OSUR Strangle Strategy
OSUR (OraSure Technologies, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
OraSure Technologies, Inc. and its affiliates are a global leader in the development, production, and commercialization of advanced oral fluid diagnostic solutions and specialized specimen collection tools, serving markets across the United States, Europe, and other international regions. The company operates through two primary divisions: Diagnostics and Molecular Solutions. Its diverse Diagnostics portfolio features a range of crucial offerings, such as the InteliSwab rapid tests for COVID-19 (including professional and prescription versions). It also provides several OraQuick rapid tests, encompassing solutions for HIV (Rapid, In-Home, and Self-Test versions), Hepatitis C (HCV rapid antibody), and Ebola (rapid antigen). Further diagnostic tools include the OraSure oral fluid collection device, utilized for HIV-1 antibody screening and confirmation; the Intercept drug testing systems; various immunoassay tests and reagents; and the Q.E.D. saliva alcohol test. Within its Molecular Solutions segment, OraSure offers an array of genomic products, notably under the Oragene and ORAcollect brand names, alongside specialized microbiome collection solutions and comprehensive GenoFIND genomics laboratory services.
OSUR (OraSure Technologies, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $258.2M, a beta of 1.01 versus the broader market, a 52-week range of 2.08-4.58, average daily share volume of 564K, a public-listing history dating back to 1986, approximately 500 full-time employees. These structural characteristics shape how OSUR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.01 places OSUR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. OSUR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a strangle on OSUR?
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.
OSUR snapshot
As of August 14, 2026, spot at $3.85, ATM IV 119.80%, IV rank 32.68%, expected move 34.35%. The strangle on OSUR below is built from the 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 OSUR specifically: OSUR IV at 119.80% 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 34.35% (roughly $1.32 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 OSUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on OSUR should anchor to the underlying notional of $3.85 per share and to the trader's directional view on OSUR stock.
OSUR strangle setup
The OSUR 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 OSUR at $3.85 on that close, the first option leg uses a $4.04 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OSUR 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 OSUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $4.04 | N/A |
| Buy 1 | Put | $3.66 | N/A |
OSUR strangle risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
OSUR strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on OSUR. 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 strangle on OSUR
Strangles on OSUR 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 OSUR chain.
OSUR thesis for this strangle
The market-implied 1-standard-deviation range for OSUR extends from approximately $2.53 on the downside to $5.17 on the upside. A OSUR 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 OSUR IV rank near 32.68% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on OSUR should anchor more to the directional view and the expected-move geometry. As a Healthcare name, OSUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OSUR-specific events.
OSUR 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. OSUR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OSUR alongside the broader basket even when OSUR-specific fundamentals are unchanged. Always rebuild the position from current OSUR chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on OSUR?
- A strangle on OSUR is the strangle strategy applied to OSUR (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 OSUR stock at $3.85 on the most recent close, the strikes shown on this page are snapped to the nearest listed OSUR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OSUR 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 OSUR strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 119.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OSUR strangle?
- The breakeven for the OSUR strangle priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 OSUR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 34.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on OSUR?
- Strangles on OSUR 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 OSUR chain.
- How does current OSUR implied volatility affect this strangle?
- OSUR ATM IV is at 119.80% with IV rank near 32.68%, 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.