United States 12 Month Natural Gas Fund LP (UNL) Straddle

Trading a UNL straddle lets you take a pure volatility position on United States 12 Month Natural Gas Fund LP without committing to a direction. United States 12 Month Natural Gas 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 UNL straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on UNL 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 12 Month Natural Gas 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 UNL straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

The Benchmark Futures Contracts are the futures contracts on natural gas as traded on the NYMEX that are the near month contract to expire, and the contracts for the following 11 months, for a total of 12 consecutive months’ contracts, except when the near month contract is within two weeks of expiration.

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