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15-min delayed
Strategy · Live on SPY $652.40
Short straddle
advancedvery high riskSell an ATM call and put. Collect max premium — but lose if the stock makes a big move.
Payoff workbench
Short 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
in profitposition working
Profitable zone — P&L +$2,120 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
+$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
Unlimited
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
Short 1 call · $650 · 30d
Premium +$1,360
Short 1 put · $650 · 30d
Premium +$1,120
Result
Short straddle
HIGH RISKNet credit $650. Max profit at exactly $100. Unlimited loss in either direction beyond breakevens.
Pairs well with
Iron condorOpen →
Put credit spread + call credit spread around the price. Bet on chop.Short strangleOpen →
Sell OTM call and OTM put. Collect premium — profit if stock stays between the strikes.Iron butterflyOpen →
Short straddle at ATM + buy OTM wings. High credit, defined risk, very narrow profit zone.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.