How are FIG 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 FIG straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 68.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$376.22 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIG straddle?

The breakeven for the FIG straddle priced on this page is roughly $21.68 and $29.33 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 FIG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 19.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FIG implied volatility affect this straddle?

FIG ATM IV is at 68.40% with IV rank near 41.34%, 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.

FIG Straddle Strategy

FIG (Figma, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Figma, Inc. develops and sells a collaborative, browser-based platform for designing, prototyping, building digital experiences, and subscriptions for access to its platform. The company offers Figma Design, a collaborative design tool for teams that explore ideas and gather feedback, build realistic prototypes, and streamline product development with design systems; Dev Mode to inspect designs and translate them into code without changing the design file; FigJam to define ideas, align decisions, and move work forward—all in one place; and Figma Slides, a presentation tool built for designers and their teams. It also provides Figma Draw to create expressive designs with illustration tools; Figma Buzz, which publishes brand templates to create social media assets, display ads, one-pagers, and others; Figma Sites to design, prototype, and publish; Payload CMS is an open-source, headless content management system and application framework acquired by Figma; Figma Make, an AI tool to design and prompt way to a functional prototype; Figma Weave for AI-powered media generation and editing. The company was incorporated in 2012 and is headquartered in San Francisco, California.

FIG (Figma, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $12.39B, a beta of 0.92 versus the broader market, a 52-week range of 16.6-80.75, average daily share volume of 21.5M, a public-listing history dating back to 2025, approximately 2K full-time employees. These structural characteristics shape how FIG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places FIG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a straddle on FIG?

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.

FIG snapshot

As of August 14, 2026, spot at $25.43, ATM IV 68.40%, IV rank 41.34%, expected move 19.61%. The straddle on FIG 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 28-day expiry.

Why this straddle structure on FIG specifically: FIG IV at 68.40% 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 19.61% (roughly $4.99 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIG should anchor to the underlying notional of $25.43 per share and to the trader's directional view on FIG stock.

FIG straddle setup

The FIG straddle 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 FIG at $25.43 on that close, the first option leg uses a $25.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIG chain at a 28-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 FIG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$25.50	$1.95
Buy 1	Put	$25.50	$1.88

FIG straddle risk and reward

Net Premium / Debit: -$382.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$376.22
Breakeven(s): $21.68, $29.33
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.

FIG straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on FIG. 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%	+$2,166.50
$5.63	-77.9%	+$1,604.34
$11.25	-55.7%	+$1,042.18
$16.87	-33.6%	+$480.02
$22.50	-11.5%	-$82.14
$28.12	+10.6%	-$120.70
$33.74	+32.7%	+$441.46
$39.36	+54.8%	+$1,003.63
$44.98	+76.9%	+$1,565.79
$50.60	+99.0%	+$2,127.95

When traders use straddle on FIG

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

FIG thesis for this straddle

The market-implied 1-standard-deviation range for FIG extends from approximately $20.44 on the downside to $30.42 on the upside. A FIG 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 FIG IV rank near 41.34% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on FIG should anchor more to the directional view and the expected-move geometry. As a Technology name, FIG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIG-specific events.

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

Frequently asked questions

What is a straddle on FIG?: A straddle on FIG is the straddle strategy applied to FIG (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 FIG stock at $25.43 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FIG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FIG 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 FIG straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 68.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$376.22 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIG straddle?: The breakeven for the FIG straddle priced on this page is roughly $21.68 and $29.33 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 FIG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 19.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on FIG?: Straddles on FIG are pure-volatility plays that profit from large moves in either direction; traders typically buy FIG 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 FIG implied volatility affect this straddle?: FIG ATM IV is at 68.40% with IV rank near 41.34%, 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.