How are CRUS 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 CRUS straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 47.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,232.98 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRUS straddle?

The breakeven for the CRUS straddle priced on this page is roughly $132.65 and $157.35 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 CRUS market-implied 1-standard-deviation expected move is approximately 13.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRUS implied volatility affect this straddle?

CRUS ATM IV is at 47.90% with IV rank near 35.37%, 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.

CRUS Straddle Strategy

CRUS (Cirrus Logic, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.

Cirrus Logic, Inc. (CRUS) is a semiconductor design firm that doesn't operate its own manufacturing plants. It specializes in crafting energy-efficient and highly accurate mixed-signal processing solutions for a worldwide customer base. The company's offerings for portable electronics include various audio components: integrated circuits known as codecs (which combine analog-to-digital and digital-to-analog converters), advanced "smart codecs" that feature built-in digital signal processors (DSPs), powerful amplifiers, and standalone DSPs. Their proprietary SoundClear technology, a suite of tools, software, and algorithms, further elevates the user experience by delivering features such as increased volume, high-fidelity sound reproduction, superior voice capture, hearing assistance, and active noise cancellation. These audio technologies are integrated into a wide array of devices, including smartphones, tablets, wireless headphones, laptops, augmented/virtual reality headsets, home cinema systems, in-car entertainment, and professional audio setups. Additionally, Cirrus Logic supplies high-performance mixed-signal products beyond the audio domain.

CRUS (Cirrus Logic, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $7.39B, a trailing P/E of 17.97, a beta of 1.14 versus the broader market, a 52-week range of 92.02-180.42, average daily share volume of 636K, a public-listing history dating back to 1989, approximately 2K full-time employees. These structural characteristics shape how CRUS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.14 places CRUS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a straddle on CRUS?

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 CRUS snapshot

As of June 29, 2026, spot at $144.25, ATM IV 47.90%, IV rank 35.37%, expected move 13.73%. The straddle on CRUS 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 18-day expiry.

Why this straddle structure on CRUS specifically: CRUS IV at 47.90% 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 13.73% (roughly $19.81 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRUS should anchor to the underlying notional of $144.25 per share and to the trader's directional view on CRUS stock.

CRUS straddle setup

The CRUS 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 CRUS near $144.25, the first option leg uses a $145.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRUS chain at a 18-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 CRUS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$145.00	$6.15
Buy 1	Put	$145.00	$6.20

CRUS straddle risk and reward

Net Premium / Debit: -$1,235.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$1,232.98
Breakeven(s): $132.65, $157.35
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.

CRUS straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on CRUS. 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%	+$13,264.00
$31.90	-77.9%	+$10,074.66
$63.80	-55.8%	+$6,885.33
$95.69	-33.7%	+$3,695.99
$127.58	-11.6%	+$506.65
$159.48	+10.6%	+$212.68
$191.37	+32.7%	+$3,402.02
$223.26	+54.8%	+$6,591.36
$255.16	+76.9%	+$9,780.69
$287.05	+99.0%	+$12,970.03

When traders use straddle on CRUS

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

CRUS thesis for this straddle

The market-implied 1-standard-deviation range for CRUS extends from approximately $124.44 on the downside to $164.06 on the upside. A CRUS 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 CRUS IV rank near 35.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on CRUS should anchor more to the directional view and the expected-move geometry. As a Technology name, CRUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRUS-specific events.

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

Frequently asked questions

What is a straddle on CRUS?: A straddle on CRUS is the straddle strategy applied to CRUS (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 CRUS stock trading near $144.25, the strikes shown on this page are snapped to the nearest listed CRUS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRUS 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 CRUS straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 47.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,232.98 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRUS straddle?: The breakeven for the CRUS straddle priced on this page is roughly $132.65 and $157.35 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 CRUS market-implied 1-standard-deviation expected move is approximately 13.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on CRUS?: Straddles on CRUS are pure-volatility plays that profit from large moves in either direction; traders typically buy CRUS 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 CRUS implied volatility affect this straddle?: CRUS ATM IV is at 47.90% with IV rank near 35.37%, 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.