Advanced · volatile
Long Strangle Option Calculator
Buy OTM call and OTM put. Cheaper volatility bet than a straddle.
How this Long Strangle calculator works
This free Long Strangle profit calculator estimates profit and loss across stock prices and dates. Use live quotes and the option chain (via the local data proxy), then review max profit, max loss, breakevens, ROI on risk, probability of profit, and a date × price heatmap or numerical matrix.
- At expiration: intrinsic payoff for each option leg (and stock, if included).
- Before expiration: Black–Scholes theoretical value using each leg’s IV and DTE.
- Multi-expiry: near-term legs settle first; longer-dated legs keep remaining time value.
Typical legs for a Long Strangle
Default template legs (edit freely or replace from the option chain):
- Leg 1: buy call @ strike template 110
- Leg 2: buy put @ strike template 90
When traders use a Long Strangle
Market outlook: volatile. Use the calculator to stress-test strikes and premiums before placing an order. Options involve substantial risk of loss and are not suitable for every investor.
Frequently asked questions
What is a Long Strangle options strategy?
Buy OTM call and OTM put. Cheaper volatility bet than a straddle.
How do I calculate profit and loss for a Long Strangle?
Enter the underlying price, strikes, premiums, and contracts in the Long Strangle calculator. The tool shows max profit, max loss, breakeven points, and a P/L heatmap from now until expiration using Black–Scholes before expiry and intrinsic value at expiration.
Is the Long Strangle strategy volatile?
This strategy is generally considered volatile in market outlook. Always confirm risk, margin, and assignment rules with your broker before trading.
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