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LIVE@blakegrindsNVDA+$12,450•
LIVE@queenofcallsTSLA+$3,280•
LIVE@dragonbtcBTC+$5,120•
LIVE@mikemoneyES-$840•
LIVE@kira_optionsSPY+$1,940•
LIVE@apewolfGME+$23,900•
LIVE@thejackalAAPL+$2,847•
OPTIONS STRATEGIES·LONG VOL·2 LEGS

Long strangle

Buy an OTM call and an OTM put at different strikes. Costs less premium than a straddle, but needs a larger move to be profitable.

INPUTS
Underlying price
$
Centers the payoff chart and computes P&L at this price.
LEGS
Long OTM put
Type
Side
Strike
$
Qty
Premium
$
Long OTM call
Type
Side
Strike
$
Qty
Premium
$
RESULT
BE $92.60BE $107.40spot $100.00
$60.002 strikes$140.00
P&L at current spot (expiry)
−$240
Net debit−$240
Max profitUnlimited
Max loss−$240
Breakevens$92.60 · $107.40
RISK PROFILE
Max profit
Unlimited (in either direction)
Max loss
Total premium paid
Breakeven
Put strike − (debit ÷ 100), Call strike + (debit ÷ 100)
RELATED STRATEGIES
Long straddle
Long volatility · Profits from big moves in either direction.
Short strangle
Short volatility · Wider profit zone than a short straddle.
Iron condor
Neutral · Defined-risk credit, profits when stock stays in range.
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