Estimate the combined future value of a long call and long put across price and time.
OPTIONS TRADE
P / C
Expiration
StrategyLONG STRANGLE
Contracts1 CONTRACT
CURRENT PREMIUM—
CURRENT P/L—
CURRENT P/L %—
OPTIONS TRADE
P / C
Expiration
StrategyLONG STRANGLE
Contracts1 CONTRACT
CURRENT PREMIUM—
CURRENT P/L—
CURRENT P/L %—
Your Position
Enter the position you currently hold.
Position updates automatically
Current underlying price
$
Current call premium
$
Current put premium
$
CURRENT POSITIONUser-entered current premiums
Combined current premium—
Current position value—
Current P/L—
Current P/L percentage—
Price Scenario
Change the target price, date, and implied volatility to model what the same position could become.
Current underlying—
Target underlying—
Target timestamp—
Expiration—
IV assumption25%
Check your inputs
Current underlying price is required.
Call strike is required.
Purchase call premium is required.
Current call premium is required.
Put strike is required.
Purchase put premium is required.
Current put premium is required.
Target price is required.
Choose a target and expiration date.
Choose a valid Through Time.
ESTIMATED COMBINED VALUE—
Total position value—
Position cost basis—
Projected Outcome—
Estimated return—
P/L chart available when inputs are valid.
P/L heatmap available when inputs are valid.
Estimate only—not investment advice. Actual market prices can differ because of volatility changes, liquidity, dividends, and other market conditions.
How this calculator works
A long strangle buys an out-of-the-money call and put with one expiration to position for a substantial move in either direction.
How to use it
Enter both purchased legs from the same expiration and use the combined debit as the capital at risk. Compare the two break-even directions with the implied expected move to judge how much movement the position needs.
Formula, payoff, and assumptions
The combined cost is call premium plus put premium; each leg is valued separately and then added.
The two legs are modeled separately, then combined. The calculation does not assume that both legs can be entered or exited at the displayed theoretical value.
Practical example
Buying a $105 call and $95 put for a combined $6 needs a large move or volatility increase to offset the debit.
Reading this result
Use both break-evens to see how far price must travel in either direction. The relevant question is whether the expected move and time remaining support a move large enough to cover both premiums.
Common planning mistake
A strangle is not automatically safer because it has two legs. If price stays between the strikes while time passes, both options can lose value together.
Risk and limitations
Both legs lose time value. A quiet market near the strikes can lose the full combined premium.