How are MAR 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 MAR straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 29.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$2,248.47 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MAR straddle?

The breakeven for the MAR straddle priced on this page is roughly $327.10 and $372.90 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 MAR market-implied 1-standard-deviation expected move is approximately 8.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MAR implied volatility affect this straddle?

MAR ATM IV is at 29.20% with IV rank near 49.37%, 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.

MAR Straddle Strategy

MAR (Marriott International, Inc.), in the Consumer Cyclical sector, (Travel Lodging industry), listed on NASDAQ.

Marriott International, Inc. operates, franchises, and licenses hotel, residential, and timeshare properties worldwide. The company operates through U.S. and Canada, and International segments. It operates its properties under the JW Marriott, The Ritz-Carlton, Ritz-Carlton Reserve, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari, Marriott Hotels, Sheraton, Delta Hotels, Marriott Executive Apartments, Marriott Vacation Club, Westin, Renaissance, Le Méridien, Autograph Collection, Gaylord Hotels, Tribute Portfolio, Design Hotels, Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, Four Points, TownePlace Suites, Aloft, AC Hotels by Marriott, Protea Hotels, Element, and Moxy brand names. As of February 15, 2022, it operated approximately 7,989 properties under 30 hotel brands in 139 countries and territories. Marriott International, Inc. was founded in 1927 and is headquartered in Bethesda, Maryland.

MAR (Marriott International, Inc.) trades in the Consumer Cyclical sector, specifically Travel Lodging, with a market capitalization of approximately $92.34B, a trailing P/E of 36.39, a beta of 1.11 versus the broader market, a 52-week range of 253.56-380, average daily share volume of 1.5M, a public-listing history dating back to 1998, approximately 418K full-time employees. These structural characteristics shape how MAR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.11 places MAR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 36.39 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. MAR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a straddle on MAR?

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.

Current MAR snapshot

As of May 15, 2026, spot at $352.18, ATM IV 29.20%, IV rank 49.37%, expected move 8.37%. The straddle on MAR 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 straddle structure on MAR specifically: MAR IV at 29.20% 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 8.37% (roughly $29.48 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 MAR expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAR should anchor to the underlying notional of $352.18 per share and to the trader's directional view on MAR stock.

MAR straddle setup

The MAR straddle below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MAR near $352.18, the first option leg uses a $350.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAR 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 MAR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$350.00	$12.75
Buy 1	Put	$350.00	$10.15

MAR straddle risk and reward

Net Premium / Debit: -$2,290.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$2,248.47
Breakeven(s): $327.10, $372.90
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.

MAR straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on MAR. 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%	+$32,709.00
$77.88	-77.9%	+$24,922.22
$155.75	-55.8%	+$17,135.43
$233.61	-33.7%	+$9,348.65
$311.48	-11.6%	+$1,561.86
$389.35	+10.6%	+$1,644.92
$467.22	+32.7%	+$9,431.70
$545.08	+54.8%	+$17,218.49
$622.95	+76.9%	+$25,005.27
$700.82	+99.0%	+$32,792.06

When traders use straddle on MAR

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

MAR thesis for this straddle

The market-implied 1-standard-deviation range for MAR extends from approximately $322.70 on the downside to $381.66 on the upside. A MAR 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 MAR IV rank near 49.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on MAR should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, MAR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAR-specific events.

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

Frequently asked questions

What is a straddle on MAR?: A straddle on MAR is the straddle strategy applied to MAR (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 MAR stock trading near $352.18, the strikes shown on this page are snapped to the nearest listed MAR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MAR 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 MAR straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 29.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$2,248.47 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MAR straddle?: The breakeven for the MAR straddle priced on this page is roughly $327.10 and $372.90 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 MAR market-implied 1-standard-deviation expected move is approximately 8.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on MAR?: Straddles on MAR are pure-volatility plays that profit from large moves in either direction; traders typically buy MAR 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 MAR implied volatility affect this straddle?: MAR ATM IV is at 29.20% with IV rank near 49.37%, 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.