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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·SHORT VOL·2 LEGS

Short strangle

Sell an OTM call and an OTM put. Wider profit range than a short straddle but less premium collected. Unlimited risk on the call side.

INPUTS
Underlying price
$
Centers the payoff chart and computes P&L at this price.
LEGS
Short OTM put
Type
Side
Strike
$
Qty
Premium
$
Short 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 credit+$240
Max profit+$240
Max lossUnlimited
Breakevens$92.60 · $107.40
RISK PROFILE
Max profit
Total premium received
Max loss
Unlimited
Breakeven
Put strike − credit/share, Call strike + credit/share
RELATED STRATEGIES
Short straddle
Short volatility · Profits if stock pins the strike.
Iron condor
Neutral · Defined-risk credit, profits when stock stays in range.
Long strangle
Long volatility · Cheaper than a straddle, needs a bigger move.
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