Volatility

Long Straddle Calculator

Buy a call and a put at the same strike to profit from a large move either way.

The stock

Everything else is measured against this price.

Ticker

Enter a ticker to pull the live stock price automatically.

Current stock price

Filled from the live quote when you enter a ticker. You can still edit it.

Target price (optional)

Where you think the stock will be. Adds a marker to the chart.

Calculate as of

Today, unless you are modelling a past or future entry.

The contracts

Premiums are per share, the way they are quoted. One contract covers 100 shares.

Long callYou pay
Strike
Premium per shareCalculated by a model
Model estimate, not a quote
Expiration
45 days
Contracts
100 shares of exposure
Implied volatility
Leave blank and it is solved from the premium you entered.
Long putYou pay
Strike
Premium per shareCalculated by a model
Model estimate, not a quote
Expiration
45 days
Contracts
100 shares of exposure
Implied volatility
Leave blank and it is solved from the premium you entered.

Rates, dividends and costs4.00% rate · 0.00% yield

Risk-free rate

Roughly the Treasury yield matching your expiration.

Dividend yield

Annual, continuous. Raises put values and lowers call values.

Commission per contract

Charged per leg, both to open and to close.

Commission per order

Exchange and regulatory fees

Per contract. Usually a few cents.

Assumed slippage

Per share, applied against you on entry.

Execution assumption

Set every expiration to

Theoretical ModePremiums on this page were generated by the Black-Scholes-Merton model from the volatility and rate you supplied. They are not quotes, and no contract is being offered at these prices.Theoretical

Profit and loss

The solid line is the exact payoff at expiration. Move the sliders to see the position before then.

Hover, tap or use arrow keys to read the curve

At expiration
Today (model estimate)
Breakeven
Current price

Profit and loss at expiration, from a stock price of 79.35 to 120.65. Profit ranges from −$840.30 to +$1,225.00.
Stock price	Profit or loss
79.35	+$1,225.00
81.07	+$1,052.89
82.79	+$880.78
84.51	+$708.67
86.23	+$536.57
87.95	+$364.46
89.67	+$192.35
91.39	+$20.24
92.77	−$117.45
94.49	−$289.55
96.21	−$461.66
97.93	−$633.77
99.66	−$805.88
101.38	−$702.61
103.10	−$530.50
104.82	−$358.40
106.54	−$186.29
108.26	−$14.18
109.64	+$123.51
111.36	+$295.62
113.08	+$467.72
114.80	+$639.83
116.52	+$811.94
118.24	+$984.05
119.96	+$1,156.16

DateAug 5, 2026 · 45d left

Drag towards expiration to watch time value drain out of the position.

Volatility shiftAs entered

Shifts every leg's implied volatility. Changes the Greeks and every date before expiration.

Result

Measured at Sep 19, 2026 · 45 days to expiration

Theoretical

Maximum loss

-$840.30

The worst case at expiration, including fees.

Maximum profit

Unlimited

Profit rises with the stock and has no ceiling.

Net debit paid

$840.30

Paid out of your account when the position is opened.

Breakeven

91.60 · 108.40

The position is profitable between these prices.

Cash required

$840.30

A debit position is fully paid for at entry, so the cost is the requirement.

Commissions and fees

$1.30

To open. Closing costs are not included.

At today's price

−$840.30

If the stock finished expiration exactly where it is now.

Target price

Not set

Enter one to see the profit at a specific price.

Probability

Model estimates, not forecasts. The assumptions behind each number are stated in full.

Chance of any profit

42.4%

Assumes a lognormal terminal price (geometric brownian motion), the same distribution black-scholes assumes with volatility of 30.0% and risk-neutral drift. Real returns have fatter tails than this model assumes, and volatility itself changes. Other tools quote different numbers mainly because they assume a different volatility or a different expected drift.

Greeks

How the position responds to price, time, volatility and rates, for the whole position rather than a single contract.

delta: 7.92; share equivalents; How many shares this position behaves like. A delta of 50 gains roughly $50 for every $1 the stock rises.
gamma: 7.5372; delta per $1 move; How quickly delta changes. High gamma means the position gets directional fast as the stock moves.
theta: −9.29; dollars per day; What time decay costs or earns each calendar day, if nothing else changes.
vega: 27.88; dollars per 1% of volatility; What a one percentage point change in implied volatility is worth to this position.
rho: −0.06; dollars per 1% of rates; What a one percentage point change in interest rates is worth. Usually the smallest of the five.

Profit on this position is theoretically unlimited, so no maximum profit figure is shown. Any specific number would be an assumption about how far the stock can rise.

Profit table

Every combination of price and date, so you can see the position from any angle at once.

Profit / loss ($) by stock price and date. Rows are stock prices, columns are dates, and the final column is expiration.
Stock price	Aug 5, 2026estimate	Aug 13, 2026estimate	Aug 20, 2026estimate	Aug 28, 2026estimate	Sep 4, 2026estimate	Sep 12, 2026estimate	ExpirationSep 19, 2026
125.00	+$1,721.55	+$1,706.34	+$1,695.05	+$1,684.28	+$1,676.16	+$1,667.37	+$1,659.70
122.50	+$1,480.07	+$1,461.47	+$1,447.72	+$1,435.07	+$1,426.26	+$1,417.37	+$1,409.70
120.00	+$1,243.62	+$1,220.33	+$1,202.87	+$1,186.93	+$1,176.59	+$1,167.37	+$1,159.70
117.50	+$1,014.62	+$985.18	+$962.39	+$941.09	+$927.62	+$917.38	+$909.70
115.00	+$796.37	+$759.26	+$729.31	+$699.89	+$680.56	+$667.45	+$659.70
112.50	+$593.08	+$547.04	+$508.15	+$467.39	+$438.18	+$417.93	+$409.70
110.00	+$409.91	+$354.25	+$305.13	+$250.09	+$206.15	+$170.44	+$159.70
107.50	+$252.76	+$187.78	+$128.20	+$57.31	−$5.52	−$69.02	−$90.30
105.00	+$127.94	+$55.22	−$13.45	−$99.13	−$181.79	−$284.18	−$340.30
102.50	+$41.52	−$35.93	−$110.47	−$206.37	−$304.16	−$443.74	−$590.30
100.00now	−$1.37	−$79.34	−$154.90	−$253.17	−$355.35	−$508.91	−$840.30
97.50	+$2.65	−$71.04	−$141.92	−$233.04	−$325.79	−$457.60	−$590.30
95.00	+$54.50	−$10.31	−$71.24	−$146.67	−$218.44	−$304.04	−$340.30
92.50	+$152.36	+$99.86	+$52.54	−$2.21	−$48.22	−$88.13	−$90.30
90.00	+$291.73	+$253.22	+$220.72	+$187.03	+$164.08	+$153.53	+$159.70
87.50	+$466.06	+$441.24	+$422.41	+$406.25	+$399.34	+$402.18	+$409.70
85.00	+$667.75	+$654.70	+$646.70	+$642.75	+$644.69	+$652.04	+$659.70
82.50	+$889.17	+$885.08	+$884.53	+$887.71	+$893.53	+$902.03	+$909.70
80.00	+$1,123.64	+$1,125.59	+$1,129.46	+$1,136.13	+$1,143.31	+$1,152.03	+$1,159.70
77.50	+$1,365.96	+$1,371.49	+$1,377.63	+$1,385.72	+$1,393.28	+$1,402.03	+$1,409.70
75.00	+$1,612.54	+$1,619.94	+$1,627.06	+$1,635.64	+$1,643.28	+$1,652.03	+$1,659.70

Every column before expiration is a model estimate that assumes implied volatility stays where it is today. Only the expiration column is arithmetic rather than a forecast.

Notes on the long straddle

Two breakevens: the strike plus and minus the total premium.
Implied volatility usually falls right after the event, which can lose money even when the stock moves.

Max loss: -$840.30
Max profit: Unlimited
Breakeven: 91.60 · 108.40

How a long straddle works

You buy both a call and a put at the same strike and expiration. Direction does not matter, but size does: the move has to exceed the combined premium.

When traders use it

Before an event that could move the stock sharply, when you do not know which way.