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15-min delayed
Strategy · Live on SPY $652.40
Covered strangle
advancedhigh riskOwn stock, sell an OTM put and an OTM call. Double income, double assignment risk.
Payoff workbench
Covered strangle on SPY at $652.40
Expiry
Contracts1
Drag anywhere on the chart to test a price at expiryP/L at expiry · 1 contract (100 sh)
▲ +$6,915
in profitposition working
Profitable zone — P&L +$8,285 at mid-range.
The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.
Credit collected
+$155
net across 2 option legs
Your P/L at $726
+$6,915
at the dragged expiry price
Break-even
$650.85
Max loss
−$35,685
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY puts · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Long 100 shares
Full equity position
Short 1 put · $590 · 30d
Premium +$95
Short 1 call · $720 · 30d
Premium +$60
Result
Covered strangle
Collects $270 premium. But if stock crashes, you're holding shares AND get put more.
Pairs well with
Unfamiliar term? The glossary defines it in a sentence, and the plain-English guides cover the ideas in longer form.
Educational only, not financial advice. Quotes delayed at least 15 minutes. Premiums, deltas and probabilities are modelled estimates, not live market quotes. Confirm at your broker. Denaras never places trades.