How are GOOS 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 GOOS strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 302.82%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GOOS strangle?

The breakeven for the GOOS strangle priced on this page is roughly $8.68 and $10.33 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 GOOS market-implied 1-standard-deviation expected move is approximately 86.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GOOS implied volatility affect this strangle?

GOOS ATM IV is at 302.82% with IV rank near 59.95%, 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.

GOOS Strangle Strategy

GOOS (Canada Goose Holdings Inc.), in the Consumer Cyclical sector, (Apparel - Manufacturers industry), listed on NYSE.

Canada Goose Holdings Inc. designs, produces, and markets premium performance attire for individuals of all ages, including men, women, youth, children, and infants. Its global presence spans Canada, the United States, Asia Pacific, Europe, the Middle East, Africa, and Latin America. The company's business is structured across three primary segments: Direct-to-Consumer sales, Wholesale operations, and Other activities. Their product portfolio encompasses parkas, lightweight down jackets, rainwear, windwear, knitwear, footwear, and various accessories, catering to the autumn, winter, and spring seasons. As of April 3, 2022, Canada Goose engaged with customers via 56 national e-commerce platforms and 41 company-operated retail outlets located across North America, Europe, and the Asia Pacific region. Furthermore, its products are distributed through a network of wholesale partners and third-party distributors.

GOOS (Canada Goose Holdings Inc.) trades in the Consumer Cyclical sector, specifically Apparel - Manufacturers, with a market capitalization of approximately $938.5M, a trailing P/E of 58.97, a beta of 1.78 versus the broader market, a 52-week range of 9.165-15.425, average daily share volume of 567K, a public-listing history dating back to 2017, approximately 4K full-time employees. These structural characteristics shape how GOOS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.78 indicates GOOS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 58.97 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 GOOS?

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 GOOS snapshot

As of June 29, 2026, spot at $9.47, ATM IV 302.82%, IV rank 59.95%, expected move 86.04%. The strangle on GOOS 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 18-day expiry.

Why this strangle structure on GOOS specifically: GOOS IV at 302.82% 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 86.04% (roughly $8.15 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GOOS expiries trade a higher absolute premium for lower per-day decay. Position sizing on GOOS should anchor to the underlying notional of $9.47 per share and to the trader's directional view on GOOS stock.

GOOS strangle setup

The GOOS 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 GOOS near $9.47, 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 GOOS chain at a 18-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 GOOS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$10.00	$0.20
Buy 1	Put	$9.00	$0.13

GOOS strangle risk and reward

Net Premium / Debit: -$32.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$32.50
Breakeven(s): $8.68, $10.33
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.

GOOS strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on GOOS. 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	-99.9%	+$866.50
$2.10	-77.8%	+$657.22
$4.20	-55.7%	+$447.95
$6.29	-33.6%	+$238.67
$8.38	-11.5%	+$29.39
$10.47	+10.6%	+$14.88
$12.57	+32.7%	+$224.16
$14.66	+54.8%	+$433.43
$16.75	+76.9%	+$642.71
$18.84	+99.0%	+$851.99

When traders use strangle on GOOS

Strangles on GOOS 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 GOOS chain.

GOOS thesis for this strangle

The market-implied 1-standard-deviation range for GOOS extends from approximately $1.32 on the downside to $17.62 on the upside. A GOOS 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 GOOS IV rank near 59.95% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on GOOS should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, GOOS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GOOS-specific events.

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

Frequently asked questions

What is a strangle on GOOS?: A strangle on GOOS is the strangle strategy applied to GOOS (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 GOOS stock trading near $9.47, the strikes shown on this page are snapped to the nearest listed GOOS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are GOOS 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 GOOS strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 302.82%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GOOS strangle?: The breakeven for the GOOS strangle priced on this page is roughly $8.68 and $10.33 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 GOOS market-implied 1-standard-deviation expected move is approximately 86.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on GOOS?: Strangles on GOOS 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 GOOS chain.
How does current GOOS implied volatility affect this strangle?: GOOS ATM IV is at 302.82% with IV rank near 59.95%, 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.