Trading a BNO straddle lets you take a pure volatility position on United States Brent Oil Fund LP without committing to a direction. United States Brent Oil Fund LP'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 BNO straddle pricing in real time and find the moments when expected moves are mispriced.
A long straddle on BNO 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 United States Brent Oil Fund LP 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 BNO straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.
The Benchmark Futures Contract is the futures contract on Brent crude oil as traded on the Ice Futures Europe Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire.
Earnings, product cycles, macro prints — any time volatility itself is the trade, the BNO straddle is the cleanest expression of that view. Our scanner prices every BNO 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 BNO straddle into a catalyst or short a BNO straddle to harvest decay, the options straddle setups that matter are all in one place.
