Member tool
Short Strangle Visualizer
Sell a put below and a call above the market — on stocks, ETFs, or futures. See your total credit, both breakevens, and what happens if the market runs either way.
Your trade
Type in the numbers from your broker screen. Everything updates as you type.
Stock or ETF price — or the futures price if you're trading futures.
Enter a price above zero.
Short put
Enter a strike above zero.
Enter a premium of zero or more.
Short call
Enter a strike above the put strike.
Enter a premium of zero or more.
How many dollars each point of price is worth. Stock and ETF options are ×100 shares — set this to 100 for those. Futures differ: 50 for ES, 20 for NQ, 125,000 for 6E, 1,000 for crude oil (CL). Your broker shows the multiplier on the contract.
Enter a multiplier above zero.
How many days until both options expire.
Enter zero or more days.
Profit / loss at expiry
In dollars, depending on where the underlying finishes on expiry day.
How the math worksEvery formula, in one line each
Short Strangle Visualizer: questions
Straight answers about the trade this tool maps.
What is a short strangle?
Selling an out-of-the-money put and an out-of-the-money call on the same market and expiry. You collect both premiums and profit as time passes, as long as the market stays between your strikes. It is our core futures income trade — see selling options on futures.
How are the breakevens on a short strangle calculated?
The lower breakeven is the put strike minus the combined premium, and the upper breakeven is the call strike plus it. Between them the trade profits at expiry; outside them it loses money — and that loss has no floor or ceiling.
Why is the risk on a short strangle uncapped?
Nothing caps either side. If the market rallies hard, the short call keeps losing; if it falls hard, the short put does. That is the bargain for the widest profit zone of any premium trade. A capped alternative is compared in iron condors vs strangles.
Can I use this for futures options?
Yes. Set dollars per point to the contract's multiplier: stock and ETF options are 100, while futures carry their own, such as 50 for ES or 20 for NQ. Your broker shows the multiplier on the contract. Margin is set by your broker and is not estimated here.
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