How are FSV 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 FSV straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 467.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$557.04 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FSV straddle?

The breakeven for the FSV straddle priced on this page is roughly $133.90 and $146.10 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 FSV market-implied 1-standard-deviation expected move is approximately 134.00%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FSV implied volatility affect this straddle?

FSV ATM IV is at 467.40% with IV rank near 98.53%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

FSV Straddle Strategy

FSV (FirstService Corporation), in the Real Estate sector, (Real Estate - Services industry), listed on NASDAQ.

FirstService Corporation (FSV) is a North American enterprise, operating across the United States and Canada, specializing in both residential property management and a comprehensive array of essential property services for both homes and businesses. The company is organized into two primary divisions: FirstService Residential and FirstService Brands. The FirstService Residential segment is dedicated to managing diverse private residential communities, including condominiums, cooperatives, homeowner associations, master-planned developments, and active adult communities. This division extends its offerings beyond core management to include vital ancillary services such as on-site engineering and maintenance staff, comprehensive management of swimming pools and amenities, security provisions, and concierge services. Additionally, it furnishes financial services like cash management, banking transaction support, and specialized property insurance brokerage, alongside energy management solutions and advisory services, and property resale processing. The FirstService Brands segment delivers crucial property services to residential and commercial clients through a network of five franchise systems, complemented by company-owned operations that include 20 California Closets, 12 Paul Davis Restoration, and 1 CertaPro Painters location.

FSV (FirstService Corporation) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $6.48B, a trailing P/E of 39.67, a beta of 0.92 versus the broader market, a 52-week range of 119.41-209.66, average daily share volume of 231K, a public-listing history dating back to 2015, approximately 30K full-time employees. These structural characteristics shape how FSV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places FSV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 39.67 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. FSV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on FSV?

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 FSV snapshot

As of June 30, 2026, spot at $141.60, ATM IV 467.40%, IV rank 98.53%, expected move 134.00%. The straddle on FSV 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 17-day expiry.

Why this straddle structure on FSV specifically: FSV IV at 467.40% is rich versus its 1-year range, which makes a premium-buying FSV straddle relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 134.00% (roughly $189.74 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FSV expiries trade a higher absolute premium for lower per-day decay. Position sizing on FSV should anchor to the underlying notional of $141.60 per share and to the trader's directional view on FSV stock.

FSV straddle setup

The FSV 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 FSV near $141.60, the first option leg uses a $140.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FSV chain at a 17-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 FSV shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$140.00	$3.25
Buy 1	Put	$140.00	$2.85

FSV straddle risk and reward

Net Premium / Debit: -$610.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$557.04
Breakeven(s): $133.90, $146.10
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.

FSV straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on FSV. 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%	+$13,389.00
$31.32	-77.9%	+$10,258.26
$62.62	-55.8%	+$7,127.51
$93.93	-33.7%	+$3,996.77
$125.24	-11.6%	+$866.03
$156.55	+10.6%	+$1,044.72
$187.85	+32.7%	+$4,175.46
$219.16	+54.8%	+$7,306.21
$250.47	+76.9%	+$10,436.95
$281.78	+99.0%	+$13,567.69

When traders use straddle on FSV

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

FSV thesis for this straddle

The market-implied 1-standard-deviation range for FSV extends from approximately $-48.14 on the downside to $331.34 on the upside. A FSV 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 FSV IV rank near 98.53% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on FSV at 467.40%. As a Real Estate name, FSV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FSV-specific events.

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

Frequently asked questions

What is a straddle on FSV?: A straddle on FSV is the straddle strategy applied to FSV (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 FSV stock trading near $141.60, the strikes shown on this page are snapped to the nearest listed FSV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FSV 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 FSV straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 467.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$557.04 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FSV straddle?: The breakeven for the FSV straddle priced on this page is roughly $133.90 and $146.10 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 FSV market-implied 1-standard-deviation expected move is approximately 134.00%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on FSV?: Straddles on FSV are pure-volatility plays that profit from large moves in either direction; traders typically buy FSV 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 FSV implied volatility affect this straddle?: FSV ATM IV is at 467.40% with IV rank near 98.53%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.