First Trust S-Network Streaming and Gaming ETF (BNGE) Straddle

Trading a BNGE straddle lets you take a pure volatility position on First Trust S-Network Streaming and Gaming ETF without committing to a direction. First Trust S-Network Streaming and Gaming ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate BNGE straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on BNGE profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when First Trust S-Network Streaming and Gaming ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the BNGE straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

The First Trust S-Network Streaming & Gaming ETF (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the S-Network Streaming & Gaming Index (the "Index"). The Fund will normally invest at least 80% of its net assets (including investment borrowings) in the common stocks and depositary receipts that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is developed, maintained and sponsored by S-Network Global Indexes, Inc.

(the "Index Provider"). The Index Provider retains the right at any time, upon prior written notice, to modify the Index methodology.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the BNGE straddle is the cleanest expression of that view. Our scanner prices every BNGE straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a BNGE straddle into a catalyst or short a BNGE straddle to harvest decay, the options straddle setups that matter are all in one place.