How are CRSP 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 CRSP straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 63.81%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$808.33 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRSP straddle?

The breakeven for the CRSP straddle priced on this page is roughly $47.70 and $64.30 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 CRSP market-implied 1-standard-deviation expected move is approximately 18.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRSP implied volatility affect this straddle?

CRSP ATM IV is at 63.81% with IV rank near 41.85%, 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.

CRSP Straddle Strategy

CRSP (CRISPR Therapeutics AG), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

CRISPR Therapeutics AG (CRSP) is a biotechnology firm dedicated to pioneering gene-based medicines for severe diseases. The company achieves this through its exclusive Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)/CRISPR-associated protein 9 (Cas9) technology, which enables precise and targeted alterations to an organism's genetic code. Its extensive pipeline includes therapeutic candidates spanning multiple medical areas, such as blood disorders (hemoglobinopathies), various cancers (oncology), regenerative medicine, and rare conditions. The company's flagship investigational therapy is CTX001, an ex vivo CRISPR gene-edited treatment. This therapy aims to benefit patients with transfusion-dependent beta-thalassemia or severe sickle cell disease by modifying their own hematopoietic stem cells to markedly boost the production of fetal hemoglobin within red blood cells. CRISPR Therapeutics is also advancing several other genetically engineered allogeneic (donor-sourced) CAR-T investigational therapies: CTX110, designed to combat cluster of differentiation 19-positive malignancies; CTX120, which targets B-cell maturation antigen for multiple myeloma that has relapsed or proven resistant to previous treatments; and CTX130, focused on Cluster of Differentiation 70 for a spectrum of solid tumors and blood cancers.

CRSP (CRISPR Therapeutics AG) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $5.30B, a beta of 1.70 versus the broader market, a 52-week range of 44.12-78.48, average daily share volume of 1.7M, a public-listing history dating back to 2016, approximately 393 full-time employees. These structural characteristics shape how CRSP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.70 indicates CRSP 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 straddle on CRSP?

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 CRSP snapshot

As of June 29, 2026, spot at $56.06, ATM IV 63.81%, IV rank 41.85%, expected move 18.30%. The straddle on CRSP 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 32-day expiry.

Why this straddle structure on CRSP specifically: CRSP IV at 63.81% 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 18.30% (roughly $10.26 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRSP expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRSP should anchor to the underlying notional of $56.06 per share and to the trader's directional view on CRSP stock.

CRSP straddle setup

The CRSP 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 CRSP near $56.06, the first option leg uses a $56.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRSP chain at a 32-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 CRSP shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$56.00	$4.25
Buy 1	Put	$56.00	$4.05

CRSP straddle risk and reward

Net Premium / Debit: -$830.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$808.33
Breakeven(s): $47.70, $64.30
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.

CRSP straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on CRSP. 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%	+$4,769.00
$12.40	-77.9%	+$3,529.59
$24.80	-55.8%	+$2,290.19
$37.19	-33.7%	+$1,050.78
$49.59	-11.5%	-$188.63
$61.98	+10.6%	-$231.96
$74.37	+32.7%	+$1,007.44
$86.77	+54.8%	+$2,246.85
$99.16	+76.9%	+$3,486.26
$111.56	+99.0%	+$4,725.66

When traders use straddle on CRSP

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

CRSP thesis for this straddle

The market-implied 1-standard-deviation range for CRSP extends from approximately $45.80 on the downside to $66.32 on the upside. A CRSP 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 CRSP IV rank near 41.85% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on CRSP should anchor more to the directional view and the expected-move geometry. As a Healthcare name, CRSP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRSP-specific events.

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

Frequently asked questions

What is a straddle on CRSP?: A straddle on CRSP is the straddle strategy applied to CRSP (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 CRSP stock trading near $56.06, the strikes shown on this page are snapped to the nearest listed CRSP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRSP 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 CRSP straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 63.81%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$808.33 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRSP straddle?: The breakeven for the CRSP straddle priced on this page is roughly $47.70 and $64.30 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 CRSP market-implied 1-standard-deviation expected move is approximately 18.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on CRSP?: Straddles on CRSP are pure-volatility plays that profit from large moves in either direction; traders typically buy CRSP 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 CRSP implied volatility affect this straddle?: CRSP ATM IV is at 63.81% with IV rank near 41.85%, 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.