First Trust Indxx Medical Devices ETF (MDEV) Straddle

Trading a MDEV straddle lets you take a pure volatility position on First Trust Indxx Medical Devices ETF without committing to a direction. First Trust Indxx Medical Devices 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 MDEV straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on MDEV 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 Indxx Medical Devices 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 MDEV straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

The First Trust Indxx Medical Devices 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 Indxx Medical Devices Index (the "Index"). The Fund will normally invest at least 80% of its net assets (including net assets plus any borrowings for investment purposes) 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 Indxx, Inc.

(the "Index Provider").

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