SPYEQUITY
—NO QUOTE
Equities
Futures
% r
% q

Jade Lizard Calculator

How this strategy works →
AssistantPRO
Type a trade in plain English. A fine-tuned model returns the symbol, structure, expiry and size — never a strike or a price.
RECORDED EXAMPLE1/3
“bull call spread on NVDA, 30 days, 2 contracts”
NVDAEQUITYBull Call Spread30d2×
Not a live answer. Captured from api.optionsandfuturescalculator.com on 2026-08-11 and replayed here — the assistant did not run just now. Type your own above and press Parse for a real one.
Trained on ES and NQ futures only — commodity roots are refused, not guessed.A bare futures directive (“Long NQ, 45 days”) often returns no parameters.Exercise style and averaging come from a keyword scan of your words.
Strategy47
Single-leg calls and puts are free
Spreads, straddles, condors, butterflies and futures spreads need Pro. 7 days free, then $9.99/month or $99/year.
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Ticket
Averaging
Debit · 1 × 100—
Position · 0 legs
No legsSelect strikes from the option chain to build a position.
Exercise & Averaging
Exercise
Dividend yield is not modelled on this tree (drift is r − σ²/2). The strategy panel prices with a dividend yield; this panel does not.
Averaging
No resultPick a strike with a live quote to price the tree.
Saved
Nothing saved yetBuild a position, name it, and it will be here next time.
Probability Distribution
No distribution yetThe curve needs a live spot, an implied volatility off the option chain, and a real expiry. Add priced legs to draw it.
P&L matrixprice × date
price–
No grid yetAdd priced legs to compute P&L across price and date.
P&L surfaceprice × date × profit
Surface offTurn on 3D to see the position as a height field.
Option Chain
Outcome
No resultRun a calculation to see outcome, probability and Greeks.

A short out-of-the-money put alongside a short call spread above the market. What defines it is an arithmetic rule rather than a shape: collect a total credit at least as large as the width of the call spread and there is no upside risk at all, because the credit already covers the most that spread can lose. One exposure is left — the underlying falling through the short put — and it is the exposure somebody willing to own the shares has already accepted. Price the three legs here and test the credit against the call-spread width first; below it, the property the structure is chosen for simply is not there.

The full Jade Lizard guide, worked example and FAQs →

Three legs on one ticket: a short put and a call spread, usually entered as two separate combined orders rather than one three-leg ticket, since few platforms bundle a put with a call spread automatically. The credit rule — total credit at least the call spread's width — has to be checked against the actual fill prices, not the mid-quotes used to plan the trade, because a wide market on either leg can leave the position short the rule by the time it fills. Re-verify it after any partial fill before treating the upside as covered.

Sizing and account notes

Re-verify the credit rule (total credit at least the call spread's width) using actual fill prices before treating the upside as covered — a rule checked only against mid-quotes can be satisfied on screen and violated the moment the order fills in a moving market. Many traders choose the short put strike first, at a level they would accept owning the stock, and only then size the call spread to meet the credit rule, rather than optimizing the call spread and hoping the put strike works out. This is typically approved at the account tier for a cash-secured put plus a defined-risk spread, since the two components carry different requirements.

Common mistake. The common mistake is checking the credit rule against the mid-quotes used to plan the trade rather than against the prices it actually filled at, which can silently reopen the upside risk the structure was chosen to remove.

At a glance

Legs
3
Market view
Neutral to bullish — income
Opened for
Credit
What bounds the profit
Capped: the total credit received
What bounds the loss
Open below the short put, to zero

The order ticket, from the worked example

#ActionInstrumentStrike
1SellPut160
2SellCall190
3BuyCall195

Payoff at expiry, across a price grid

Computed from the same strikes and net premium as the worked example above — not a simulation, the closed-form payoff evaluated at each price.

NVDA at expiryP&L
140-$1575.00
155-$75.00
170$425.00
190$425.00
195-$75.00
210-$75.00

How this compares with related strategies

StrategyMarket viewOpened forLegs vs. this one
Bear Call SpreadBearish to neutral — incomeCredit-1
Cash-Secured PutNeutral to bullish — income or acquisitionCredit-2
Iron CondorNeutral — range-boundCredit+1
Bull Put SpreadBullish to neutral — incomeCredit-1