How are EXR 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 EXR straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 26.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$854.96 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EXR straddle?

The breakeven for the EXR straddle priced on this page is roughly $126.40 and $143.60 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 EXR market-implied 1-standard-deviation expected move is approximately 7.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EXR implied volatility affect this straddle?

EXR ATM IV is at 26.20% with IV rank near 44.60%, 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.

EXR Straddle Strategy

EXR (Extra Space Storage Inc.), in the Real Estate sector, (REIT - Industrial industry), listed on NYSE.

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.

EXR (Extra Space Storage Inc.) trades in the Real Estate sector, specifically REIT - Industrial, with a market capitalization of approximately $30.09B, a trailing P/E of 31.81, a beta of 1.23 versus the broader market, a 52-week range of 125.71-155.19, average daily share volume of 1.2M, a public-listing history dating back to 2004, approximately 8K full-time employees. These structural characteristics shape how EXR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.23 places EXR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EXR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on EXR?

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 EXR snapshot

As of May 15, 2026, spot at $137.01, ATM IV 26.20%, IV rank 44.60%, expected move 7.51%. The straddle on EXR 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 EXR specifically: EXR IV at 26.20% 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 7.51% (roughly $10.29 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 EXR expiries trade a higher absolute premium for lower per-day decay. Position sizing on EXR should anchor to the underlying notional of $137.01 per share and to the trader's directional view on EXR stock.

EXR straddle setup

The EXR 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 EXR near $137.01, the first option leg uses a $135.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EXR 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 EXR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$135.00	$5.20
Buy 1	Put	$135.00	$3.40

EXR straddle risk and reward

Net Premium / Debit: -$860.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$854.96
Breakeven(s): $126.40, $143.60
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.

EXR straddle payoff curve

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

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$12,639.00
$30.30	-77.9%	+$9,609.74
$60.60	-55.8%	+$6,580.49
$90.89	-33.7%	+$3,551.23
$121.18	-11.6%	+$521.97
$151.47	+10.6%	+$787.28
$181.77	+32.7%	+$3,816.54
$212.06	+54.8%	+$6,845.79
$242.35	+76.9%	+$9,875.05
$272.64	+99.0%	+$12,904.31

When traders use straddle on EXR

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

EXR thesis for this straddle

The market-implied 1-standard-deviation range for EXR extends from approximately $126.72 on the downside to $147.30 on the upside. A EXR 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 EXR IV rank near 44.60% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on EXR should anchor more to the directional view and the expected-move geometry. As a Real Estate name, EXR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EXR-specific events.

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

Frequently asked questions

What is a straddle on EXR?: A straddle on EXR is the straddle strategy applied to EXR (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 EXR stock trading near $137.01, the strikes shown on this page are snapped to the nearest listed EXR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are EXR 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 EXR straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 26.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$854.96 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EXR straddle?: The breakeven for the EXR straddle priced on this page is roughly $126.40 and $143.60 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 EXR market-implied 1-standard-deviation expected move is approximately 7.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on EXR?: Straddles on EXR are pure-volatility plays that profit from large moves in either direction; traders typically buy EXR 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 EXR implied volatility affect this straddle?: EXR ATM IV is at 26.20% with IV rank near 44.60%, 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.