How are INSW 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 INSW straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,210.42 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a INSW straddle?

The breakeven for the INSW straddle priced on this page is roughly $82.55 and $107.45 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 INSW market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current INSW implied volatility affect this straddle?

INSW ATM IV is at 51.70% with IV rank near 49.16%, 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.

INSW Straddle Strategy

INSW (International Seaways, Inc.), in the Industrials sector, (Marine Shipping industry), listed on NYSE.

International Seaways, Inc. (INSW) specializes in the global seaborne transport of crude oil and refined petroleum products, managing and operating a substantial fleet of ocean-going vessels. Its business is categorized into two key divisions: Crude Tankers and Product Carriers. By the close of 2021, the company managed an extensive fleet of 83 vessels, encompassing both owned and 12 chartered-in ships, alongside stakes in two floating storage and offloading (FSO) service vessels. Its diverse clientele spans independent and state-controlled oil enterprises, energy traders, refinery operators, and international governmental bodies. Originally incorporated in 1999 as OSG International, Inc., the firm adopted its current name, International Seaways, Inc., in October 2016. It maintains its corporate headquarters in New York, New York.

INSW (International Seaways, Inc.) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $4.80B, a trailing P/E of 6.16, a beta of -0.10 versus the broader market, a 52-week range of 41.25-98.233, average daily share volume of 562K, a public-listing history dating back to 2016, approximately 3K full-time employees. These structural characteristics shape how INSW stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.10 indicates INSW has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 6.16 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. INSW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on INSW?

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.

INSW snapshot

As of August 14, 2026, spot at $96.80, ATM IV 51.70%, IV rank 49.16%, expected move 14.82%. The straddle on INSW 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 INSW specifically: INSW IV at 51.70% 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 14.82% (roughly $14.35 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 INSW expiries trade a higher absolute premium for lower per-day decay. Position sizing on INSW should anchor to the underlying notional of $96.80 per share and to the trader's directional view on INSW stock.

INSW straddle setup

The INSW 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 INSW at $96.80 on that close, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INSW 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 INSW shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$95.00	$5.40
Buy 1	Put	$95.00	$7.05

INSW straddle risk and reward

Net Premium / Debit: -$1,245.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$1,210.42
Breakeven(s): $82.55, $107.45
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.

INSW straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on INSW. 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%	+$8,254.00
$21.41	-77.9%	+$6,113.81
$42.81	-55.8%	+$3,973.62
$64.22	-33.7%	+$1,833.43
$85.62	-11.6%	-$306.76
$107.02	+10.6%	-$43.05
$128.42	+32.7%	+$2,097.15
$149.82	+54.8%	+$4,237.34
$171.23	+76.9%	+$6,377.53
$192.63	+99.0%	+$8,517.72

When traders use straddle on INSW

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

INSW thesis for this straddle

The market-implied 1-standard-deviation range for INSW extends from approximately $82.45 on the downside to $111.15 on the upside. A INSW 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 INSW IV rank near 49.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on INSW should anchor more to the directional view and the expected-move geometry. As a Industrials name, INSW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INSW-specific events.

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

Frequently asked questions

What is a straddle on INSW?: A straddle on INSW is the straddle strategy applied to INSW (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 INSW stock at $96.80 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed INSW chain strike and the premiums come straight from that session's bid/ask midpoint.
How are INSW 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 INSW straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,210.42 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a INSW straddle?: The breakeven for the INSW straddle priced on this page is roughly $82.55 and $107.45 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 INSW market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on INSW?: Straddles on INSW are pure-volatility plays that profit from large moves in either direction; traders typically buy INSW 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 INSW implied volatility affect this straddle?: INSW ATM IV is at 51.70% with IV rank near 49.16%, 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.