CLPT Strangle Strategy
CLPT (ClearPoint Neuro, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
ClearPoint Neuro, Inc. is a medical technology firm primarily operating within the United States. The company specializes in developing and commercializing sophisticated systems that facilitate minimally invasive brain surgeries, guided by real-time magnetic resonance imaging (MRI) during the procedure. Among its core offerings is the ClearPoint system, designed for the precise placement of deep brain stimulation electrodes, biopsy needles, and for the controlled infusion of medications and laser catheters directly into the brain. It also provides the ClearPoint Neuro Navigation System, which is specifically engineered for MRI suite environments. ClearPoint Neuro maintains strategic partnerships and licensing agreements with prominent institutions and companies, including Boston Scientific Corporation, The Johns Hopkins University, Clinical Laserthermia Systems Americas Inc, Koninklijke Philips N.V., Blackrock Neurotech, and the University of California, San Francisco. Initially established in 1998 and headquartered in Solana Beach, California, the company operated as MRI Interventions, Inc. before rebranding to ClearPoint Neuro, Inc. in February 2020.
CLPT (ClearPoint Neuro, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $554.2M, a beta of 1.31 versus the broader market, a 52-week range of 8.27-30.1, average daily share volume of 701K, a public-listing history dating back to 2012, approximately 115 full-time employees. These structural characteristics shape how CLPT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.31 indicates CLPT 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 CLPT?
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.
Current CLPT snapshot
As of June 29, 2026, spot at $19.38, ATM IV 110.60%, IV rank 17.56%, expected move 31.71%. The strangle on CLPT 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 strangle structure on CLPT specifically: CLPT IV at 110.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLPT strangle, with a market-implied 1-standard-deviation move of approximately 31.71% (roughly $6.15 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 CLPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLPT should anchor to the underlying notional of $19.38 per share and to the trader's directional view on CLPT stock.
CLPT strangle setup
The CLPT 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 CLPT near $19.38, the first option leg uses a $20.35 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLPT 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 CLPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $20.35 | N/A |
| Buy 1 | Put | $18.41 | N/A |
CLPT 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.
CLPT strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on CLPT. 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 CLPT
Strangles on CLPT 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 CLPT chain.
CLPT thesis for this strangle
The market-implied 1-standard-deviation range for CLPT extends from approximately $13.23 on the downside to $25.53 on the upside. A CLPT 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 CLPT IV rank near 17.56% 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 CLPT at 110.60%. As a Healthcare name, CLPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLPT-specific events.
CLPT 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. CLPT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLPT alongside the broader basket even when CLPT-specific fundamentals are unchanged. Always rebuild the position from current CLPT chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on CLPT?
- A strangle on CLPT is the strangle strategy applied to CLPT (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 CLPT stock trading near $19.38, the strikes shown on this page are snapped to the nearest listed CLPT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLPT 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 CLPT strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 110.60%), 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 CLPT strangle?
- The breakeven for the CLPT strangle 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 CLPT market-implied 1-standard-deviation expected move is approximately 31.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on CLPT?
- Strangles on CLPT 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 CLPT chain.
- How does current CLPT implied volatility affect this strangle?
- CLPT ATM IV is at 110.60% with IV rank near 17.56%, 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.