity capital raising, market value opinions, acquisition advisory, and transaction management. Additionally, they offer landlord and tenant representation. Alongside these, the company delivers outsourcing and advisory services such as corporate and workplace solutions, valuation and strategic advisory, workplace strategy, loan servicing, property marketing, in-depth research, and engineering design services for specific end-markets including property and building, infrastructure, transportation, environmental, and telecommunications. Furthermore, their property management solutions encompass building operations and maintenance, facilities management, lease administration, property accounting and financial reporting, contract management, and construction management.

CIGI (Colliers International Group Inc.) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $5.02B, a trailing P/E of 33.46, a beta of 1.25 versus the broader market, a 52-week range of 88.38-171.51, average daily share volume of 246K, a public-listing history dating back to 1995, approximately 24K full-time employees. These structural characteristics shape how CIGI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.25 places CIGI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CIGI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a strangle on CIGI?

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.

CIGI snapshot

As of August 14, 2026, spot at $105.53, ATM IV 27.40%, IV rank 2.73%, expected move 7.86%. The strangle on CIGI 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 7-day expiry.

Why this strangle structure on CIGI specifically: CIGI IV at 27.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a CIGI strangle, with a market-implied 1-standard-deviation move of approximately 7.86% (roughly $8.29 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CIGI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CIGI should anchor to the underlying notional of $105.53 per share and to the trader's directional view on CIGI stock.

CIGI strangle setup

The CIGI 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 CIGI at $105.53 on that close, the first option leg uses a $110.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CIGI chain at a 7-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 CIGI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$110.00	$1.18
Buy 1	Put	$100.00	$0.83

CIGI strangle risk and reward

Net Premium / Debit: -$201.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$201.00
Breakeven(s): $97.99, $112.01
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.

CIGI strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on CIGI. 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%	+$9,798.00
$23.34	-77.9%	+$7,464.78
$46.67	-55.8%	+$5,131.57
$70.01	-33.7%	+$2,798.35
$93.34	-11.6%	+$465.14
$116.67	+10.6%	+$466.08
$140.00	+32.7%	+$2,799.30
$163.34	+54.8%	+$5,132.51
$186.67	+76.9%	+$7,465.73
$210.00	+99.0%	+$9,798.94

When traders use strangle on CIGI

Strangles on CIGI 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 CIGI chain.

CIGI thesis for this strangle

The market-implied 1-standard-deviation range for CIGI extends from approximately $97.24 on the downside to $113.82 on the upside. A CIGI 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 CIGI IV rank near 2.73% 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 CIGI at 27.40%. As a Real Estate name, CIGI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CIGI-specific events.

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

Frequently asked questions

What is a strangle on CIGI?: A strangle on CIGI is the strangle strategy applied to CIGI (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 CIGI stock at $105.53 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CIGI chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CIGI 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 CIGI strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$201.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CIGI strangle?: The breakeven for the CIGI strangle priced on this page is roughly $97.99 and $112.01 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 CIGI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on CIGI?: Strangles on CIGI 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 CIGI chain.
How does current CIGI implied volatility affect this strangle?: CIGI ATM IV is at 27.40% with IV rank near 2.73%, 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.