Explore the stock moves needed to profit from a purchased put and call with different strikes.
Your position
Illustrative starting values · USD
Use one stock or ETF and the same expiration for every option leg. Premiums are per share.
Modified position
Stock quantities are shares. Option quantities are contracts. Enter the total fees for the entire position once.
Net entry cost
Maximum profit
Maximum loss
Breakeven stock price
Profit / loss at expiration
Entire position · Includes entered fees
Move over the chart or adjust the stock price to inspect a scenario. Shading marks profit and loss.
What if the stock ends at…
Profit / loss at expiration
View payoff table
Sample outcomes at expiration, including strike and breakeven prices
Stock price
Profit / loss
Maximum profit and loss consider all stock prices from zero upward, including prices outside the chart. Results use the legs entered; editing a strategy can change its risk.
How to use the strangle calculator
Buy a lower-strike put and a higher-strike call in equal quantities with the same expiration.
Understanding the payoff
Maximum loss is the total premium paid. Breakevens are put strike − total premium per share and call strike + total premium per share. Only nonnegative stock prices are modeled.
These formulas describe the standard strategy before fees. The results above include the total fees entered and are calculated from your actual legs.
Worked example
Buy the $95 put for $2 and the $105 call for $3. The $500 total premium gives breakevens at $90 and $110 before fees.
This is an expiration payoff estimate, not a live option quote or a prediction. It assumes all option legs expire together on one stock or ETF, the stock price cannot be negative, and options settle at intrinsic value. The default multiplier is 100 shares per contract; adjust it for the contract being modeled. Early assignment, exercise decisions, dividends, interest, taxes, and slippage can change realized results. Cash requirements and broker margin are separate from maximum loss. Different expirations, futures options, and adjusted contracts with non-cash deliverables are not supported.
Method: add each leg’s intrinsic value at expiration, subtract its entry cost with the correct buy/sell sign, and subtract total fees. See Cboe’s worked spread example on Fidelity for a reference calculation.