How are NBIS 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 NBIS strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$4,685.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NBIS strangle?

The breakeven for the NBIS strangle priced on this page is roughly $213.15 and $331.85 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 NBIS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NBIS implied volatility affect this strangle?

NBIS ATM IV is at 97.70% with IV rank near 32.20%, 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.

NBIS Strangle Strategy

NBIS (Nebius Group N.V.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.

Nebius Group N.V. is a technology company dedicated to developing comprehensive infrastructure to serve the global artificial intelligence industry. Its operations encompass several key areas. Central to its mission is Nebius, an AI-focused cloud platform engineered to handle demanding AI workloads. This division constructs end-to-end AI infrastructure, featuring extensive GPU computing clusters, robust cloud platforms, and essential tools and services for developers. The group also includes Toloka AI, which functions as a data solutions provider, assisting with various phases of generative AI development. TripleTen operates as an educational technology venture, focused on equipping individuals with new skills for careers in the tech sector.

NBIS (Nebius Group N.V.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $62.21B, a trailing P/E of 80.05, a beta of 1.44 versus the broader market, a 52-week range of 62.01-299.86, average daily share volume of 18.9M, a public-listing history dating back to 2011, approximately 2K full-time employees. These structural characteristics shape how NBIS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.44 indicates NBIS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 80.05 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.

What is a strangle on NBIS?

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.

NBIS snapshot

As of August 14, 2026, spot at $273.22, ATM IV 97.70%, IV rank 32.20%, expected move 28.01%. The strangle on NBIS 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 28-day expiry.

Why this strangle structure on NBIS specifically: NBIS IV at 97.70% 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 28.01% (roughly $76.53 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 NBIS expiries trade a higher absolute premium for lower per-day decay. Position sizing on NBIS should anchor to the underlying notional of $273.22 per share and to the trader's directional view on NBIS stock.

NBIS strangle setup

The NBIS strangle 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 NBIS at $273.22 on that close, the first option leg uses a $285.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NBIS 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 NBIS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$285.00	$24.70
Buy 1	Put	$260.00	$22.15

NBIS strangle risk and reward

Net Premium / Debit: -$4,685.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$4,685.00
Breakeven(s): $213.15, $331.85
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.

NBIS strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on NBIS. 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%	+$21,314.00
$60.42	-77.9%	+$15,273.07
$120.83	-55.8%	+$9,232.13
$181.24	-33.7%	+$3,191.20
$241.65	-11.6%	-$2,849.74
$302.06	+10.6%	-$2,979.33
$362.47	+32.7%	+$3,061.61
$422.88	+54.8%	+$9,102.54
$483.28	+76.9%	+$15,143.48
$543.69	+99.0%	+$21,184.41

When traders use strangle on NBIS

Strangles on NBIS 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 NBIS chain.

NBIS thesis for this strangle

The market-implied 1-standard-deviation range for NBIS extends from approximately $196.69 on the downside to $349.75 on the upside. A NBIS 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 NBIS IV rank near 32.20% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on NBIS should anchor more to the directional view and the expected-move geometry. As a Technology name, NBIS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NBIS-specific events.

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

Frequently asked questions

What is a strangle on NBIS?: A strangle on NBIS is the strangle strategy applied to NBIS (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 NBIS stock at $273.22 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NBIS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NBIS 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 NBIS strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$4,685.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NBIS strangle?: The breakeven for the NBIS strangle priced on this page is roughly $213.15 and $331.85 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 NBIS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on NBIS?: Strangles on NBIS 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 NBIS chain.
How does current NBIS implied volatility affect this strangle?: NBIS ATM IV is at 97.70% with IV rank near 32.20%, 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.