How are WSC 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 WSC strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 400.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$151.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WSC strangle?

The breakeven for the WSC strangle priced on this page is roughly $25.99 and $31.51 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 WSC market-implied 1-standard-deviation expected move is approximately 114.91%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WSC implied volatility affect this strangle?

WSC ATM IV is at 400.80% with IV rank near 93.94%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

WSC Strangle Strategy

WSC (WillScot Holdings Corporation), in the Industrials sector, (Rental & Leasing Services industry), listed on NASDAQ.

WillScot Holdings Corporation (WSC) is a leading provider of adaptable workspace and mobile storage solutions throughout the United States, Canada, and Mexico. The company's operations are divided into two core divisions: Modular Solutions and Storage Solutions. The Modular Solutions segment offers a diverse range of temporary structures, including pre-fabricated and stackable office units, single-wide and sectional modular spaces (such as redi-plex), educational facilities like classrooms, ground-level offices, specialized blast-resistant modules, and expansive clearspan structures. Complementing this, their Storage Solutions segment supplies various portable containers, including refrigerated units, alongside different types of trailers. WillScot leases these flexible modular spaces and portable storage units to a broad spectrum of clients across industries such as construction, commercial and industrial enterprises, retail and wholesale trade, energy and natural resources, education, governmental and institutional bodies, and healthcare. The company primarily markets its offerings under the well-known WillScot and Mobile Mini brand names.

WSC (WillScot Holdings Corporation) trades in the Industrials sector, specifically Rental & Leasing Services, with a market capitalization of approximately $5.22B, a beta of 1.35 versus the broader market, a 52-week range of 14.91-31.88, average daily share volume of 2.5M, a public-listing history dating back to 2015, approximately 5K full-time employees. These structural characteristics shape how WSC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.35 indicates WSC has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. WSC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a strangle on WSC?

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 WSC snapshot

As of June 29, 2026, spot at $28.43, ATM IV 400.80%, IV rank 93.94%, expected move 114.91%. The strangle on WSC 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 18-day expiry.

Why this strangle structure on WSC specifically: WSC IV at 400.80% is rich versus its 1-year range, which makes a premium-buying WSC strangle relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 114.91% (roughly $32.67 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WSC expiries trade a higher absolute premium for lower per-day decay. Position sizing on WSC should anchor to the underlying notional of $28.43 per share and to the trader's directional view on WSC stock.

WSC strangle setup

The WSC 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 WSC near $28.43, the first option leg uses a $30.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WSC chain at a 18-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 WSC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$30.00	$0.65
Buy 1	Put	$27.50	$0.86

WSC strangle risk and reward

Net Premium / Debit: -$151.00
Max Profit (per contract): Unbounded
Max Loss (per contract): -$151.00
Breakeven(s): $25.99, $31.51
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.

WSC strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on WSC. 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	-100.0%	+$2,598.00
$6.29	-77.9%	+$1,969.51
$12.58	-55.8%	+$1,341.02
$18.86	-33.6%	+$712.52
$25.15	-11.5%	+$84.03
$31.43	+10.6%	-$7.54
$37.72	+32.7%	+$620.95
$44.00	+54.8%	+$1,249.45
$50.29	+76.9%	+$1,877.94
$56.57	+99.0%	+$2,506.43

When traders use strangle on WSC

Strangles on WSC 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 WSC chain.

WSC thesis for this strangle

The market-implied 1-standard-deviation range for WSC extends from approximately $-4.24 on the downside to $61.10 on the upside. A WSC 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 WSC IV rank near 93.94% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on WSC at 400.80%. As a Industrials name, WSC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WSC-specific events.

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

Frequently asked questions

What is a strangle on WSC?: A strangle on WSC is the strangle strategy applied to WSC (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 WSC stock trading near $28.43, the strikes shown on this page are snapped to the nearest listed WSC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WSC 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 WSC strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 400.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$151.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WSC strangle?: The breakeven for the WSC strangle priced on this page is roughly $25.99 and $31.51 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 WSC market-implied 1-standard-deviation expected move is approximately 114.91%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on WSC?: Strangles on WSC 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 WSC chain.
How does current WSC implied volatility affect this strangle?: WSC ATM IV is at 400.80% with IV rank near 93.94%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.