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15-min delayed
Strategy · Live on SPY $652.40
Long straddle
intermediateaggressive riskBuy an ATM call and put at the same strike. Profit from a big move in either direction.
Payoff workbench
Long straddle 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)
▲ +$1,618
at a lossconsider adjusting
Loss zone — P&L −$2,120 at mid-range.
The position is losing money at this price. Evaluate whether to hold, adjust, or close to prevent further losses.
Cost to open
−$2,480
net across 2 option legs
Your P/L at $691
+$1,618
at the dragged expiry price
Break-even
$625.2
Max loss
−$2,467
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY calls · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Long 1 call · $650 · 30d
Cost −$1,360
Long 1 put · $650 · 30d
Cost −$1,120
Result
Long straddle
Net debit $650. Profits above $106.50 or below $93.50. Loses if stock sits still.
Pairs well with
Long strangleOpen →
Buy an OTM put and OTM call. Cheaper than a straddle — needs a bigger move to profit.Short call butterflyOpen →
Sell low + high calls, buy 2 middle calls. Net credit; profits if stock moves away from the middle.Short put butterflyOpen →
Sell high + low puts, buy 2 middle puts. Net credit; profits if stock moves away from the middle.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.