How are ORIC 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 ORIC strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 98.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$384.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ORIC strangle?

The breakeven for the ORIC strangle priced on this page is roughly $9.16 and $17.84 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 ORIC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.18%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ORIC implied volatility affect this strangle?

ORIC ATM IV is at 98.30% with IV rank near 16.95%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

ORIC Strangle Strategy

ORIC (ORIC Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

ORIC Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm dedicated to discovering and advancing innovative treatments for cancer patients across the United States. The company's pipeline includes several key clinical-stage drug candidates. ORIC-533 is an oral small molecule designed to inhibit CD73, addressing resistance to both chemotherapy and immunotherapy. Another candidate, ORIC-944, is an allosteric inhibitor targeting the polycomb repressive complex 2, specifically for the treatment of prostate cancer. Furthermore, ORIC-114 is a brain-penetrant, orally administered, irreversible inhibitor crafted to precisely target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2), demonstrating high potency against exon 20 insertion mutations. Beyond these advanced programs, ORIC Pharmaceuticals is also cultivating multiple early-stage precision medicines aimed at other mechanisms of cancer resistance.

ORIC (ORIC Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.42B, a beta of 0.97 versus the broader market, a 52-week range of 7.23-14.93, average daily share volume of 1.9M, a public-listing history dating back to 2020, approximately 111 full-time employees. These structural characteristics shape how ORIC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.97 places ORIC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a strangle on ORIC?

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.

ORIC snapshot

As of August 14, 2026, spot at $13.79, ATM IV 98.30%, IV rank 16.95%, expected move 28.18%. The strangle on ORIC 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 35-day expiry.

Why this strangle structure on ORIC specifically: ORIC IV at 98.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a ORIC strangle, with a market-implied 1-standard-deviation move of approximately 28.18% (roughly $3.89 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ORIC expiries trade a higher absolute premium for lower per-day decay. Position sizing on ORIC should anchor to the underlying notional of $13.79 per share and to the trader's directional view on ORIC stock.

ORIC strangle setup

The ORIC 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 ORIC at $13.79 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ORIC chain at a 35-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 ORIC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$14.00	$1.34
Buy 1	Put	$13.00	$2.50

ORIC strangle risk and reward

Net Premium / Debit: -$384.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$384.00
Breakeven(s): $9.16, $17.84
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.

ORIC strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on ORIC. 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%	+$915.00
$3.06	-77.8%	+$610.21
$6.11	-55.7%	+$305.41
$9.15	-33.6%	+$0.62
$12.20	-11.5%	-$304.18
$15.25	+10.6%	-$259.03
$18.30	+32.7%	+$45.76
$21.35	+54.8%	+$350.56
$24.39	+76.9%	+$655.35
$27.44	+99.0%	+$960.15

When traders use strangle on ORIC

Strangles on ORIC 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 ORIC chain.

ORIC thesis for this strangle

The market-implied 1-standard-deviation range for ORIC extends from approximately $9.90 on the downside to $17.68 on the upside. A ORIC 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 ORIC IV rank near 16.95% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ORIC at 98.30%. As a Healthcare name, ORIC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ORIC-specific events.

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

Frequently asked questions

What is a strangle on ORIC?: A strangle on ORIC is the strangle strategy applied to ORIC (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 ORIC stock at $13.79 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ORIC chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ORIC 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 ORIC strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 98.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$384.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ORIC strangle?: The breakeven for the ORIC strangle priced on this page is roughly $9.16 and $17.84 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 ORIC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.18%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on ORIC?: Strangles on ORIC 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 ORIC chain.
How does current ORIC implied volatility affect this strangle?: ORIC ATM IV is at 98.30% with IV rank near 16.95%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.