SRTS Strangle Strategy
SRTS (Sensus Healthcare, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Sensus Healthcare, Inc. operates as a medical technology enterprise, manufacturing and distributing radiation therapy apparatuses to medical institutions across the globe. The company's portfolio leverages superficial radiation therapy (SRT), a cutting-edge low-energy X-ray methodology. Their product line features the SRT-100, a photon X-ray system for low-energy superficial radiotherapy. This device presents a non-surgical alternative for patients dealing with non-melanoma skin cancers, including basal cell and squamous cell carcinomas, alongside other dermatological issues like keloids. Another key offering is the SRT-100 Vision, which incorporates a specialized SRT treatment planning application. This application seamlessly integrates an embedded high-frequency ultrasound imaging module, tools for volumetric tumor analysis, beam margin delineation, and dosimetry parameter configuration.
SRTS (Sensus Healthcare, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $51.5M, a beta of 1.12 versus the broader market, a 52-week range of 2.66-5.49, average daily share volume of 49K, a public-listing history dating back to 2016, approximately 60 full-time employees. These structural characteristics shape how SRTS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.12 places SRTS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a strangle on SRTS?
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.
SRTS snapshot
As of August 14, 2026, spot at $2.85, ATM IV 277.20%, IV rank 56.26%, expected move 79.47%. The strangle on SRTS 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 SRTS specifically: SRTS IV at 277.20% 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 79.47% (roughly $2.26 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 SRTS expiries trade a higher absolute premium for lower per-day decay. Position sizing on SRTS should anchor to the underlying notional of $2.85 per share and to the trader's directional view on SRTS stock.
SRTS strangle setup
The SRTS 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 SRTS at $2.85 on that close, the first option leg uses a $2.99 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SRTS 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 SRTS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.99 | N/A |
| Buy 1 | Put | $2.71 | N/A |
SRTS 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.
SRTS strangle payoff curve
Modeled P&L at expiration across a range of underlying prices for the strangle on SRTS. 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 SRTS
Strangles on SRTS 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 SRTS chain.
SRTS thesis for this strangle
The market-implied 1-standard-deviation range for SRTS extends from approximately $0.59 on the downside to $5.11 on the upside. A SRTS 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 SRTS IV rank near 56.26% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on SRTS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, SRTS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SRTS-specific events.
SRTS 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. SRTS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SRTS alongside the broader basket even when SRTS-specific fundamentals are unchanged. Always rebuild the position from current SRTS chain quotes before placing a trade.
Frequently asked questions
- What is a strangle on SRTS?
- A strangle on SRTS is the strangle strategy applied to SRTS (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 SRTS stock at $2.85 on the most recent close, the strikes shown on this page are snapped to the nearest listed SRTS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SRTS 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 SRTS strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 277.20%), 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 SRTS strangle?
- The breakeven for the SRTS 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 SRTS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 79.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a strangle on SRTS?
- Strangles on SRTS 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 SRTS chain.
- How does current SRTS implied volatility affect this strangle?
- SRTS ATM IV is at 277.20% with IV rank near 56.26%, 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.