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Neutral strategy · Interactive payoff

Short Straddle payoff calculator

Market outlook Neutral

A short call and short put at one strike benefit when expiration stays near the strike.

Interactive position

Build the legs

SideInstrumentQtyStrikePremium
Maximum profit—
Maximum loss—
Break-even—
Short Straddle 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 1 100 call at 5 premium
  2. Sell 1 100 put at 5 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.