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Strangles Strangles are very similar to straddles in many ways: they are composed of a combination of puts and calls, and for the long position, extreme moves in the price of the underlying are necessary for the position to be profitable, and profitability is not dependent upon direction (a sharp downward move can also be profitable). The major difference between the strangle and the straddle is that with the strangle you must use different strike prices for the puts & calls. A long strangle is created by purchasing the same number of calls and puts on the same underlying with the same expiration, but with different strike prices. The long strangle is useful in markets that are about to experience high volatility, as extreme movements in the underlying are necessary for the position to be profitable. The risk/reward aspects are similar to those of the long straddle in that it offers limited risk and unlimited return. A short strangle is created by selling the same number of calls and puts on the same underlying with the same expiration, but with different strike prices. The short strangle is used in markets that are about to experience low volatility. It is established by selling both an OTM put and an OTM call, with the current price of the underlying centered between the two strike prices. This gives the trader a price range within which his/her position is profitable. $4.00 Long Strangle $2.00 Composition: Long a call with a high strike and long a put with a low strike, both with the same expiration 88 15o 112 124 136 148 160 172 184 i 196 208 Max Profit: Unlimited to the upside, limited by the price of the stock to the downside ---- Long Call - Long Put Max Loss: Debit incurred to buy strangle -----::---::------------ Long Strangle $12.00) $(4.00) $16.00) $(8.00) $(10.00) $(12.00) $(14.00) BEP: There are 2 -- lower strike minus debit & upper strike plus debit Long Strangle $4.00 Long Strangle on YZA (stock at $150) Long 1 YZA Oct 110 put @ $6.125 Long 1 YZA Oct 185 call @ $6.50 = Long 1 YZA Oct 110/185 Strangle @ $12.625 $2.00 $- Low BEP = 110 - 12.625 = $97.375 High BEP = 185 + 12.625 = $197.625 88 1bo 112 124 136 148 160 172 1841196 208 $12.00) Maximum loss = $1,262.50 per contract $(4.00) Long Call Long Put Long Strangle Value of Strangle at Various Expiration Prices $16.00) t:: --: - ::- - $(8.00) Price $ V(Call) $ V(Put) $ V(Strangle) $ 75.00 $ 100.00 $ 125.00 $ 150.00 $ 175.00 $ 200.00 $ 225.00 (6.50) $ (6.50) $ (6.50) $ (6.50) $ (6.50) $ 8.50 $ 33.50 28.88 $ 3.88 $ (6.13) $ (6.13) $ (6.13) $ (6.13) $ (6.13) 22.38 $ (2.63) $ (12.63) $ (12.63) $ (12.63) $ 2.38 $ 27.38 $(10.00) $(12.00) $(14.00) Between the strike prices, both options are OTM, and you therefore suffer the maximum loss. As you fall below the lower strike (or rise above the upper strike), you start to regain some of your premium. Once you are outside the BEP (either low or high), your position becomes profitable. In this way the strangle is similar to the straddle. However, because of the differences between the strike prices, it takes a larger swing in the price of the underlying before the strangle achieves profitability. Puts Calls Bid | Ask 139.00 139.06 Bid Ask Strangle using options on YZA stock You wish to go long one YZA Oct 90/210 strangle. 1. What will it cost to purchase one YZA 90/210 strangle? 2. What will be the break-even points for your position? 3. What is the value of your position if YZA rallies to $225? 4. What is the value of your position if YZA closes at $212? 5. What is the value of your position if YZA closes at 75? 65.88 61.25 56.75 52.50 48.38 44.38 39.88 36.68 32.75 29.63 26.50 23.75 21.00 18.75 16.75 14.75 13.25 11.75 10.13 9.13 8.00 6.88 6.13 5.38 4.63 4.13 3.38 2.44 1.88 1.44 1.06 0.81 0.63 6 6.50 61.88 57.38 53.13 49.00 45.00 40.63 37.13 33.50 30.38 27.25 24.50 21.75 19.25 17.25 15.25 13.88 12.00 10.75 9.25 8.38 7.25 6.50 5.75 5.00 4.50 3.75 2.81 2.13 1.69 1.31 1.06 0.88 Strike YZA Oct 75.00 80.00 85.00 90.00 95.00 100.00 105.00 110.00 115.00 120.00 125.00 130.00 135.00 140.00 145.00 150.00 155.00 160.00 165.00 170.00 175.00 180.00 185.00 190.00 195.00 200.00 210.00 220.00 230.00 240.00 250.00 260.00 270.00 1.06 1.25 1.63 2.19 3.00 3.75 4.50 5.75 7.13 8.88 10.75 12.75 15.13 17.75 20.50 23.38 27.00 30.38 33.88 37.75 41.63 45.50 49.75 54.00 58.25 62.88 71.88 81.13 90.75 100.50 110.50 120.50 130.50 1.25 1.44 1.81 2.44 3.38 4.13 4.88 6.13 7.50 9.13 11.25 13.25 15.63 18.25 21.25 24.13 27.63 31.00 34.50 38.38 42.25 46.13 50.38 54.63 58.88 63.50 72.88 82.13 91.75 101.50 111.50 121.50 131.50 Short Strangle Short Strangle Composition: Short a put with a low strike price and short a call with a high strike price, same expiration $36.00 Max Profit: credit received from sale of strangle $31.00 $26.00 Max Loss: unlimited to the upside, limited to the price of the stock on the downside $21.00 Short Call BEP: There are 2 -- low strike minus credit & high strike plus credit .. - ..- Short Put $16.00 Short Strangle $11.00 Short Strangle on S&P 500 Index (stock at $965) Short 1 SPX Nov 950 put @ $16.625 Short 1 SPX Nov 980 call @ $20.00 = Short 1 SPX Nov 950/980 Strangle @ $36.625 $6.00 $1.00 LOW BEP = 950 - 36.625 = $913.375 High BEP = 980+ 36.625 = $1,016.625 $(4.00) 189 890 9 20' 950 980 1,010 1,040 Maximum Profit = $3,662.50 per contract Value of Strangle at Various Expiration Prices Like with the short straddle, the short strangle is profitable in markets of low volatility, when prices move very little. Wide swings can quickly cause a short strangle to turn from a profit to a loss, so monitoring your position is imperative! Price $ 905.00 $ 925.00 $ 945.00 $ 965.00 $ 985.00 $1,005.00 $1,025.00 V(Call) $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 15.00 $ (5.00) $ (25.00) V(Put) $ (28.38) $ (8.38) $ 11.63 $ 16.63 $ 16.63 $ 16.63 $ 16.63 V(Straddle) $ (8.38) $ 11.63 $ 31.63 $ 36.63 $ 31.63 $ 11.63 $ (8.38) Calls Puts Strangle using options on EFG stock Bide Ask Bid 160.13 Aske 160.38 You wish to short three contracts for the Oct EFG 120/200 strangle. 1. What will you receive for shorting three Oct EFG 120/200 strangles? 2. What will be the break-even points for your position? 3. What is the value of your position if EFG rallies to $195? Strike EFG Oct 80.00 85.00 90.00 95.00 100.00 105.00 110.00 115.00 120.00 125.00 130.00 135.00 140.00 145.00 150.00 155.00 160.00 165.00 170.00 175.00 180.00 185.00 190.00 195.00 200.00 82.50 83.50 78.00 79.00 73.63 74.63 - 69.50 70.50 65.25 | 66.25 61.38 | 62.38 57.63 58.63 54.00 55.00 50.13 51.13 - 46.63 47.63 43.38 | 44.38 - 40.63 41.63 37.75 38.75 - 34.88 35.88 32.50 33.50 30.13 - 31.13 27.88 1 28.88 25.88 26.88 24.00 25.00 21.63 | 22.63 20.00 - 20.75 - 18.25 | 19.00 16.25 17.00 - 14.75 | 15.50 - 13.63 14.38 - 4. What is the value of your position if EFG closes at $207? 1.25 1.50 1.631 1.88 2.13 | 2.50 3.00 3.38 3.63 | 4.00 4.75 - 5.13 5.75 6 .25 7.13 7.63 e 9.13 9.25 10.00 10.50 11.63 12.38 13.50 14.25 15.63 16.38 17.75 18.50 20.13 21.13 | 22.63 23.63 25.25 | 26.25 28.25 29.25 31.25 32.25 34.00 35.00 37.13 - 38.13 - 40.50 41.50 43.38 44.38 46.88 47.88 - 50.75 51.75 5. What is the value of your position if EFG closes at 95