How are CQTM 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 CQTM strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$380.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CQTM strangle?

The breakeven for the CQTM strangle priced on this page is roughly $22.20 and $32.80 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 CQTM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CQTM implied volatility affect this strangle?

Current CQTM ATM IV is 76.20%; IV rank context is unavailable in the current snapshot.

CQTM Strangle Strategy

CQTM (Corgi Quantum Computing ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

The fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "adviser") actively manage the fund and, under ordinary market conditions, invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of companies materially involved in the research, development, manufacturing, and commercialization of quantum computing and quantum-enabled technologies, along with security solutions designed to protect data and communications against future quantum capabilities. It is non-diversified.

CQTM (Corgi Quantum Computing ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.9M, a beta of 0.00 versus the broader market, a 52-week range of 21.14-35.04, average daily share volume of 38K, a public-listing history dating back to 2026. These structural characteristics shape how CQTM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates CQTM has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a strangle on CQTM?

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.

CQTM snapshot

As of August 14, 2026, spot at $27.38, ATM IV 76.20%, expected move 21.85%. The strangle on CQTM 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 strangle structure on CQTM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CQTM is inferred from ATM IV at 76.20% alone, with a market-implied 1-standard-deviation move of approximately 21.85% (roughly $5.98 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 CQTM expiries trade a higher absolute premium for lower per-day decay. Position sizing on CQTM should anchor to the underlying notional of $27.38 per share and to the trader's directional view on CQTM stock.

CQTM strangle setup

The CQTM strangle 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 CQTM at $27.38 on that close, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CQTM 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 CQTM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$29.00	$1.85
Buy 1	Put	$26.00	$1.95

CQTM strangle risk and reward

Net Premium / Debit: -$380.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$380.00
Breakeven(s): $22.20, $32.80
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.

CQTM strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on CQTM. 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%	+$2,219.00
$6.06	-77.9%	+$1,613.72
$12.12	-55.8%	+$1,008.45
$18.17	-33.6%	+$403.17
$24.22	-11.5%	-$202.11
$30.27	+10.6%	-$252.62
$36.33	+32.7%	+$352.66
$42.38	+54.8%	+$957.93
$48.43	+76.9%	+$1,563.21
$54.48	+99.0%	+$2,168.49

When traders use strangle on CQTM

Strangles on CQTM 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 CQTM chain.

CQTM thesis for this strangle

The market-implied 1-standard-deviation range for CQTM extends from approximately $21.40 on the downside to $33.36 on the upside. A CQTM 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. As a Financial Services name, CQTM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CQTM-specific events.

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

Frequently asked questions

What is a strangle on CQTM?: A strangle on CQTM is the strangle strategy applied to CQTM (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 CQTM stock at $27.38 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CQTM chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CQTM 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 CQTM strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$380.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CQTM strangle?: The breakeven for the CQTM strangle priced on this page is roughly $22.20 and $32.80 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 CQTM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on CQTM?: Strangles on CQTM 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 CQTM chain.
How does current CQTM implied volatility affect this strangle?: Current CQTM ATM IV is 76.20%; IV rank context is unavailable in the current snapshot.