Strangle Calculator
Find both breakevens, the move needed to profit, and max risk for long and short strangles. Free, no signup.
What is Strangle?
Strangle is an options position that combines an out-of-the-money put and an out-of-the-money call at different strikes on the same expiration. A long strangle profits from a large move in either direction; a short strangle profits if the stock stays between the strikes.
This calculator maps both breakevens and the exact move the stock must make to put the trade in profit.
Your Strangle
Auto-fill live premiums for any ticker on the options calculator, or check IV rank first on the IV calculator.
The Trade
How the Strangle Calculator Works
A strangle uses two out-of-the-money strikes — a put below the stock and a call above it. Because both options start out of the money, the position costs less than an at-the-money straddle, but the stock has to travel further before it profits.
The calculator adds the two premiums to get total cost, then projects the position's value across every stock price at expiration. Lower breakeven = put strike − total premium; upper breakeven = call strike + total premium. A long strangle profits outside that band; a short strangle profits inside it.
Compare the required move against the expected move the market is pricing. If the long strangle's breakevens sit inside the expected move, the trade has a realistic shot; if they sit outside it, the option needs an outsized surprise to pay off.
Frequently Asked Questions
What is a strangle calculator?
A tool that finds the two breakeven prices, max profit, max loss and required move for a strangle — an OTM put plus an OTM call at different strikes. It works for both long and short strangles.
How do you calculate strangle breakevens?
Lower breakeven = put strike − total premium; upper breakeven = call strike + total premium. The stock must close outside that band for a long strangle to profit, and inside it for a short strangle.
Long vs short strangle — which should I use?
A long strangle (debit) profits from a big move with limited risk; a short strangle (credit) profits from a quiet stock with undefined risk. Your volatility outlook decides — long when you expect IV to expand, short when you expect it to contract.
Strangle or straddle?
A strangle is cheaper than a straddle because both legs are out of the money, but it needs a larger move to profit. Use a strangle when you want a wider profit zone (short) or a lower-cost bet on a big move (long). Check IV rank before selling one.