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15-min delayed
Strategy · Live on SPY $652.40
Long strangle
intermediateaggressive riskBuy an OTM put and OTM call. Cheaper than a straddle — needs a bigger move to profit.
Payoff workbench
Long 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)
▲ +$1,146
in profitposition working
Profitable zone — P&L +$7,503 at mid-range.
The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.
Cost to open
−$1,030
net across 2 option legs
Your P/L at $712
+$1,146
at the dragged expiry price
Break-even
$609.7
Max loss
−$1,030
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 1 put · $620 · 30d
Cost −$575
Long 1 call · $690 · 30d
Cost −$455
Result
Long strangle
Net debit $400. Profits above $109 or below $91. Max loss $400 if stock stays between strikes.
Pairs well with
Long straddleOpen →
Buy an ATM call and put at the same strike. Profit from a big move in either direction.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.