Option strangle calculator

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

StrategyBoth options use the same expiration.
CurrencyFormatting only; no exchange-rate conversion.
Put strikeMust be lower than the call strike.
Call strikeMust be higher than the put strike.
Stock price at expirationUse 0 to test complete downside.
Put premium per share
Call premium per share
Number of stranglesOne strangle contains one put contract and one call 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—

Neutral range width—

Total premium per share—

Result at stock price 0—

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

How a long or short strangle works

A strangle combines one put at a lower strike with one call at a higher strike, using the same expiration. A long strangle buys both options and benefits from a large move below the put strike or above the call strike. A short strangle sells both options and benefits when the stock finishes between the strikes, but its upside loss is unlimited.

This page consolidates long strangle, short strangle, option strangle, profit, payoff and break-even calculations in one URL. A straddle is not a synonym: it uses the same strike for both options.

Strangle profit and break-even formulas

Expiration intrinsic per share = max(put strike − stock price, 0) + max(stock price − call strike, 0)

Long profit = shares × (intrinsic − put premium − call premium) − fees
Long break-even = put strike − premium − fees ÷ shares; call strike + premium + fees ÷ shares

Short profit = shares × (put premium + call premium − intrinsic) − fees
Short break-even = put strike − premium + fees ÷ shares; call strike + premium − fees ÷ shares

Total shares equal the number of strangles multiplied by shares per option contract. Premium means the combined put and call premium per share. Fees are allocated across the shares for break-even.

Checked examples

Long strangle: put strike US$95, call strike US$105, stock price US$120 at expiration, US$3 put premium, US$4 call premium, two strangles of 100 shares and US$4 total fees. Net debit and maximum loss are US$1,404. Break-even prices are US$87.98 and US$112.02. Expiration profit is US$1,596.

Short strangle: with the same strikes, premiums, quantity and fees but stock price US$100, net credit, maximum profit and expiration profit are US$1,396. Break-even prices are US$88.02 and US$111.98. Loss is unlimited above the call side; the result at a stock price of zero is a loss of US$17,604.

How to interpret the results

Net debit or credit includes total entered fees. A long strangle pays a debit; a short strangle receives a credit.
Break-even prices are expiration prices where net profit is zero after fees. A negative lower break-even is displayed as unreachable for a stock.
Neutral range width is the distance between strikes. It is not the profitable range after premium and fees.
Result at stock price zero makes the finite downside boundary explicit. Short-strangle loss is still unlimited because a 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.
The put strike must be lower than the call strike. Both options use the same expiration and multiplier. Premiums are entered per share.
Short options can be assigned and may require substantial collateral. Unlimited loss means there is no finite upside maximum loss.
Inputs are user-supplied, not live quotes. Results are educational estimates, not investment advice.

Related calculators

Use the Straddle Calculator when both options share one strike; the Options Profit Calculator for a single call or put; the Iron Condor Calculator for a defined-risk four-leg range strategy; and the Black-Scholes Calculator for theoretical European option value and Greeks.