NASA Straddle Strategy

NASA (Tema Space Innovators ETF), listed on AMEX.

NASA (Tema Space Innovators ETF) with a market capitalization of approximately $54.3M, a beta of 0.00 versus the broader market, a 52-week range of 24.04-34.9, average daily share volume of 1.5M, a public-listing history dating back to 2026. These structural characteristics shape how NASA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates NASA has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a straddle on NASA?

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 NASA snapshot

As of May 15, 2026, spot at $34.81, ATM IV 77.80%, expected move 22.30%. The straddle on NASA 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 straddle structure on NASA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NASA is inferred from ATM IV at 77.80% alone, with a market-implied 1-standard-deviation move of approximately 22.30% (roughly $7.76 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 NASA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NASA should anchor to the underlying notional of $34.81 per share and to the trader's directional view on NASA stock.

NASA straddle setup

The NASA 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 NASA near $34.81, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NASA 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 NASA shares for the stock leg in covered calls and collars).

NASA straddle risk and reward

Net Premium / Debit

-$655.00

Max Profit (per contract)

Unbounded

Max Loss (per contract)

-$653.99

Breakeven(s)

$28.45, $41.55

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.

NASA straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on NASA. 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 straddle on NASA

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

NASA thesis for this straddle

The market-implied 1-standard-deviation range for NASA extends from approximately $27.05 on the downside to $42.57 on the upside. A NASA 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.

NASA 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. Always rebuild the position from current NASA chain quotes before placing a trade.

Frequently asked questions

What is a straddle on NASA?

A straddle on NASA is the straddle strategy applied to NASA (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 NASA stock trading near $34.81, the strikes shown on this page are snapped to the nearest listed NASA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.

How are NASA 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 NASA straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 77.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$653.99 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NASA straddle?

The breakeven for the NASA straddle priced on this page is roughly $28.45 and $41.55 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 NASA market-implied 1-standard-deviation expected move is approximately 22.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

When should you consider a straddle on NASA?

Straddles on NASA are pure-volatility plays that profit from large moves in either direction; traders typically buy NASA 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 NASA implied volatility affect this straddle?

Current NASA ATM IV is 77.80%; IV rank context is unavailable in the current snapshot.

Related NASA analysis

• Straddle strategy reference
• NASA options overview
• NASA P&L curve (full chain)
• NASA options chain
• NASA volatility skew