CrossAmerica Partners LP (CAPL) Straddle

Trading a CAPL straddle lets you take a pure volatility position on CrossAmerica Partners LP without committing to a direction. CrossAmerica Partners 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 CAPL straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on CAPL 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 CrossAmerica Partners 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 CAPL straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

CrossAmerica Partners LP engages in the wholesale distribution of motor fuels, operation of convenience stores, and ownership and leasing of real estate used in the retail distribution of motor fuels in the United States. It operates in two segments, Wholesale and Retail. The Wholesale segment engages in the wholesale distribution of motor fuels to lessee dealers, independent dealers, commission agents, and company operated retail sites. The Retail segment is involved in the sale of convenience merchandise items; and retail sale of motor fuels at company operated retail sites and retail sites operated by commission agents.

As of December 31, 2021, the company distributed motor fuel on a wholesale basis to approximately 1,750 sites located in 34 states; and owned or leased approximately 1,150 sites. CrossAmerica GP LLC operates as the general partner of the company. The company was formerly known as Lehigh Gas Partners LP and changed its name to CrossAmerica Partners LP in October 2014. The company was founded in 1992 and is based in Allentown, Pennsylvania.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the CAPL straddle is the cleanest expression of that view. Our scanner prices every CAPL 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 CAPL straddle into a catalyst or short a CAPL straddle to harvest decay, the options straddle setups that matter are all in one place.