Best Options Strategy for RLAY
Looking for the best options strategy for Relay Therapeutics, Inc. (RLAY)? There is no single answer — the right play depends on your outlook, your risk tolerance and current implied volatility. Below, our free engine shows the highest-scoring defined-risk strategy on the live RLAY option chain right now, and a simple map from your view on RLAY to the strategy that fits it. Model any of them in the calculator before you trade.
About RLAY
Relay Therapeutics, Inc. (RLAY) is a major company in Biotechnology. Options traders on RLAY tend to watch , since these can drive large moves in the share price.
About Relay Therapeutics, Inc.
Relay Therapeutics is a clinical-stage biopharmaceutical company developing small molecule drugs aimed at treating cancer and genetic diseases. The company's pipeline centers on precision medicines designed to target specific mutations and disease pathways. Its most advanced candidate, RLY-2608, is a PI3K alpha inhibitor being tested for breast cancer, other solid tumors, and vascular malformations. The company is also pursuing RLY-8161 for RAS-driven cancers and lirafugratinib for various cancer indications. A key part of Relay's strategy involves leveraging computational protein modeling technology, developed through a research collaboration with D. E. Shaw Research, to identify and validate drug targets that competitors might miss. This technology-driven approach aims to improve the precision and success rate of early-stage drug discovery.
Relay generates revenue through partnerships and licensing agreements rather than product sales, since its candidates remain in clinical development. The company has established collaborations with established players including Pfizer, which is co-developing RLY-2608 in combination with other therapies, and Elevar Therapeutics for…
Today's top-scoring strategy for RLAY
Our engine ranks defined-risk strategies on the live RLAY chain by probability of profit and risk/reward, then surfaces the best-scoring one. It is an educational illustration, not advice.
| Action | Qty | Type | Strike | Premium |
|---|---|---|---|---|
| Buy | 1× | PUT | $11 | $0.18 |
| Sell | 1× | PUT | $18 | $1.20 |
| Sell | 1× | CALL | $18 | $1.48 |
| Buy | 1× | CALL | $25 | $0.10 |
Simulation
Forward simulation of 6,000 lognormal price paths to expiration — not a historical backtest.
Live scan from 2026-07-02 · quotes delayed ~15 minutes
Implied volatility
RLAY is currently trading with high implied volatility, which makes its options expensive — and attractive to sell. On the options we scanned that was around 89% implied volatility, and higher implied volatility means richer premiums and wider expected moves.
Options on RLAY currently price in about 89% implied volatility, versus roughly 69% the stock has actually realised over the past month. That makes options relatively expensive — an edge for strategies that sell premium, such as credit spreads and iron condors.
Off that volatility, the options market is pricing a move of about ±$3.13 (±17%) in RLAY by 2026-07-17 — a range of roughly $14.76 to $21.02. Strikes inside that band hold most of the premium and see most of the action.
Across strikes, upside calls on RLAY carry a higher implied volatility than downside puts — demand is tilted to the upside, which favours call spreads or selling cash-secured puts.
Key figures
- Market cap
- $4.1B
- Beta (vs market)
- 1.75
- 52-week range
- $3.02–$19.93 (88% up the range)
- Short interest
- 20.4% of float · 7.9 days to cover
With 20.4% of RLAY's float sold short, squeeze and gap risk are elevated — one reason its options can stay expensive.
Other strong setups for RLAY
If your view on RLAY differs, these also scored well in the latest scan:
How to choose an options strategy for RLAY
Start with your outlook on RLAY, then match it to a defined-risk structure. Here are the most common choices and when each makes sense:
Bullish
Buy a call for leverage with capped risk, or a bull call spread to lower the cost and breakeven when you have a target price.
Long Call → Bull Call Spread →Bearish
Buy a put to profit from a decline with defined risk, or a bear put spread to cheapen the trade when you expect a measured move down.
Long Put → Bear Put Spread →Neutral
Sell an iron condor to collect premium while RLAY stays between two strikes, or write a covered call against shares you already own.
Iron Condor → Covered Call →How we pick the best strategy
For each ticker we pull the live option chain, build every supported strategy around the at-the-money strikes, and score them on probability of profit, risk/reward and capital efficiency — favouring defined-risk structures where the maximum loss is known up front. Methodology →
Open RLAY in the free calculator →
Frequently asked questions
What is the best options strategy for RLAY?
It depends on your outlook. Bullish traders often use a long call or bull call spread on RLAY; bearish traders a long put or bear put spread; neutral traders an iron condor or covered call. Our live scan above shows the current highest-scoring defined-risk play.
Are RLAY options liquid enough to trade?
Relay Therapeutics, Inc. (RLAY) is among the most actively-traded US options, which usually means tight bid/ask spreads and plenty of strikes and expirations — though you should always check the open interest and spread on the exact contract.
How much money do I need to trade RLAY options?
Buying a single RLAY call or put can cost as little as the premium (often one to a few hundred dollars), while income strategies like a cash-secured put need enough capital to buy 100 shares if assigned.
Is this financial advice?
No. Everything here is educational and uses delayed, third-party data. It is not a recommendation to trade RLAY or any security. Do your own research.
What does Relay Therapeutics, Inc. do?
Relay Therapeutics, Inc. (RLAY) operates in the Biotechnology industry. The "About Relay Therapeutics, Inc." section above gives a fuller picture of what the company does and how it earns money.
Does Relay Therapeutics, Inc. pay a dividend?
Relay Therapeutics, Inc. does not currently pay a dividend, so there is no ex-dividend assignment risk to plan around for options strategies.
Tickers related to RLAY
Comparing RLAY with similar names can help you choose the best options strategy:
Company information
- Headquarters
- 60 Hampshire Street, Cambridge, MA, 02139, United States
- Industry
- Biotechnology
- Employees
- 193
- CEO
- Dr. Sanjiv K. Patel M.A., M.B.A., M.D., MBBS
- Phone
- 617 370 8837
- Website
- www.relaytx.com
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