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OPTIONS VALUE ESTIMATOR

Options Strangle Profit Calculator

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 %—

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 a long strangle works

A long strangle combines an out-of-the-money call and an out-of-the-money put with the same expiration. It can benefit from a substantial move in either direction, while the combined premiums define the maximum loss if both legs expire worthless.

Implied volatility, time decay, and projected value

Higher implied volatility generally increases the theoretical values of both legs. Time decay reduces their remaining time value as expiration approaches, so the underlying must move enough—or volatility must increase enough—to overcome the combined cost basis.

Understanding combined scenarios

SwellStrike calculates both option legs under the same future stock price, target date, volatility assumption, and interest rate. Their theoretical values are combined before calculating the position's projected value and profit or loss.

Compare other option strategies

Use SwellStrike's dedicated calculators to compare price-and-date scenarios for other position types.