COPT Defense Properties (CDP) Straddle

Trading a CDP straddle lets you take a pure volatility position on COPT Defense Properties without committing to a direction. COPT Defense Properties'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 CDP straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on CDP 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 COPT Defense Properties 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 CDP straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (IT) related activities servicing what the Company believes are growing, durable, priority missions (Defense/IT Locations). The Company also owns a portfolio of office properties located in select urban submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (Regional Office Properties).

As of June 30, 2023, the Company derived 90% of its core portfolio annualized rental revenue from Defense/IT Locations and 10% from its Regional Office Properties. As of the same date and including 24 properties owned through unconsolidated joint ventures, COPT's core portfolio of 192 properties encompassed 22.9 million square feet and was 95% leased.

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