How are CMPR 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 CMPR strangle priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 52.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$522.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CMPR strangle?

The breakeven for the CMPR strangle priced on this page is roughly $49.78 and $65.23 at expiration, derived from the November 13, 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 CMPR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.14%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CMPR implied volatility affect this strangle?

CMPR ATM IV is at 52.80% with IV rank near 56.26%, 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.

CMPR Strangle Strategy

CMPR (Cimpress plc), in the Industrials sector, (Specialty Business Services industry), listed on NASDAQ.

Cimpress plc provides various mass customization of printing and related products in North America, Europe, and internationally. It operates through five segments: Vista, PrintBrothers, The Print Group, National Pen, and All Other Businesses. The company offers printed and digital marketing products; canvas-print wall décor products, business signage, and other large-format printed products; business cards; and marketing materials, such as flyers and postcards, digital and marketing services, decorated apparel, packaging, design services, textiles, and magazines and catalogs. It also manufactures and markets custom writing instruments and promotional products, apparel, and gifts; and provides professional desktop publishing skill sets for local printers, print resellers, graphic artists, advertising agencies, and other customers. In addition, the company offers graphic design, do-it-yourself design, website, and corporate solutions under the VistaPrint, VistaCreate, 99designs by Vista, Vista Corporate Solutions, and Vista x Wix brand names; and online printing solutions. Further, the company provides logo apparel, books, wall decors, photo merchandises, invitations and announcements, and others; website design and hosting, digital services, and email marketing services, as well as order referral and other third-party offerings.

CMPR (Cimpress plc) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $1.41B, a trailing P/E of 16.39, a beta of 1.88 versus the broader market, a 52-week range of 53.89-106.58, average daily share volume of 214K, a public-listing history dating back to 2005, approximately 16K full-time employees. These structural characteristics shape how CMPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.88 indicates CMPR 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 CMPR?

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.

CMPR snapshot

As of November 13, 2026, spot at $57.20, ATM IV 52.80%, IV rank 56.26%, expected move 15.14%. The strangle on CMPR below is built from the November 13, 2026 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 CMPR specifically: CMPR IV at 52.80% 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 15.14% (roughly $8.66 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 CMPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CMPR should anchor to the underlying notional of $57.20 per share and to the trader's directional view on CMPR stock.

CMPR strangle setup

The CMPR strangle below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CMPR at $57.20 on that close, the first option leg uses a $60.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CMPR 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 CMPR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$60.00	$2.60
Buy 1	Put	$55.00	$2.63

CMPR strangle risk and reward

Net Premium / Debit: -$522.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$522.50
Breakeven(s): $49.78, $65.23
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.

CMPR strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on CMPR. 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%	+$4,976.50
$12.66	-77.9%	+$3,711.89
$25.30	-55.8%	+$2,447.27
$37.95	-33.7%	+$1,182.66
$50.59	-11.5%	-$81.95
$63.24	+10.6%	-$198.43
$75.89	+32.7%	+$1,066.18
$88.53	+54.8%	+$2,330.79
$101.18	+76.9%	+$3,595.40
$113.83	+99.0%	+$4,860.02

When traders use strangle on CMPR

Strangles on CMPR 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 CMPR chain.

CMPR thesis for this strangle

The market-implied 1-standard-deviation range for CMPR extends from approximately $48.54 on the downside to $65.86 on the upside. A CMPR 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 CMPR IV rank near 56.26% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on CMPR should anchor more to the directional view and the expected-move geometry. As a Industrials name, CMPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CMPR-specific events.

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

Frequently asked questions

What is a strangle on CMPR?: A strangle on CMPR is the strangle strategy applied to CMPR (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 CMPR stock at $57.20 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CMPR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CMPR 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 CMPR strangle priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 52.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$522.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CMPR strangle?: The breakeven for the CMPR strangle priced on this page is roughly $49.78 and $65.23 at expiration, derived from the November 13, 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 CMPR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.14%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on CMPR?: Strangles on CMPR 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 CMPR chain.
How does current CMPR implied volatility affect this strangle?: CMPR ATM IV is at 52.80% with IV rank near 56.26%, 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.