Strangle Options Profit Calculator

Buy OTM call + OTM put. Cheaper than straddle, bigger move needed.

Switch strategy

Symbol

Override price (optional — scenario testing)

Position Legs

Expiration Date

Select an expiry above to load options data and enable chain browsing

Leg 1Long Call

Strike

Premium / share

Contracts

Leg 2Long Put

Strike

Premium / share

Contracts

Settings

IV Scenario

Commission ($ per contract)

Use bid/ask spread (worst-case fill)

Strategy Results

Select an expiry and strike to analyze your Strangle

P&L Chart

Enter strike and premium to see P&L chart

P&L Heatmap

Enter position details to see P&L heatmap

Position Greeks

Greeks appear once strikes are entered

What is a Strangle Options Calculator?

Buy an OTM call and OTM put at different strikes, same expiry. Cheaper than a straddle but requires a larger move to profit. Good for anticipated high-volatility events.

Max risk

limited

Max reward

unlimited

Legs

2 legs