MYE Strangle Strategy
MYE (Myers Industries, Inc.), in the Consumer Cyclical sector, (Packaging & Containers industry), listed on NYSE.
Myers Industries, Inc. engages in distribution of tire service supplies in Ohio. It operates through The Material Handling and Distribution segments. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, OEM parts, storage, organization, and custom plastic products; injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling. It serves industrial manufacturing, food processing, retail/wholesale products distribution, agriculture, automotive, recreational, and marine vehicles, healthcare, appliance, bakery, electronics, textiles, consumer markets, and other markets under Akro-Mils, Jamco, Buckhorn, Ameri-Kart, Scepter, Elkhart Plastics, and Trilogy Plastics brands directly, as well as through distributors. The Distribution segment engages in the distribution of tools, equipment, and supplies for tire, wheel, and undervehicle service on passenger, heavy truck, and off-road vehicles; and manufacture and sale of tire repair materials and custom rubber products, as well as reflective highway marking tapes. This segment serves retail and truck tire dealers, commercial auto and truck fleets, auto dealers, general service and repair centers, tire re-treaders, truck stop operations, and government agencies.
MYE (Myers Industries, Inc.) trades in the Consumer Cyclical sector, specifically Packaging & Containers, with a market capitalization of approximately $854.8M, a trailing P/E of 20.30, a beta of 0.97 versus the broader market, a 52-week range of 11.86-24.25, average daily share volume of 242K, a public-listing history dating back to 1980, approximately 3K full-time employees. These structural characteristics shape how MYE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.97 places MYE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. MYE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a strangle on MYE?
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 MYE snapshot
As of May 15, 2026, spot at $22.30, ATM IV 98.70%, IV rank 43.07%, expected move 28.30%. The strangle on MYE 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 34-day expiry.
Why this strangle structure on MYE specifically: MYE IV at 98.70% 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 28.30% (roughly $6.31 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MYE expiries trade a higher absolute premium for lower per-day decay. Position sizing on MYE should anchor to the underlying notional of $22.30 per share and to the trader's directional view on MYE stock.
MYE strangle setup
The MYE 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 MYE near $22.30, the first option leg uses a $23.42 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MYE chain at a 34-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 MYE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $23.42 | N/A |
| Buy 1 | Put | $21.19 | N/A |
MYE strangle risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
MYE strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on MYE. 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.
When traders use strangle on MYE
Strangles on MYE 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 MYE chain.
MYE thesis for this strangle
The market-implied 1-standard-deviation range for MYE extends from approximately $15.99 on the downside to $28.61 on the upside. A MYE 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 MYE IV rank near 43.07% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on MYE should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, MYE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MYE-specific events.
MYE 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. MYE positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MYE alongside the broader basket even when MYE-specific fundamentals are unchanged. Always rebuild the position from current MYE chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on MYE?
- A strangle on MYE is the strangle strategy applied to MYE (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 MYE stock trading near $22.30, the strikes shown on this page are snapped to the nearest listed MYE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MYE 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 MYE strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 98.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MYE strangle?
- The breakeven for the MYE strangle priced on this page is no defined breakeven on the modeled curve 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 MYE market-implied 1-standard-deviation expected move is approximately 28.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on MYE?
- Strangles on MYE 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 MYE chain.
- How does current MYE implied volatility affect this strangle?
- MYE ATM IV is at 98.70% with IV rank near 43.07%, 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.