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Neutral strategy · Interactive payoff

Short Guts payoff calculator

Market outlook Range-bound

Short in-the-money call and put legs seek limited movement between separated strikes.

Interactive position

Build the legs

SideInstrumentQtyStrikePremium
Maximum profit—
Maximum loss—
Break-even—
Short Guts payoff at expirationPayoff changes across possible underlying prices based on the editable legs below.
Profit / loss at expirationPer complete position · 100 shares per option contract
Expiration scenarios
Price at expiryMoveProfit / loss

Position structure

Default legs

  1. Sell 1 90 call at 12 premium
  2. Sell 1 110 put at 12 premium

Reading the result

Expiration payoff only

The graph recalculates from the visible legs. It is not a price forecast and does not model outcomes before expiration.

Model boundary

This calculator uses intrinsic value at expiration and entered premiums. It excludes implied volatility, Greeks, time decay before expiration, fees, tax, dividends, liquidity, margin, assignment and exercise behavior. Educational illustration only—not financial advice.