TEN Strangle Strategy

TEN (Tsakos Energy Navigation Limited), in the Energy sector, (Oil & Gas Midstream industry), listed on NYSE.

Tsakos Energy Navigation Limited provides seaborne crude oil and petroleum product transportation services worldwide. The company offers marine transportation services for national, major, and other independent oil companies and refiners under long, medium, and short-term charters. It also operates a fleet of double-hull vessels, comprising of conventional tankers, LNG carriers, and suezmax DP2 shuttle tankers. The company was formerly known as MIF Limited and changed its name to Tsakos Energy Navigation Limited in July 2001. The company was incorporated in 1993 and is based in Athens, Greece.

TEN (Tsakos Energy Navigation Limited) trades in the Energy sector, specifically Oil & Gas Midstream, with a market capitalization of approximately $1.29B, a trailing P/E of 6.51, a beta of -0.26 versus the broader market, a 52-week range of 17.14-44.57, average daily share volume of 499K, a public-listing history dating back to 2002, approximately 77 full-time employees. These structural characteristics shape how TEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.26 indicates TEN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 6.51 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. TEN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a strangle on TEN?

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 TEN snapshot

As of May 15, 2026, spot at $42.31, ATM IV 51.60%, IV rank 54.32%, expected move 14.79%. The strangle on TEN 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 34-day expiry.

Why this strangle structure on TEN specifically: TEN IV at 51.60% 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 14.79% (roughly $6.26 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on TEN should anchor to the underlying notional of $42.31 per share and to the trader's directional view on TEN stock.

TEN strangle setup

The TEN 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 TEN near $42.31, the first option leg uses a $44.43 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TEN chain at a 34-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 TEN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$44.43	N/A
Buy 1	Put	$40.19	N/A

TEN 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.

TEN strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on TEN. 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 TEN

Strangles on TEN 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 TEN chain.

TEN thesis for this strangle

The market-implied 1-standard-deviation range for TEN extends from approximately $36.05 on the downside to $48.57 on the upside. A TEN 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 TEN IV rank near 54.32% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on TEN should anchor more to the directional view and the expected-move geometry. As a Energy name, TEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TEN-specific events.

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

Frequently asked questions

What is a strangle on TEN?: A strangle on TEN is the strangle strategy applied to TEN (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 TEN stock trading near $42.31, the strikes shown on this page are snapped to the nearest listed TEN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TEN 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 TEN strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 51.60%), 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 TEN strangle?: The breakeven for the TEN strangle priced on this page is no defined breakeven on the modeled curve 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 TEN market-implied 1-standard-deviation expected move is approximately 14.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on TEN?: Strangles on TEN 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 TEN chain.
How does current TEN implied volatility affect this strangle?: TEN ATM IV is at 51.60% with IV rank near 54.32%, 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.