How are ICHR 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 ICHR strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,120.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ICHR strangle?

The breakeven for the ICHR strangle priced on this page is roughly $56.30 and $86.20 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 ICHR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ICHR implied volatility affect this strangle?

ICHR ATM IV is at 83.90% with IV rank near 22.20%, 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.

ICHR Strangle Strategy

ICHR (Ichor Holdings, Ltd.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.

Ichor Holdings, Ltd. specializes in the conception, development, and production of fluid delivery subsystems and their constituent components, tailored for capital equipment used in semiconductor manufacturing. The company's primary focus is on gas and chemical handling systems, which are integral to the fabrication of semiconductor devices. Their gas delivery units are engineered to precisely supply, monitor, and regulate gases for critical processes like etching and deposition. Complementarily, their chemical delivery subsystems accurately blend and dispense reactive liquid chemistries indispensable for operations such as chemical-mechanical planarization (CMP), electroplating, and various cleaning stages in chip production. Furthermore, Ichor manufactures a diverse array of other specialized items for fluid management, encompassing precision machined components, various welded assemblies (including electron beam and laser-welded types), high-precision vacuum and hydrogen brazed elements, advanced surface treatment technologies, and other proprietary solutions. Ichor distributes its offerings both directly and through resellers to original equipment manufacturers (OEMs) operating within the semiconductor equipment market.

ICHR (Ichor Holdings, Ltd.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $2.41B, a beta of 1.86 versus the broader market, a 52-week range of 14.06-113.58, average daily share volume of 1.1M, a public-listing history dating back to 2016, approximately 2K full-time employees. These structural characteristics shape how ICHR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.86 indicates ICHR 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 ICHR?

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.

ICHR snapshot

As of August 14, 2026, spot at $70.78, ATM IV 83.90%, IV rank 22.20%, expected move 24.05%. The strangle on ICHR 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 strangle structure on ICHR specifically: ICHR IV at 83.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a ICHR strangle, with a market-implied 1-standard-deviation move of approximately 24.05% (roughly $17.02 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 ICHR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ICHR should anchor to the underlying notional of $70.78 per share and to the trader's directional view on ICHR stock.

ICHR strangle setup

The ICHR strangle 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 ICHR at $70.78 on that close, the first option leg uses a $75.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ICHR 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 ICHR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$75.00	$5.55
Buy 1	Put	$67.50	$5.65

ICHR strangle risk and reward

Net Premium / Debit: -$1,120.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$1,120.00
Breakeven(s): $56.30, $86.20
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.

ICHR strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on ICHR. 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%	+$5,629.00
$15.66	-77.9%	+$4,064.13
$31.31	-55.8%	+$2,499.25
$46.96	-33.7%	+$934.38
$62.60	-11.5%	-$630.50
$78.25	+10.6%	-$794.63
$93.90	+32.7%	+$770.25
$109.55	+54.8%	+$2,335.12
$125.20	+76.9%	+$3,899.99
$140.85	+99.0%	+$5,464.87

When traders use strangle on ICHR

Strangles on ICHR 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 ICHR chain.

ICHR thesis for this strangle

The market-implied 1-standard-deviation range for ICHR extends from approximately $53.76 on the downside to $87.80 on the upside. A ICHR 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 ICHR IV rank near 22.20% 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 ICHR at 83.90%. As a Technology name, ICHR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ICHR-specific events.

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

Frequently asked questions

What is a strangle on ICHR?: A strangle on ICHR is the strangle strategy applied to ICHR (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 ICHR stock at $70.78 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ICHR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ICHR 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 ICHR strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,120.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ICHR strangle?: The breakeven for the ICHR strangle priced on this page is roughly $56.30 and $86.20 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 ICHR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on ICHR?: Strangles on ICHR 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 ICHR chain.
How does current ICHR implied volatility affect this strangle?: ICHR ATM IV is at 83.90% with IV rank near 22.20%, 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.