How are WYNN 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 WYNN strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 38.79%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$536.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WYNN strangle?

The breakeven for the WYNN strangle priced on this page is roughly $88.64 and $109.37 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 WYNN market-implied 1-standard-deviation expected move is approximately 11.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WYNN implied volatility affect this strangle?

WYNN ATM IV is at 38.79% with IV rank near 41.83%, 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.

WYNN Strangle Strategy

WYNN (Wynn Resorts, Limited), in the Consumer Cyclical sector, (Gambling, Resorts & Casinos industry), listed on NASDAQ.

Wynn Resorts, Limited excels in the conceptualization, development, and operation of upscale integrated resort properties. The Wynn Palace, situated in Cotai, boasts a gaming floor spanning 424,000 square feet, which includes 323 table games, 1,035 slot machines, exclusive private gaming salons, and sky casinos. Accommodations are offered in a luxurious hotel tower featuring 1,706 guest rooms, suites, and villas, complemented by a health club, spa, salon, and swimming pool. This location further provides 14 distinct food and beverage establishments, 107,000 square feet for retail, 37,000 square feet of conference and event space, alongside a performance lake and elaborate floral displays. The Wynn Macau resort presents a 252,000 square-foot casino housing 331 table games, 818 slot machines, private gaming salons, sky casinos, and a dedicated poker room. Its two opulent hotel towers collectively feature 1,010 guest rooms and suites, enhanced by two health clubs, two spas, a salon, and a swimming pool.

WYNN (Wynn Resorts, Limited) trades in the Consumer Cyclical sector, specifically Gambling, Resorts & Casinos, with a market capitalization of approximately $10.42B, a trailing P/E of 27.61, a beta of 0.98 versus the broader market, a 52-week range of 92.75-134.72, average daily share volume of 1.5M, a public-listing history dating back to 2002, approximately 28K full-time employees. These structural characteristics shape how WYNN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.98 places WYNN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WYNN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a strangle on WYNN?

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 WYNN snapshot

As of June 29, 2026, spot at $99.40, ATM IV 38.79%, IV rank 41.83%, expected move 11.12%. The strangle on WYNN 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 WYNN specifically: WYNN IV at 38.79% 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 11.12% (roughly $11.05 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 WYNN expiries trade a higher absolute premium for lower per-day decay. Position sizing on WYNN should anchor to the underlying notional of $99.40 per share and to the trader's directional view on WYNN stock.

WYNN strangle setup

The WYNN 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 WYNN near $99.40, the first option leg uses a $104.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WYNN 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 WYNN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$104.00	$3.29
Buy 1	Put	$94.00	$2.08

WYNN strangle risk and reward

Net Premium / Debit: -$536.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$536.50
Breakeven(s): $88.64, $109.37
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.

WYNN strangle payoff curve

Modeled P&L at expiration across a range of underlying prices for the strangle on WYNN. 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%	+$8,862.50
$21.99	-77.9%	+$6,664.82
$43.96	-55.8%	+$4,467.14
$65.94	-33.7%	+$2,269.46
$87.92	-11.6%	+$71.79
$109.89	+10.6%	+$52.89
$131.87	+32.7%	+$2,250.57
$153.85	+54.8%	+$4,448.25
$175.82	+76.9%	+$6,645.93
$197.80	+99.0%	+$8,843.61

When traders use strangle on WYNN

Strangles on WYNN 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 WYNN chain.

WYNN thesis for this strangle

The market-implied 1-standard-deviation range for WYNN extends from approximately $88.35 on the downside to $110.45 on the upside. A WYNN 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 WYNN IV rank near 41.83% is mid-range against its 1-year distribution, so the IV signal is neutral; the strangle thesis on WYNN should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, WYNN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WYNN-specific events.

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

Frequently asked questions

What is a strangle on WYNN?: A strangle on WYNN is the strangle strategy applied to WYNN (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 WYNN stock trading near $99.40, the strikes shown on this page are snapped to the nearest listed WYNN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WYNN 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 WYNN strangle priced from the end-of-day chain at a 30-day expiry (ATM IV 38.79%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$536.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WYNN strangle?: The breakeven for the WYNN strangle priced on this page is roughly $88.64 and $109.37 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 WYNN market-implied 1-standard-deviation expected move is approximately 11.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a strangle on WYNN?: Strangles on WYNN 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 WYNN chain.
How does current WYNN implied volatility affect this strangle?: WYNN ATM IV is at 38.79% with IV rank near 41.83%, 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.