Trading a TNL straddle lets you take a pure volatility position on Travel+Leisure Co without committing to a direction. Travel+Leisure Co'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 TNL straddle pricing in real time and find the moments when expected moves are mispriced.
A long straddle on TNL 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 Travel+Leisure Co 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 TNL straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.
Travel + Leisure Co., together with its subsidiaries, provides hospitality services and products in the United States and internationally. The company operates in two segments, Vacation Ownership; and Travel and Membership. The Vacation Ownership segment develops, markets, and sells vacation ownership interests (VOIs) to individual consumers; provides consumer financing in connection with the sale of VOIs; and provides property management services at resorts. The Travel and Membership segment operates various businesses, including three vacation exchange brands, a home exchange network, travel technology platforms, travel memberships, and direct-to-consumer rentals.
As of January 26, 2022, it had approximately 245 vacation ownership resorts. It also offers private-label travel booking technology solutions. The company was formerly known as Wyndham Destinations, Inc. and changed its name to Travel + Leisure Co. in February 2021. Travel + Leisure Co. was founded in 1990 and is headquartered in Orlando, Florida.
Earnings, product cycles, macro prints — any time volatility itself is the trade, the TNL straddle is the cleanest expression of that view. Our scanner prices every TNL 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 TNL straddle into a catalyst or short a TNL straddle to harvest decay, the options straddle setups that matter are all in one place.
