How are CTRI 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 CTRI strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 59.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$910.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CTRI strangle?

The breakeven for the CTRI strangle priced on this page is roughly $18.40 and $41.60 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 CTRI market-implied 1-standard-deviation expected move is approximately 17.03%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CTRI implied volatility affect this strangle?

CTRI ATM IV is at 59.40% with IV rank near 33.23%, 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.

CTRI Strangle Strategy

CTRI (Centuri Holdings, Inc.), in the Utilities sector, (Regulated Gas industry), listed on NYSE.

Centuri Holdings, Inc. delivers specialized utility infrastructure services across North America. The company's operations are divided into four key segments: Gas Utility Services in the U.S., Gas Utility Services in Canada, Union Electric Utility Services, and Non-Union Electric Utility Services. For natural gas distribution utilities, Centuri provides a comprehensive suite of services, including routine maintenance, system replacements, repairs, and new installations, all with an emphasis on modernizing their infrastructure. Similarly, within the electric utility sector, the company offers services ranging from the upkeep and replacement of existing systems to the repair, upgrade, and expansion of urban transmission and local distribution networks. Centuri's clientele primarily consists of electric, gas, and integrated utility providers. Furthermore, it extends its services to emerging markets such as renewable energy projects, data centers, and 5G telecommunications infrastructure.

CTRI (Centuri Holdings, Inc.) trades in the Utilities sector, specifically Regulated Gas, with a market capitalization of approximately $3.09B, a trailing P/E of 100.28, a beta of 1.06 versus the broader market, a 52-week range of 19.04-42.985, average daily share volume of 1.4M, a public-listing history dating back to 2024, approximately 9K full-time employees. These structural characteristics shape how CTRI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.06 places CTRI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 100.28 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.

What is a strangle on CTRI?

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.

Current CTRI snapshot

As of June 30, 2026, spot at $30.00, ATM IV 59.40%, IV rank 33.23%, expected move 17.03%. The strangle on CTRI 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 199-day expiry.

Why this strangle structure on CTRI specifically: CTRI IV at 59.40% 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 17.03% (roughly $5.11 on the underlying). The 199-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CTRI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTRI should anchor to the underlying notional of $30.00 per share and to the trader's directional view on CTRI stock.

CTRI strangle setup

The CTRI strangle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CTRI near $30.00, the first option leg uses a $32.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTRI chain at a 199-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 CTRI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$32.50	$5.25
Buy 1	Put	$27.50	$3.85

CTRI strangle risk and reward

Net Premium / Debit: -$910.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$910.00
Breakeven(s): $18.40, $41.60
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.

CTRI strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on CTRI. 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%	+$1,839.00
$6.64	-77.9%	+$1,175.79
$13.27	-55.8%	+$512.59
$19.91	-33.6%	-$150.62
$26.54	-11.5%	-$813.82
$33.17	+10.6%	-$842.97
$39.80	+32.7%	-$179.76
$46.43	+54.8%	+$483.44
$53.07	+76.9%	+$1,146.65
$59.70	+99.0%	+$1,809.85

When traders use strangle on CTRI

Strangles on CTRI 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 CTRI chain.

CTRI thesis for this strangle

The market-implied 1-standard-deviation range for CTRI extends from approximately $24.89 on the downside to $35.11 on the upside. A CTRI 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. Current CTRI IV rank near 33.23% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on CTRI should anchor more to the directional view and the expected-move geometry. As a Utilities name, CTRI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTRI-specific events.

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

Frequently asked questions

What is a strangle on CTRI?: A strangle on CTRI is the strangle strategy applied to CTRI (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 CTRI stock trading near $30.00, the strikes shown on this page are snapped to the nearest listed CTRI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CTRI 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 CTRI strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 59.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$910.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CTRI strangle?: The breakeven for the CTRI strangle priced on this page is roughly $18.40 and $41.60 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 CTRI market-implied 1-standard-deviation expected move is approximately 17.03%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on CTRI?: Strangles on CTRI 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 CTRI chain.
How does current CTRI implied volatility affect this strangle?: CTRI ATM IV is at 59.40% with IV rank near 33.23%, 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.