How are ODD 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 ODD strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 90.22%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$227.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ODD strangle?

The breakeven for the ODD strangle priced on this page is roughly $11.73 and $18.28 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 ODD market-implied 1-standard-deviation expected move is approximately 25.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ODD implied volatility affect this strangle?

ODD ATM IV is at 90.22% with IV rank near 56.95%, 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.

ODD Strangle Strategy

ODD (Oddity Tech Ltd.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.

Operating globally, Oddity Tech Ltd. and its affiliated companies function as a consumer technology enterprise. It delivers beauty and wellness merchandise, leveraging its proprietary PowerMatch technology. The firm's strategic focus is on developing and growing digitally native brands, aiming to revolutionize the traditionally brick-and-mortar beauty and wellness sectors. Its product portfolio features items for the face, complexion, eyes, brows, lips, and general skincare, marketed under the IL MAKIAGE label. Additionally, the SpoiledChild brand specializes in hair and skin care solutions. Founded in 2013, this corporation maintains its headquarters in Tel Aviv-Jaffa, Israel.

ODD (Oddity Tech Ltd.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $847.0M, a trailing P/E of 16.23, a beta of 2.48 versus the broader market, a 52-week range of 9.25-77.834, average daily share volume of 1.7M, a public-listing history dating back to 2023, approximately 489 full-time employees. These structural characteristics shape how ODD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.48 indicates ODD has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a strangle on ODD?

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 ODD snapshot

As of June 30, 2026, spot at $15.14, ATM IV 90.22%, IV rank 56.95%, expected move 25.87%. The strangle on ODD 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 strangle structure on ODD specifically: ODD IV at 90.22% 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 25.87% (roughly $3.92 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 ODD expiries trade a higher absolute premium for lower per-day decay. Position sizing on ODD should anchor to the underlying notional of $15.14 per share and to the trader's directional view on ODD stock.

ODD strangle setup

The ODD 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 ODD near $15.14, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ODD 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 ODD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$16.00	$1.15
Buy 1	Put	$14.00	$1.13

ODD strangle risk and reward

Net Premium / Debit: -$227.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$227.50
Breakeven(s): $11.73, $18.28
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.

ODD strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on ODD. 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%	+$1,171.50
$3.36	-77.8%	+$836.86
$6.70	-55.7%	+$502.21
$10.05	-33.6%	+$167.57
$13.40	-11.5%	-$167.07
$16.74	+10.6%	-$153.28
$20.09	+32.7%	+$181.36
$23.44	+54.8%	+$516.00
$26.78	+76.9%	+$850.65
$30.13	+99.0%	+$1,185.29

When traders use strangle on ODD

Strangles on ODD 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 ODD chain.

ODD thesis for this strangle

The market-implied 1-standard-deviation range for ODD extends from approximately $11.22 on the downside to $19.06 on the upside. A ODD 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 ODD IV rank near 56.95% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on ODD should anchor more to the directional view and the expected-move geometry. As a Technology name, ODD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ODD-specific events.

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

Frequently asked questions

What is a strangle on ODD?: A strangle on ODD is the strangle strategy applied to ODD (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 ODD stock trading near $15.14, the strikes shown on this page are snapped to the nearest listed ODD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ODD 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 ODD strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 90.22%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$227.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ODD strangle?: The breakeven for the ODD strangle priced on this page is roughly $11.73 and $18.28 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 ODD market-implied 1-standard-deviation expected move is approximately 25.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on ODD?: Strangles on ODD 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 ODD chain.
How does current ODD implied volatility affect this strangle?: ODD ATM IV is at 90.22% with IV rank near 56.95%, 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.