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15-min delayed
Strategy · Live on SPY $652.40
Stock repair
advancedmoderate riskOwn underwater shares — buy 1 ATM call, sell 2 OTM calls. Lowers your breakeven at near-zero cost.
Payoff workbench
Stock repair 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)
▲ +$1,055
near breakevensmall move decides
Near breakeven — outcome close to flat.
At this price the position is approximately flat. A small move in either direction determines the outcome.
Credit collected
+$1,295
net across 2 option legs
Your P/L at $674
+$1,055
at the dragged expiry price
Break-even
$614.73
Max loss
−$19,745
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 100 shares (original cost $652.4)
Currently underwater
Long 1 call · $590 · 30d
Cost −$6,335
Short 2 call · $620 · 30d
Premium +$7,630
Result
Stock repair
Near-zero cost. Breakeven drops from $110 to ~$105. Gains capped at $105 until repaired.
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.