Calculate Twisted Sister profit, loss and breakevens using your own entry prices.
Your position
Illustrative starting values · USD
Use one stock or ETF and the same expiration for every option leg. Prices 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.
About this calculator
How to use the Twisted Sister calculator
Buy one lower-strike put, sell one higher-strike put and sell one call above the short put. Use equal quantities and the same expiration. The two puts form the Bull Put Spread; the short call provides extra premium but has no Protective Call above it.
Understanding the payoff
Results add the payoff of each displayed leg, including quantities, entry prices and fees.
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
Suppose XYZ trades at $100. Buy the $92 put for $0.50, sell the $96 put for $2 and sell the $104 call for $3. The net credit is $2 + $3 − $0.50 = $4.50 per share, or $450 for one position. At $100, all three options expire worthless and the $450 credit is retained. At $90, the long put is worth $200 and the short put costs $600 to settle. The call expires worthless, leaving $450 − $400 = $50 profit. At $115, the puts expire worthless but the short call costs $1,100 to settle, producing a $650 net loss.
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.
