HTFL Strangle Strategy
HTFL (Heartflow, Inc. Common Stock), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.
HeartFlow, Inc., a medical technology company, provides non-invasive solutions for diagnosing and managing coronary artery diseases worldwide. Its HeartFlow Platform uses AI and computational fluid dynamics to creates a personalized 3D model of a patient's heart from a single coronary computed tomography angiography, a specialized type of scan that provides detailed images of the heart's arteries. The company's platform provides insights on blood flow, stenosis, and plaque volume and composition by overcoming the limitations of traditional non-invasive imaging tests. The company was founded in 2007 and is headquartered in Mountain View, California.
HTFL (Heartflow, Inc. Common Stock) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $2.69B, a beta of 1.99 versus the broader market, a 52-week range of 20.13-41.223, average daily share volume of 1.3M, a public-listing history dating back to 2025, approximately 626 full-time employees. These structural characteristics shape how HTFL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.99 indicates HTFL 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 strangle on HTFL?
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 HTFL snapshot
As of May 15, 2026, spot at $28.66, ATM IV 72.60%, expected move 20.81%. The strangle on HTFL 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 strangle structure on HTFL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for HTFL is inferred from ATM IV at 72.60% alone, with a market-implied 1-standard-deviation move of approximately 20.81% (roughly $5.97 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 HTFL expiries trade a higher absolute premium for lower per-day decay. Position sizing on HTFL should anchor to the underlying notional of $28.66 per share and to the trader's directional view on HTFL stock.
HTFL strangle setup
The HTFL 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 HTFL near $28.66, the first option leg uses a $30.09 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HTFL 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 HTFL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $30.09 | N/A |
| Buy 1 | Put | $27.23 | N/A |
HTFL strangle risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
HTFL strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on HTFL. 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.
When traders use strangle on HTFL
Strangles on HTFL 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 HTFL chain.
HTFL thesis for this strangle
The market-implied 1-standard-deviation range for HTFL extends from approximately $22.69 on the downside to $34.63 on the upside. A HTFL 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. As a Healthcare name, HTFL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HTFL-specific events.
HTFL 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. HTFL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HTFL alongside the broader basket even when HTFL-specific fundamentals are unchanged. Always rebuild the position from current HTFL chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on HTFL?
- A strangle on HTFL is the strangle strategy applied to HTFL (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 HTFL stock trading near $28.66, the strikes shown on this page are snapped to the nearest listed HTFL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HTFL 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 HTFL strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 72.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HTFL strangle?
- The breakeven for the HTFL strangle priced on this page is no defined breakeven on the modeled curve 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 HTFL market-implied 1-standard-deviation expected move is approximately 20.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on HTFL?
- Strangles on HTFL 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 HTFL chain.
- How does current HTFL implied volatility affect this strangle?
- Current HTFL ATM IV is 72.60%; IV rank context is unavailable in the current snapshot.