Strangle Calculator
A long strangle buys an OTM call and put at different strikes. Enter strikes, premiums and an expiry price to estimate PnL.
Results
Fill in the inputs and click Calculate.
- Expiry PnL
- –
- Max Loss
- –
- Lower Break-Even
- –
- Upper Break-Even
- –
Risk disclaimer
This calculator shows theoretical single-settlement PnL (USDT/contract) excluding fees. Strangles are IV/time sensitive.
Strangle vs straddle
A strangle uses cheaper wings further from spot, also betting on a big move but needing a larger expiry offset to profit.
Between the strikes the max loss equals the total premium; break-evens sit on both sides.
How to use
- Enter the put and call strikes (put lower).
- Enter both premiums and your expected expiry price.
- Click Calculate to see expiry PnL, max loss and both break-evens.
Formula
- Total = Put + Call Premium
- E < PutK: PnL = PutK − E − Total
- E > CallK: PnL = E − CallK − Total
- BE = PutK − Total / CallK + Total
Example
PutK 95 @2, CallK 105 @2 (total 4): expiry 80 → PnL = 15−4 = 11; expiry 100 → −4.
Break-even band [91, 109].
FAQ
How to pick strikes?
Further OTM is cheaper but needs a bigger move. Place legs per your expected range.
Per contract?
Yes, premiums and PnL are per contract and exclude fees.