Straddle options calculator

Calculate long or short straddle profit at expiration, net debit or credit, two break-even prices, maximum risk and a payoff table. A straddle uses one call and one put with the same strike and expiration.

StrategyBoth options use the same strike and expiration.
CurrencyFormatting only; no exchange-rate conversion.
Strike priceShared strike of the call and put.
Stock price at expirationUse 0 to test complete downside.
Call premium per share
Put premium per share
Number of straddlesOne straddle contains one call contract and one put contract.
Shares per option contractUS equity options commonly use 100; verify your contract.
Total feesEnter all opening and expiration fees for both legs.

Profit / loss at expiration—

Net debit—

Lower break-even—

Upper break-even—

Maximum profit—

Maximum loss—

Move from strike—

Premium as % of strike—

Downside result at stock price 0—

Stock price at expiration	Call intrinsic	Put intrinsic	Net profit / loss

How a long or short straddle works

A straddle combines one call and one put with the same strike and expiration. A long straddle buys both options and benefits from a large move in either direction. A short straddle sells both options and benefits when the stock finishes close to the strike, but its upside loss is unlimited.

This page consolidates long straddle, short straddle, option straddle, payoff, profit and break-even calculations in one URL. A strangle is not a synonym: it uses different put and call strikes and is not modeled here.

Straddle profit and break-even formulas

Intrinsic value at expiration = |stock price − strike|

For one straddle, the call or the put can have intrinsic value at expiration, but not both when they share the same strike.

Long profit = shares × [|stock price − strike| − call premium − put premium] − fees
Long break-even = strike ± [(call premium + put premium) + fees ÷ shares]

Short profit = shares × [call premium + put premium − |stock price − strike|] − fees
Short break-even = strike ± [(call premium + put premium) − fees ÷ shares]

Total shares equal the number of straddles multiplied by shares per option contract. Fees are allocated across those shares when calculating break-even prices.

Checked examples

Long straddle: strike US$100, stock price US$120 at expiration, US$6 call premium, US$4 put premium, two straddles of 100 shares and US$4 total fees. The net debit and maximum loss are US$2,004. Break-even prices are US$89.98 and US$110.02. The expiration profit is US$1,996.

Short straddle: with the same strike, premiums, quantity and fees but stock price US$105, net credit and maximum profit are US$1,996. Break-even prices are US$90.02 and US$109.98. Expiration profit is US$996; upside loss remains unlimited.

How to interpret the results

Net debit or credit includes the entered total fees. A long straddle pays a debit; a short straddle receives a credit.
Lower and upper break-even are expiration prices where net profit is zero after fees. If the calculated lower break-even is below zero, it is not reachable for a stock.
Premium as % of strike is the combined call and put premium divided by strike. It is a cost or credit ratio, not a forecast probability or a live implied move.
Downside result at zero makes the finite downside boundary explicit. Short-straddle loss is still unlimited because the stock can rise without a fixed cap.

Assumptions and limits

The calculator models expiration payoff only. It excludes time value, implied-volatility changes, early exercise, assignment before expiration, dividends, taxes, bid-ask spreads and margin requirements.
Both options have the same strike, expiration and multiplier. Premiums are entered per share.
Short options can be assigned and may require substantial collateral. Unlimited loss means no finite maximum can be calculated on the upside.
Inputs are user-supplied, not live quotes. Results are educational estimates, not investment advice.

Related calculators

Use the Options Profit Calculator for a single call or put; the Option Credit Spread Calculator for bull put and bear call spreads; the Iron Condor Calculator for a four-leg range strategy; and the Black-Scholes Calculator for theoretical European option value and Greeks.