# Strangle Calculator: Options Profit & Loss Chart > Strangle calculator: chart the profit and loss of a long strangle, today and at expiration, with both breakevens and end-of-day option prices. Data as of Oct 20, 2026 (end of day). **Data is delayed**: the latest session is Nov 10, 2026. [Subscribe](https://www.optionistics.com/subscribe) to get the latest end-of-day data. Stock at **524.36**. Build a position of up to 8 option legs plus stock; the chart shows P/L today and at expiration. ## Settings | Field | Value | |---|---| | Stock price | 524.36 | | Solve For | Price Change | | Valuation date | Oct 20, 2026 | | Model | European | | Rate % | 3.88 | | Volatility | Leg IV (each leg's implied volatility) | | Hist Vol | 0.1235 | | Indexed IV | 0.1513 | | Div Amt | - | | Ex-Date | - | | Frequency | Quarterly | ## Position | Expiry | Strike | P/C | Quan | Side | Cost | TPrice | Vol | Delta | Gamma | Theta | Vega | Rho | |---|---:|---|---:|---|---:|---:|---:|---:|---:|---:|---:|---:| | 2026-10-23 | 525.00 | Call | 1 | Long | 2.7300 | 2.8077 | 0.1601 | 0.4781 | 0.0523 | -0.5317 | 0.1894 | 0.0204 | | 2026-10-23 | 523.00 | Put | 1 | Long | 2.0000 | 1.9313 | 0.1386 | -0.4058 | 0.0589 | -0.4029 | 0.1843 | -0.0176 | **Cost** is the entry price per share, **TPrice** the theoretical value on the valuation date, **Vol** the volatility it is priced with; Greeks are per share (short legs negative). Quantities are contracts of 100 shares, or shares for the stock leg. ### Position totals ($) | Cost | Value | P/L | Delta | Gamma | Theta | Vega | Rho | |---:|---:|---:|---:|---:|---:|---:|---:| | 473.00 | 473.90 | 0.90 | 7.23 | 11.12 | -93.46 | 37.37 | 0.28 | Cost is the net debit paid (negative: a net credit), Value the position's theoretical value on the valuation date, P/L the difference; Greeks are position totals in shares. ## Profit and loss Breakevens: none; the P/L line does not cross zero on the chart. P/L by stock price from 262.18 to 781.13 (the chart spans 50% either side of the stock price; narrow it with `factor`, e.g. `factor=0.1` for 10%), every 4th of its 97 points. At expiration, over the charted range, P/L runs from **-338.71** (at 521.66) to **25,609.00** (at 262.18). | Stock price | P/L on Oct 20, 2026 | P/L at expiration | |---:|---:|---:| | 262.18 | 25,592.32 | 25,609.00 | | 283.80 | 23,430.01 | 23,446.69 | | 305.43 | 21,267.71 | 21,284.38 | | 327.05 | 19,105.40 | 19,122.07 | | 348.67 | 16,943.09 | 16,959.76 | | 370.30 | 14,780.78 | 14,797.45 | | 391.92 | 12,618.47 | 12,635.14 | | 413.54 | 10,456.16 | 10,472.84 | | 435.16 | 8,293.85 | 8,310.53 | | 456.79 | 6,131.54 | 6,148.22 | | 478.41 | 3,969.23 | 3,985.91 | | 500.03 | 1,807.04 | 1,823.60 | | 521.66 | 22.11 | -338.71 | | 543.28 | 1,374.21 | 1,355.02 | | 564.90 | 3,534.07 | 3,517.33 | | 586.53 | 5,696.38 | 5,679.64 | | 608.15 | 7,858.69 | 7,841.95 | | 629.77 | 10,021.00 | 10,004.26 | | 651.40 | 12,183.31 | 12,166.57 | | 673.02 | 14,345.62 | 14,328.88 | | 694.64 | 16,507.93 | 16,491.19 | | 716.26 | 18,670.23 | 18,653.49 | | 737.89 | 20,832.54 | 20,815.80 | | 759.51 | 22,994.85 | 22,978.11 | | 781.13 | 25,157.16 | 25,140.42 | ## About the Strangle The calculator opens with a long strangle in the nearest expiration: one call at the next strike above the money and one put at the next strike below it, both bought. A strangle costs less than a straddle but needs a bigger move to pay off. The most it can lose is the total premium paid, with the stock between the two strikes at expiration. The breakevens at expiration are the call strike plus the total premium and the put strike minus it. To find candidates, use the [Long Strangles Screener](https://www.optionistics.com/screener/long-strangles.md). ### Other strategy calculators - [Long Call Calculator](https://www.optionistics.com/calculators/long-call-calculator.md) - [Long Put Calculator](https://www.optionistics.com/calculators/long-put-calculator.md) - [Bull Call Spread Calculator](https://www.optionistics.com/calculators/bull-call-spread-calculator.md) - [Bear Call Spread Calculator](https://www.optionistics.com/calculators/bear-call-spread-calculator.md) - [Bull Put Spread Calculator](https://www.optionistics.com/calculators/bull-put-spread-calculator.md) - [Bear Put Spread Calculator](https://www.optionistics.com/calculators/bear-put-spread-calculator.md) - [Straddle Calculator](https://www.optionistics.com/calculators/straddle-calculator.md) - [Covered Call Calculator](https://www.optionistics.com/calculators/covered-call-calculator.md) - [Covered Put Calculator](https://www.optionistics.com/calculators/covered-put-calculator.md) - [Calendar Call Spread Calculator](https://www.optionistics.com/calculators/calendar-call-spread-calculator.md) - [Calendar Put Spread Calculator](https://www.optionistics.com/calculators/calendar-put-spread-calculator.md) - [Diagonal Call Spread Calculator](https://www.optionistics.com/calculators/diagonal-call-spread-calculator.md) - [Diagonal Put Spread Calculator](https://www.optionistics.com/calculators/diagonal-put-spread-calculator.md) ## How to use Enter the position with query parameters. Option legs are `legs[N][field]`, N counting from 0, up to 4 legs ([subscribe](https://www.optionistics.com/subscribe) for 8): `expiry` (YYYY-MM-DD, required), `strike` (required), `putcall` (C or P), `side` (long or short), `quantity` (contracts, 1-1000), `cost` (entry price per share; default the contract's theoretical price), `ivol` (volatility override, decimal), `hidden` (1 leaves the leg out of the totals and chart). A stock leg: `stock[side]`, `stock[quantity]` (shares), `stock[cost]`. Or start from a `preset`: bull-call, bear-call, bull-put, bear-put, straddle, strangle, covered-call, covered-put, calendar-call, calendar-put, diagonal-call, diagonal-put, single-call, single-put. Pricing: `rate` (percent), `model` (a American, e European; default American when a dividend is set), `voltype` (0 slider, 1 indexed IV, 2 historical IV, 3 each leg's IV), `ivSlider` (1-400, with voltype 0), `dividend` (next dividend, dollars), `exDate` (YYYY-MM-DD), `frequency` (0 none, 12, 4, 2 or 1 a year). Chart: `solveFor` (p price change, dl days left), `factor` (price range either side of the stock price, 0.01-1, default 0.5), `dateOffset` (price change: value on the report date plus dateOffset + 1 days; default -1, the report date), `sliderPrice` (days left: the stock price to value at). This position: `/calculators/stock-option-calculator/DIA.md?legs[0][expiry]=2026-10-23&legs[0][strike]=525&legs[0][putcall]=C&legs[0][side]=long&legs[0][quantity]=1&legs[0][cost]=2.73&legs[1][expiry]=2026-10-23&legs[1][strike]=523&legs[1][putcall]=P&legs[1][side]=long&legs[1][quantity]=1&legs[1][cost]=2`. A preset: `/calculators/stock-option-calculator/DIA.md?preset=straddle`. With curl, pass `-g` (or encode the brackets as %5B and %5D). ## More for DIA - [Quote](https://www.optionistics.com/quotes/stock-quotes/DIA.md) - [Option chain](https://www.optionistics.com/quotes/stock-option-chains/DIA.md) - [Price history](https://www.optionistics.com/quotes/stock-prices/DIA.md) - [10 day snapshot](https://www.optionistics.com/snapshot.md?symbol=DIA) - [Strike Pegger (max pain)](https://www.optionistics.com/quotes/strike-pegger/DIA.md) - [Volatility skew](https://www.optionistics.com/screener/volatility-skew/DIA.md) - [Put/call ratio](https://www.optionistics.com/screener/put-call-ratio/DIA.md) - [Trade finder](https://www.optionistics.com/screener/stock-trade-finder/DIA.md) - [Probability calculator](https://www.optionistics.com/calculators/probability-calculator.md?symbol=DIA) --- From [Optionistics](https://www.optionistics.com), options analytics since 2005. Site map for AI agents: https://www.optionistics.com/llms.txt