How are LASR 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 LASR strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 106.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,535.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a LASR strangle?

The breakeven for the LASR strangle priced on this page is roughly $61.65 and $100.35 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 LASR market-implied 1-standard-deviation expected move is approximately 30.42%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current LASR implied volatility affect this strangle?

LASR ATM IV is at 106.10% with IV rank near 64.56%, 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.

LASR Strangle Strategy

LASR (nLIGHT, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.

nLIGHT, Inc. designs, manufactures, and sells semiconductor and fiber lasers for industrial, microfabrication, and aerospace and defense applications. It operates in two segments, Laser Products and Advanced Development. The company also provides fiber amplifiers, and beam combination and control systems for use in high-energy laser systems in directed energy applications. It sells its products through direct sales force in the United States, China, South Korea, and European countries, as well as through various independent sales representatives and distributors in Asia, Europe, and South America. The company was formerly known as nLight Photonics Corporation and changed its name to nLIGHT, Inc. in January 2016. nLIGHT, Inc. was incorporated in 2000 and is headquartered in Camas, Washington.

LASR (nLIGHT, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $4.54B, a beta of 2.34 versus the broader market, a 52-week range of 12.17-86.95, average daily share volume of 1.8M, a public-listing history dating back to 2018, approximately 800 full-time employees. These structural characteristics shape how LASR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.34 indicates LASR 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 LASR?

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 LASR snapshot

As of May 13, 2026, spot at $81.06, ATM IV 106.10%, IV rank 64.56%, expected move 30.42%. The strangle on LASR 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 28-day expiry.

Why this strangle structure on LASR specifically: LASR IV at 106.10% 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 30.42% (roughly $24.66 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LASR expiries trade a higher absolute premium for lower per-day decay. Position sizing on LASR should anchor to the underlying notional of $81.06 per share and to the trader's directional view on LASR stock.

LASR strangle setup

The LASR 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 LASR near $81.06, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LASR chain at a 28-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 LASR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$85.00	$5.65
Buy 1	Put	$77.00	$9.70

LASR strangle risk and reward

Net Premium / Debit: -$1,535.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$1,535.00
Breakeven(s): $61.65, $100.35
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.

LASR strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on LASR. 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%	+$6,164.00
$17.93	-77.9%	+$4,371.83
$35.85	-55.8%	+$2,579.66
$53.78	-33.7%	+$787.49
$71.70	-11.6%	-$1,004.68
$89.62	+10.6%	-$1,073.15
$107.54	+32.7%	+$719.03
$125.46	+54.8%	+$2,511.20
$143.38	+76.9%	+$4,303.37
$161.31	+99.0%	+$6,095.54

When traders use strangle on LASR

Strangles on LASR 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 LASR chain.

LASR thesis for this strangle

The market-implied 1-standard-deviation range for LASR extends from approximately $56.40 on the downside to $105.72 on the upside. A LASR 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 LASR IV rank near 64.56% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on LASR should anchor more to the directional view and the expected-move geometry. As a Technology name, LASR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LASR-specific events.

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

Frequently asked questions

What is a strangle on LASR?: A strangle on LASR is the strangle strategy applied to LASR (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 LASR stock trading near $81.06, the strikes shown on this page are snapped to the nearest listed LASR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are LASR 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 LASR strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 106.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$1,535.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a LASR strangle?: The breakeven for the LASR strangle priced on this page is roughly $61.65 and $100.35 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 LASR market-implied 1-standard-deviation expected move is approximately 30.42%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on LASR?: Strangles on LASR 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 LASR chain.
How does current LASR implied volatility affect this strangle?: LASR ATM IV is at 106.10% with IV rank near 64.56%, 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.