CON Straddle Strategy

CON (Concentra Group Holdings Parent, Inc.), in the Healthcare sector, (Medical - Equipment & Services industry), listed on NYSE.

Concentra Group Holdings Parent, Inc. provides occupational health services in the United States. The company offers occupational and consumer health services, including workers' compensation injury care, urgent care, clinical testing, preventative care, and employer services, as well as wellness programs through occupational health centers and onsite clinics. It also provides Concentra Telemed, a telemedicine solution for the treatment of work-related injuries and illnesses, and employer services; pharmacy solution under the Concentra Pharmacy name; and Concentra Medical Compliance Administration, a third-party administrator that helps to manage abuse testing programs for employers with regulated or non-regulated workforces. The company was founded in 1979 and is based in Mechanicsburg, Pennsylvania. Concentra Group Holdings Parent, Inc. operates as a subsidiary of Select Medical Corporation.

CON (Concentra Group Holdings Parent, Inc.) trades in the Healthcare sector, specifically Medical - Equipment & Services, with a market capitalization of approximately $3.31B, a trailing P/E of 18.41, a beta of 0.72 versus the broader market, a 52-week range of 18.545-25.87, average daily share volume of 774K, a public-listing history dating back to 2010, approximately 9K full-time employees. These structural characteristics shape how CON stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.72 places CON roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CON pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on CON?

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 CON snapshot

As of May 15, 2026, spot at $25.95, ATM IV 36.50%, IV rank 7.05%, expected move 10.46%. The straddle on CON 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 CON specifically: CON IV at 36.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a CON straddle, with a market-implied 1-standard-deviation move of approximately 10.46% (roughly $2.72 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 CON expiries trade a higher absolute premium for lower per-day decay. Position sizing on CON should anchor to the underlying notional of $25.95 per share and to the trader's directional view on CON stock.

CON straddle setup

The CON 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 CON near $25.95, the first option leg uses a $25.95 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CON 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 CON shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$25.95	N/A
Buy 1	Put	$25.95	N/A

CON straddle 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 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.

CON straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on CON. 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 straddle on CON

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

CON thesis for this straddle

The market-implied 1-standard-deviation range for CON extends from approximately $23.23 on the downside to $28.67 on the upside. A CON 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 CON IV rank near 7.05% 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 CON at 36.50%. As a Healthcare name, CON options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CON-specific events.

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

Frequently asked questions

What is a straddle on CON?: A straddle on CON is the straddle strategy applied to CON (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 CON stock trading near $25.95, the strikes shown on this page are snapped to the nearest listed CON chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CON 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 CON straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 36.50%), 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 CON straddle?: The breakeven for the CON straddle 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 CON market-implied 1-standard-deviation expected move is approximately 10.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on CON?: Straddles on CON are pure-volatility plays that profit from large moves in either direction; traders typically buy CON 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 CON implied volatility affect this straddle?: CON ATM IV is at 36.50% with IV rank near 7.05%, 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.