How are QUBT 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 QUBT strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 97.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$179.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QUBT strangle?

The breakeven for the QUBT strangle priced on this page is roughly $7.71 and $12.30 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 QUBT market-implied 1-standard-deviation expected move is approximately 27.98%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current QUBT implied volatility affect this strangle?

QUBT ATM IV is at 97.60% with IV rank near 31.65%, 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.

QUBT Strangle Strategy

QUBT (Quantum Computing, Inc.), in the Technology sector, (Computer Hardware industry), listed on NASDAQ.

Quantum Computing, Inc. (QUBT) is a Virginia-based technology firm dedicated to developing advanced software solutions for quantum computing. A cornerstone of their offerings is Qatalyst, a quantum application accelerator designed to empower developers. This platform allows users to design and execute 'quantum-ready' applications on conventional computing systems, ensuring seamless transition and compatibility with actual quantum hardware. Furthermore, QCI provides access to a variety of leading quantum processing units (QPUs), including D-Wave, Rigetti, and IonQ. The company primarily serves commercial enterprises and government organizations. Founded in 2018 and headquartered in Leesburg, Virginia, Quantum Computing, Inc. was previously known as Innovative Beverage Group Holdings, Inc.

QUBT (Quantum Computing, Inc.) trades in the Technology sector, specifically Computer Hardware, with a market capitalization of approximately $1.25B, a beta of 3.74 versus the broader market, a 52-week range of 6.18-25.84, average daily share volume of 20.9M, a public-listing history dating back to 2007, approximately 41 full-time employees. These structural characteristics shape how QUBT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.74 indicates QUBT 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 QUBT?

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 QUBT snapshot

As of June 29, 2026, spot at $10.04, ATM IV 97.60%, IV rank 31.65%, expected move 27.98%. The strangle on QUBT 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 32-day expiry.

Why this strangle structure on QUBT specifically: QUBT IV at 97.60% 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 27.98% (roughly $2.81 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated QUBT expiries trade a higher absolute premium for lower per-day decay. Position sizing on QUBT should anchor to the underlying notional of $10.04 per share and to the trader's directional view on QUBT stock.

QUBT strangle setup

The QUBT 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 QUBT near $10.04, the first option leg uses a $10.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QUBT chain at a 32-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 QUBT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$10.50	$0.94
Buy 1	Put	$9.50	$0.86

QUBT strangle risk and reward

Net Premium / Debit: -$179.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$179.50
Breakeven(s): $7.71, $12.30
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.

QUBT strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on QUBT. 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%	+$769.50
$2.23	-77.8%	+$547.62
$4.45	-55.7%	+$325.74
$6.67	-33.6%	+$103.86
$8.89	-11.5%	-$118.02
$11.10	+10.6%	-$119.10
$13.32	+32.7%	+$102.78
$15.54	+54.8%	+$324.66
$17.76	+76.9%	+$546.54
$19.98	+99.0%	+$768.41

When traders use strangle on QUBT

Strangles on QUBT 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 QUBT chain.

QUBT thesis for this strangle

The market-implied 1-standard-deviation range for QUBT extends from approximately $7.23 on the downside to $12.85 on the upside. A QUBT 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 QUBT IV rank near 31.65% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on QUBT should anchor more to the directional view and the expected-move geometry. As a Technology name, QUBT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QUBT-specific events.

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

Frequently asked questions

What is a strangle on QUBT?: A strangle on QUBT is the strangle strategy applied to QUBT (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 QUBT stock trading near $10.04, the strikes shown on this page are snapped to the nearest listed QUBT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are QUBT 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 QUBT strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 97.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$179.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QUBT strangle?: The breakeven for the QUBT strangle priced on this page is roughly $7.71 and $12.30 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 QUBT market-implied 1-standard-deviation expected move is approximately 27.98%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on QUBT?: Strangles on QUBT 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 QUBT chain.
How does current QUBT implied volatility affect this strangle?: QUBT ATM IV is at 97.60% with IV rank near 31.65%, 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.