FIRY Straddle Strategy
FIRY (Firy Inc.), in the Technology sector, (Electronic Gaming & Multimedia industry), listed on NYSE.
Firy Inc. operates a mobile game platform. The company's platform helps developers create franchises by enabling social competition in their games. It hosts casual eSports tournaments for mobile players.
FIRY (Firy Inc.) trades in the Technology sector, specifically Electronic Gaming & Multimedia, with a market capitalization of approximately $155.8M, a beta of 4.62 versus the broader market, a 52-week range of 2.23-20, average daily share volume of 1.2M, a public-listing history dating back to 2026, approximately 370 full-time employees. These structural characteristics shape how FIRY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.62 indicates FIRY 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 FIRY?
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.
FIRY snapshot
As of August 14, 2026, spot at $9.57, ATM IV 88.40%, IV rank 20.16%, expected move 25.34%. The straddle on FIRY 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 7-day expiry.
Why this straddle structure on FIRY specifically: FIRY IV at 88.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a FIRY straddle, with a market-implied 1-standard-deviation move of approximately 25.34% (roughly $2.43 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIRY expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIRY should anchor to the underlying notional of $9.57 per share and to the trader's directional view on FIRY stock.
FIRY straddle setup
The FIRY 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 FIRY at $9.57 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIRY chain at a 7-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 FIRY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.00 | $0.38 |
| Buy 1 | Put | $10.00 | $0.75 |
FIRY straddle risk and reward
- Net Premium / Debit
- -$112.50
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$111.74
- Breakeven(s)
- $8.88, $11.13
- 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.
FIRY straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on FIRY. 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 | -99.9% | +$886.50 |
| $2.12 | -77.8% | +$675.01 |
| $4.24 | -55.7% | +$463.53 |
| $6.35 | -33.6% | +$252.04 |
| $8.47 | -11.5% | +$40.55 |
| $10.58 | +10.6% | -$54.06 |
| $12.70 | +32.7% | +$157.42 |
| $14.81 | +54.8% | +$368.91 |
| $16.93 | +76.9% | +$580.40 |
| $19.04 | +99.0% | +$791.89 |
When traders use straddle on FIRY
Straddles on FIRY are pure-volatility plays that profit from large moves in either direction; traders typically buy FIRY straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
FIRY thesis for this straddle
The market-implied 1-standard-deviation range for FIRY extends from approximately $7.14 on the downside to $12.00 on the upside. A FIRY 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 FIRY IV rank near 20.16% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on FIRY at 88.40%. As a Technology name, FIRY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIRY-specific events.
FIRY 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. FIRY positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIRY alongside the broader basket even when FIRY-specific fundamentals are unchanged. Always rebuild the position from current FIRY chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on FIRY?
- A straddle on FIRY is the straddle strategy applied to FIRY (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 FIRY stock at $9.57 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FIRY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FIRY 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 FIRY straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 88.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$111.74 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FIRY straddle?
- The breakeven for the FIRY straddle priced on this page is roughly $8.88 and $11.13 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 FIRY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on FIRY?
- Straddles on FIRY are pure-volatility plays that profit from large moves in either direction; traders typically buy FIRY 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 FIRY implied volatility affect this straddle?
- FIRY ATM IV is at 88.40% with IV rank near 20.16%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.