How are OCUL 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 OCUL straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 156.72%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$368.49 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a OCUL straddle?

The breakeven for the OCUL straddle priced on this page is roughly $6.30 and $13.70 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 OCUL market-implied 1-standard-deviation expected move is approximately 44.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current OCUL implied volatility affect this straddle?

OCUL ATM IV is at 156.72% with IV rank near 34.14%, 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.

OCUL Straddle Strategy

OCUL (Ocular Therapeutix, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Ocular Therapeutix, Inc. is a biopharmaceutical company specializing in the creation, advancement, and commercialization of ophthalmic treatments. Their innovative approach leverages a proprietary bioresorbable hydrogel technology to address a range of eye diseases and conditions. The company currently offers two key products: ReSure Sealant, an ophthalmic device designed to prevent fluid leakage from corneal incisions after cataract surgery, and DEXTENZA, a dexamethasone-based ophthalmic insert used to manage post-surgical inflammation and pain in the eye, as well as to treat allergic conjunctivitis. In addition to their commercial offerings, Ocular Therapeutix is actively developing several product candidates in various clinical stages, including: OTX-TKI, an axitinib intravitreal implant in Phase 1 clinical trials for wet age-related macular degeneration (AMD) and other retinal diseases. OTX-TIC, a travoprost intracameral implant, currently in Phase 2 studies for open-angle glaucoma and ocular hypertension. OTX-CSI, a cyclosporine intracanalicular insert that has successfully completed Phase 2 clinical trials for dry eye disease.

OCUL (Ocular Therapeutix, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.15B, a beta of 0.90 versus the broader market, a 52-week range of 6.23-16.44, average daily share volume of 3.2M, a public-listing history dating back to 2014, approximately 274 full-time employees. These structural characteristics shape how OCUL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.90 places OCUL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a straddle on OCUL?

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 OCUL snapshot

As of June 30, 2026, spot at $9.93, ATM IV 156.72%, IV rank 34.14%, expected move 44.93%. The straddle on OCUL 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 31-day expiry.

Why this straddle structure on OCUL specifically: OCUL IV at 156.72% 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 44.93% (roughly $4.46 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OCUL expiries trade a higher absolute premium for lower per-day decay. Position sizing on OCUL should anchor to the underlying notional of $9.93 per share and to the trader's directional view on OCUL stock.

OCUL straddle setup

The OCUL 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 OCUL near $9.93, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OCUL chain at a 31-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 OCUL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$10.00	$1.80
Buy 1	Put	$10.00	$1.90

OCUL straddle risk and reward

Net Premium / Debit: -$370.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$368.49
Breakeven(s): $6.30, $13.70
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.

OCUL straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle on OCUL. 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	-99.9%	+$629.00
$2.20	-77.8%	+$409.55
$4.40	-55.7%	+$190.11
$6.59	-33.6%	-$29.34
$8.79	-11.5%	-$248.79
$10.98	+10.6%	-$271.76
$13.18	+32.7%	-$52.32
$15.37	+54.8%	+$167.13
$17.57	+76.9%	+$386.58
$19.76	+99.0%	+$606.03

When traders use straddle on OCUL

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

OCUL thesis for this straddle

The market-implied 1-standard-deviation range for OCUL extends from approximately $5.47 on the downside to $14.39 on the upside. A OCUL 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 OCUL IV rank near 34.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the straddle thesis on OCUL should anchor more to the directional view and the expected-move geometry. As a Healthcare name, OCUL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OCUL-specific events.

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

Frequently asked questions

What is a straddle on OCUL?: A straddle on OCUL is the straddle strategy applied to OCUL (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 OCUL stock trading near $9.93, the strikes shown on this page are snapped to the nearest listed OCUL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are OCUL 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 OCUL straddle priced from the end-of-day chain at a 30-day expiry (ATM IV 156.72%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$368.49 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a OCUL straddle?: The breakeven for the OCUL straddle priced on this page is roughly $6.30 and $13.70 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 OCUL market-implied 1-standard-deviation expected move is approximately 44.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a straddle on OCUL?: Straddles on OCUL are pure-volatility plays that profit from large moves in either direction; traders typically buy OCUL 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 OCUL implied volatility affect this straddle?: OCUL ATM IV is at 156.72% with IV rank near 34.14%, 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.