How are CNR 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 CNR straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 38.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$889.29 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CNR straddle?

The breakeven for the CNR straddle priced on this page is roughly $85.85 and $104.15 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 CNR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CNR implied volatility affect this straddle?

CNR ATM IV is at 38.20% with IV rank near 0.00%, 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.

CNR Straddle Strategy

CNR (Core Natural Resources, Inc.), in the Energy sector, (Coal industry), listed on NYSE.

Core Natural Resources, Inc., which rebranded from CONSOL Energy Inc. in January 2025, specializes in the global production and sale of bituminous coal. The company's business is primarily organized into two key segments. The Pennsylvania Mining Complex (PAMC) segment manages the mining, preparation, and marketing of bituminous coal, serving power generation facilities, industrial consumers, and metallurgical industries. Key assets within this segment include the Bailey, Enlow Fork, and Harvey Mines, alongside a central preparation facility. The second segment, the CONSOL Marine Terminal, offers crucial coal export terminal services through the Port of Baltimore. Beyond these core operations, the company is developing and operating the Itmann Mining Complex in Wyoming County, West Virginia, and also possesses substantial Greenfield Reserves and Resources spread across the Northern Appalachian, Central Appalachian, and Illinois basins.

CNR (Core Natural Resources, Inc.) trades in the Energy sector, specifically Coal, with a market capitalization of approximately $4.79B, a trailing P/E of 47.82, a beta of 0.14 versus the broader market, a 52-week range of 68.78-114.8, average daily share volume of 725K, a public-listing history dating back to 2017, approximately 5K full-time employees. These structural characteristics shape how CNR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.14 indicates CNR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 47.82 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. CNR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on CNR?

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.

CNR snapshot

As of August 14, 2026, spot at $96.71, ATM IV 38.20%, IV rank 0.00%, expected move 10.95%. The straddle on CNR 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 35-day expiry.

Why this straddle structure on CNR specifically: CNR IV at 38.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a CNR straddle, with a market-implied 1-standard-deviation move of approximately 10.95% (roughly $10.59 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 CNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNR should anchor to the underlying notional of $96.71 per share and to the trader's directional view on CNR stock.

CNR straddle setup

The CNR straddle 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 CNR at $96.71 on that close, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNR 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 CNR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$95.00	$5.45
Buy 1	Put	$95.00	$3.70

CNR straddle risk and reward

Net Premium / Debit: -$915.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$889.29
Breakeven(s): $85.85, $104.15
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.

CNR straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on CNR. 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%	+$8,584.00
$21.39	-77.9%	+$6,445.80
$42.77	-55.8%	+$4,307.60
$64.16	-33.7%	+$2,169.40
$85.54	-11.6%	+$31.20
$106.92	+10.6%	+$277.01
$128.30	+32.7%	+$2,415.21
$149.68	+54.8%	+$4,553.41
$171.07	+76.9%	+$6,691.61
$192.45	+99.0%	+$8,829.81

When traders use straddle on CNR

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

CNR thesis for this straddle

The market-implied 1-standard-deviation range for CNR extends from approximately $86.12 on the downside to $107.30 on the upside. A CNR 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 CNR IV rank near 0.00% 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 CNR at 38.20%. As a Energy name, CNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNR-specific events.

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

Frequently asked questions

What is a straddle on CNR?: A straddle on CNR is the straddle strategy applied to CNR (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 CNR stock at $96.71 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CNR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CNR 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 CNR straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 38.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$889.29 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CNR straddle?: The breakeven for the CNR straddle priced on this page is roughly $85.85 and $104.15 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 CNR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on CNR?: Straddles on CNR are pure-volatility plays that profit from large moves in either direction; traders typically buy CNR 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 CNR implied volatility affect this straddle?: CNR ATM IV is at 38.20% with IV rank near 0.00%, 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.