CLNE Strangle Strategy
CLNE (Clean Energy Fuels Corp.), in the Energy sector, (Oil & Gas Refining & Marketing industry), listed on NASDAQ.
Clean Energy Fuels Corp. specializes in providing natural gas as an alternative fuel source and comprehensive fueling infrastructure, primarily serving markets in the United States and Canada. The company supplies various forms of natural gas, including bio-based renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG), specifically for medium and heavy-duty transportation. Beyond fuel delivery, Clean Energy Fuels offers full-spectrum services for fueling stations, encompassing their design, construction, operation, and ongoing maintenance for both public and private vehicle fleet clients. It also sells and services essential equipment, such as compressors, vital for RNG production and fueling facilities. The company facilitates the distribution and sale of CNG, RNG, and LNG via virtual natural gas pipelines and interconnected systems. In addition to its core operations, Clean Energy Fuels actively participates in the environmental credit market.
CLNE (Clean Energy Fuels Corp.) trades in the Energy sector, specifically Oil & Gas Refining & Marketing, with a market capitalization of approximately $383.2M, a beta of 1.85 versus the broader market, a 52-week range of 1.56-3.11, average daily share volume of 1.5M, a public-listing history dating back to 2007, approximately 503 full-time employees. These structural characteristics shape how CLNE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.85 indicates CLNE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a strangle on CLNE?
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.
CLNE snapshot
As of August 14, 2026, spot at $1.83, ATM IV 216.30%, IV rank 42.36%, expected move 17.73%. The strangle on CLNE below is built from the 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 CLNE specifically: CLNE IV at 216.30% 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 17.73% (roughly $0.32 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 CLNE expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLNE should anchor to the underlying notional of $1.83 per share and to the trader's directional view on CLNE stock.
CLNE strangle setup
The CLNE strangle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLNE at $1.83 on that close, the first option leg uses a $1.92 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLNE 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 CLNE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.92 | N/A |
| Buy 1 | Put | $1.74 | N/A |
CLNE strangle 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 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.
CLNE strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on CLNE. 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 strangle on CLNE
Strangles on CLNE 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 CLNE chain.
CLNE thesis for this strangle
The market-implied 1-standard-deviation range for CLNE extends from approximately $1.51 on the downside to $2.15 on the upside. A CLNE 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 CLNE IV rank near 42.36% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on CLNE should anchor more to the directional view and the expected-move geometry. As a Energy name, CLNE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLNE-specific events.
CLNE 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. CLNE positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLNE alongside the broader basket even when CLNE-specific fundamentals are unchanged. Always rebuild the position from current CLNE chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on CLNE?
- A strangle on CLNE is the strangle strategy applied to CLNE (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 CLNE stock at $1.83 on the most recent close, the strikes shown on this page are snapped to the nearest listed CLNE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CLNE 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 CLNE strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 216.30%), 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 CLNE strangle?
- The breakeven for the CLNE strangle priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 CLNE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on CLNE?
- Strangles on CLNE 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 CLNE chain.
- How does current CLNE implied volatility affect this strangle?
- CLNE ATM IV is at 216.30% with IV rank near 42.36%, 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.