How are SPIR 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 SPIR strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$195.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPIR strangle?

The breakeven for the SPIR strangle priced on this page is roughly $11.05 and $16.95 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 SPIR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPIR implied volatility affect this strangle?

SPIR ATM IV is at 83.10% with IV rank near 15.75%, 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.

SPIR Strangle Strategy

SPIR (Spire Global, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.

Spire Global, Inc. specializes in creating advanced hardware and a sophisticated analytics platform designed to observe oceanic activities, atmospheric conditions, and weather phenomena worldwide. This enterprise provides its solutions to a diverse range of sectors, including the maritime industry, meteorological services, aviation, space operations, earth intelligence, and various government entities. A significant strategic alliance exists between Spire Global and TAC Index Limited. Founded in 2012, the company initially operated under the name Nanosatisfi, Inc., before officially adopting its current corporate identity, Spire Global, Inc., in July 2014. While its primary headquarters are situated in San Francisco, California, Spire Global also maintains additional facilities in Boulder, Colorado; Washington, D.C.; Glasgow, United Kingdom; Luxembourg; and Singapore.

SPIR (Spire Global, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $479.6M, a beta of 2.57 versus the broader market, a 52-week range of 6.6-25.93, average daily share volume of 1.6M, a public-listing history dating back to 2020, approximately 375 full-time employees. These structural characteristics shape how SPIR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.57 indicates SPIR 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 SPIR?

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.

SPIR snapshot

As of August 14, 2026, spot at $13.98, ATM IV 83.10%, IV rank 15.75%, expected move 23.82%. The strangle on SPIR 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 SPIR specifically: SPIR IV at 83.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a SPIR strangle, with a market-implied 1-standard-deviation move of approximately 23.82% (roughly $3.33 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 SPIR expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPIR should anchor to the underlying notional of $13.98 per share and to the trader's directional view on SPIR stock.

SPIR strangle setup

The SPIR 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 SPIR at $13.98 on that close, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPIR 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 SPIR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$15.00	$1.03
Buy 1	Put	$13.00	$0.93

SPIR strangle risk and reward

Net Premium / Debit: -$195.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$195.00
Breakeven(s): $11.05, $16.95
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.

SPIR strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on SPIR. 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%	+$1,104.00
$3.10	-77.8%	+$795.01
$6.19	-55.7%	+$486.01
$9.28	-33.6%	+$177.02
$12.37	-11.5%	-$131.98
$15.46	+10.6%	-$149.03
$18.55	+32.7%	+$159.97
$21.64	+54.8%	+$468.96
$24.73	+76.9%	+$777.96
$27.82	+99.0%	+$1,086.95

When traders use strangle on SPIR

Strangles on SPIR 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 SPIR chain.

SPIR thesis for this strangle

The market-implied 1-standard-deviation range for SPIR extends from approximately $10.65 on the downside to $17.31 on the upside. A SPIR 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 SPIR IV rank near 15.75% 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 SPIR at 83.10%. As a Industrials name, SPIR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPIR-specific events.

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

Frequently asked questions

What is a strangle on SPIR?: A strangle on SPIR is the strangle strategy applied to SPIR (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 SPIR stock at $13.98 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPIR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPIR 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 SPIR strangle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$195.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPIR strangle?: The breakeven for the SPIR strangle priced on this page is roughly $11.05 and $16.95 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 SPIR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on SPIR?: Strangles on SPIR 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 SPIR chain.
How does current SPIR implied volatility affect this strangle?: SPIR ATM IV is at 83.10% with IV rank near 15.75%, 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.