How are CLDX 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 CLDX straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 42.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$279.31 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLDX straddle?

The breakeven for the CLDX straddle priced on this page is roughly $28.05 and $33.95 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 CLDX market-implied 1-standard-deviation expected move is approximately 12.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLDX implied volatility affect this straddle?

CLDX ATM IV is at 42.10% with IV rank near 3.82%, 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.

CLDX Straddle Strategy

CLDX (Celldex Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Celldex Therapeutics, Inc., a biopharmaceutical company, engages in developing therapeutic monoclonal and bispecific antibodies for the treatment of various diseases. Its drug candidates include antibody-based therapeutics to treat patients with inflammatory diseases and various forms of cancer. The company's clinical development programs CDX-0159, a Phase I monoclonal antibody that binds the receptor tyrosine kinase KIT and inhibits its activity; CDX-1140, a human agonist monoclonal antibody targeted to CD40, a key activator of immune response, which is found on dendritic cells, macrophages, and B cells, as well as is expressed on various cancer cells; and CDX-527, a bispecific antibody, which uses the company's proprietary active anti-PD-L1 and CD27 human antibodies to couple CD27 costimulation with blockade of the PD-L1/PD-1 pathway to help prime and activate anti-tumor T cell responses through CD27 costimulation. The company has research collaboration and license agreements with University of Southampton to develop human antibodies towards CD27; Amgen Inc. with exclusive rights to CDX-301 and CD40 ligand; and Yale University. Celldex Therapeutics, Inc. was incorporated in 1983 and is headquartered in Hampton, New Jersey.

CLDX (Celldex Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.16B, a beta of 0.98 versus the broader market, a 52-week range of 18.55-35.79, average daily share volume of 1.1M, a public-listing history dating back to 1986, approximately 186 full-time employees. These structural characteristics shape how CLDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.98 places CLDX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a straddle on CLDX?

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 CLDX snapshot

As of May 15, 2026, spot at $31.31, ATM IV 42.10%, IV rank 3.82%, expected move 12.07%. The straddle on CLDX 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 CLDX specifically: CLDX IV at 42.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLDX straddle, with a market-implied 1-standard-deviation move of approximately 12.07% (roughly $3.78 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 CLDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLDX should anchor to the underlying notional of $31.31 per share and to the trader's directional view on CLDX stock.

CLDX straddle setup

The CLDX 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 CLDX near $31.31, the first option leg uses a $31.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLDX 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 CLDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$31.00	$1.88
Buy 1	Put	$31.00	$1.08

CLDX straddle risk and reward

Net Premium / Debit: -$295.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$279.31
Breakeven(s): $28.05, $33.95
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.

CLDX straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on CLDX. 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%	+$2,804.00
$6.93	-77.9%	+$2,111.83
$13.85	-55.8%	+$1,419.66
$20.78	-33.6%	+$727.49
$27.70	-11.5%	+$35.32
$34.62	+10.6%	+$66.85
$41.54	+32.7%	+$759.03
$48.46	+54.8%	+$1,451.20
$55.38	+76.9%	+$2,143.37
$62.31	+99.0%	+$2,835.54

When traders use straddle on CLDX

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

CLDX thesis for this straddle

The market-implied 1-standard-deviation range for CLDX extends from approximately $27.53 on the downside to $35.09 on the upside. A CLDX 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 CLDX IV rank near 3.82% 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 CLDX at 42.10%. As a Healthcare name, CLDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLDX-specific events.

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

Frequently asked questions

What is a straddle on CLDX?: A straddle on CLDX is the straddle strategy applied to CLDX (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 CLDX stock trading near $31.31, the strikes shown on this page are snapped to the nearest listed CLDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLDX 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 CLDX straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 42.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$279.31 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLDX straddle?: The breakeven for the CLDX straddle priced on this page is roughly $28.05 and $33.95 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 CLDX market-implied 1-standard-deviation expected move is approximately 12.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on CLDX?: Straddles on CLDX are pure-volatility plays that profit from large moves in either direction; traders typically buy CLDX 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 CLDX implied volatility affect this straddle?: CLDX ATM IV is at 42.10% with IV rank near 3.82%, 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.