Strangle Options Calculator

Summary

Enter your call and put strike prices and premiums to see breakeven points, max profit, max loss, and a full P&L chart for a long or short strangle.

How it works

1. Select Long Strangle (buy both options) or Short Strangle (sell both options).
2. Enter the underlying asset's current price for reference.
3. Enter the put strike price and the call strike price (put strike must be lower than call strike).
4. Enter the premium paid or received for each option.
5. The calculator instantly shows upper and lower breakeven prices, max profit, and max loss.
6. Review the P&L chart to see how profit or loss changes at each price level at expiration.

Use cases

• Plan a long strangle before an earnings announcement expecting a big move.
• Evaluate a short strangle to collect premium in a low-volatility environment.
• Quickly check whether the expected move justifies the total premium cost.
• Compare different strike combinations to find the best risk/reward ratio.
• Determine exact exit prices where you break even on a strangle position.
• Teach or learn how strangle payoff profiles work at expiration.

Frequently Asked Questions