Strategy group · 11 positions
Neutral strategies
Structures centered on a range or target price
Structures for stable or consolidating markets
Short Straddle
Short call and put at same strike benefit from flatness.
Open calculator ↗NeutralShort Strangle
Short OTM call and put create wider profit region.
Open calculator ↗Range-bound with upside risk toleranceShort Strap
Two short calls and one short put at one strike collect elevated premium, with risk skewed to the upside.
Open calculator ↗Range-boundIron Condor
Defined-risk put and call spreads create profit range.
Open calculator ↗Near one priceIron Butterfly
Short straddle with protective wings defining risk/reward.
Open calculator ↗Near one priceLong Call Butterfly
Three-strike call structure concentrates payoff at middle.
Open calculator ↗Near one priceLong Put Butterfly
Three-strike put structure concentrates payoff at middle.
Open calculator ↗Near the strikeCall Calendar Spread
Same-strike calls valued at the near-term expiry.
Open calculator ↗Near the strikePut Calendar Spread
Same-strike puts valued at the near-term expiry.
Open calculator ↗Protected rangeCollar
Long shares with put floor and call ceiling.
Open calculator ↗Range-boundShort Guts
Short ITM call and put seek limited movement.
Open calculator ↗What the calculator includes
Expiry-aware modelling. Same-expiry lines use intrinsic value; mixed-expiry lines value the position at the earliest expiry while later legs retain theoretical value.
Editable legs. Change side, instrument, quantity, strike or premium; add and remove legs without an account.
Model boundary. Live legs use European Black–Scholes with their own DTE and IV. Results exclude fees, tax, liquidity, early assignment and American exercise behavior.