SPYEQUITY
—NO QUOTE
Equities
Futures
% r
% q

Long Strangle 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.

Buy an out-of-the-money call above the market and an out-of-the-money put below it. Both are cheaper than the at-the-money contracts a straddle uses, so the same capital buys more of them — and the gap between the strikes has to be crossed before a cent is earned. It is the choice when a large move is expected but the timing or the size of it does not justify a straddle. The strike gap is the whole decision, wider being cheaper and needing more. Set both strikes and the days here, then compare the breakevens against how far this name has actually moved in past windows of the same length.

The full Long Strangle guide, worked example and FAQs →

Two legs, two different strikes, same expiry — priced as a single multi-leg order the same way a vertical is. Because both legs are out of the money, this is cheaper to enter than a straddle at the same expiry but more sensitive to exactly where the strikes sit relative to the current price; moving either strike one increment closer to the money raises the cost more than it raises the odds of finishing in it. Match the strikes by delta rather than by a round dollar distance from spot to keep the position close to direction-neutral.

Sizing and account notes

Cheaper than the straddle at the same expiry, which lets an account hold more contracts for the same capital — but the dead zone between the strikes is wide, and sizing up to compensate for the lower per-unit cost does not change the odds of finishing inside it. Matching the two legs by delta rather than by a fixed dollar distance from spot keeps the position close to direction-neutral on a skewed underlying, which a naive equal-distance choice will not. As with the straddle, most of the premium is lost to a quiet week rather than to being wrong about direction.

Common mistake. The common mistake is choosing the two strikes by a round dollar distance from spot rather than by delta, which quietly biases the position toward one direction on a skewed underlying.

At a glance

Legs
2
Market view
Volatility — direction-agnostic
Opened for
Debit
What bounds the profit
Uncapped on a large move either way
What bounds the loss
Limited to the combined debit

The order ticket, from the worked example

#ActionInstrumentStrike
1BuyCall520
2BuyPut480

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.

QQQ at expiryP&L
430$3650.00
470-$350.00
500-$1350.00
520-$1350.00
560$2650.00
600$6650.00

How this compares with related strategies

StrategyMarket viewOpened forLegs vs. this one
Long StraddleVolatility — direction-agnosticDebitsame
Iron CondorNeutral — range-boundCredit+2
Risk ReversalBullish — leveraged, undefined riskDebit or creditsame
Calendar SpreadNeutral — long volatility of timeDebitsame