Strategy group · 7 positions
Volatility strategies
Structures shaped around the size of a move
Structures for high or expected market swings
Long Straddle
Long call and put at same strike benefit from large move.
Open calculator ↗Large move either wayLong Strangle
Out-of-money call and put seek large move.
Open calculator ↗Large move, bearish tiltStrip
One long call and two long puts emphasize downside.
Open calculator ↗Large move, bullish tiltStrap
Two long calls and one long put emphasize upside.
Open calculator ↗Large move either wayReverse Iron Condor
Bear put and bull call spreads seek movement beyond wings.
Open calculator ↗Large move either wayReverse Iron Butterfly
Long spreads centered on strike seek movement from body.
Open calculator ↗Large move either wayLong Guts
In-the-money call and put create two-sided volatility.
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.