HYNX Straddle Strategy
HYNX (T-REX 2X Long SK Hynix Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
The T-REX 2X Long SK Hynix Daily Target ETF is a leveraged exchange-traded fund designed to seek 200% of the daily performance of SK Hynix (or its US-traded ADRs). Managed by Tuttle Capital Management, it uses derivatives like swaps to amplify daily returns, carrying significant compounding and market volatility risks.
HYNX (T-REX 2X Long SK Hynix Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $18.1M, a beta of 0.00 versus the broader market, a 52-week range of 14.69-38.83, average daily share volume of 1.5M, a public-listing history dating back to 2026. These structural characteristics shape how HYNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates HYNX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a straddle on HYNX?
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.
HYNX snapshot
As of August 14, 2026, spot at $24.10, ATM IV 147.80%, expected move 42.37%. The straddle on HYNX 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 35-day expiry.
Why this straddle structure on HYNX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for HYNX is inferred from ATM IV at 147.80% alone, with a market-implied 1-standard-deviation move of approximately 42.37% (roughly $10.21 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HYNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on HYNX should anchor to the underlying notional of $24.10 per share and to the trader's directional view on HYNX stock.
HYNX straddle setup
The HYNX 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 HYNX at $24.10 on that close, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HYNX chain at a 35-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 HYNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $24.00 | $4.45 |
| Buy 1 | Put | $24.00 | $4.20 |
HYNX straddle risk and reward
- Net Premium / Debit
- -$865.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$863.39
- Breakeven(s)
- $15.35, $32.65
- 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.
HYNX straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle on HYNX. 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 | -100.0% | +$1,534.00 |
| $5.34 | -77.9% | +$1,001.25 |
| $10.67 | -55.7% | +$468.49 |
| $15.99 | -33.6% | -$64.26 |
| $21.32 | -11.5% | -$597.02 |
| $26.65 | +10.6% | -$600.23 |
| $31.98 | +32.7% | -$67.48 |
| $37.30 | +54.8% | +$465.28 |
| $42.63 | +76.9% | +$998.03 |
| $47.96 | +99.0% | +$1,530.78 |
When traders use straddle on HYNX
Straddles on HYNX are pure-volatility plays that profit from large moves in either direction; traders typically buy HYNX straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
HYNX thesis for this straddle
The market-implied 1-standard-deviation range for HYNX extends from approximately $13.89 on the downside to $34.31 on the upside. A HYNX 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. As a Financial Services name, HYNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HYNX-specific events.
HYNX 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. HYNX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HYNX alongside the broader basket even when HYNX-specific fundamentals are unchanged. Always rebuild the position from current HYNX chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on HYNX?
- A straddle on HYNX is the straddle strategy applied to HYNX (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 HYNX stock at $24.10 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HYNX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are HYNX 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 HYNX straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 147.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$863.39 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HYNX straddle?
- The breakeven for the HYNX straddle priced on this page is roughly $15.35 and $32.65 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 HYNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on HYNX?
- Straddles on HYNX are pure-volatility plays that profit from large moves in either direction; traders typically buy HYNX 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 HYNX implied volatility affect this straddle?
- Current HYNX ATM IV is 147.80%; IV rank context is unavailable in the current snapshot.