2:1 strap
ATMBuy two calls and one put (as shown) for a moderate bullish tilt.
Key difference: Standard weighting that balances cost against the bullish skew.
Best for: Traders who lean bullish but still want meaningful downside participation.
Volatility strategy · Advanced
Strap
Market outlook Large move, bullish tilt
Two long calls and one long put emphasize upside.
Semi-ProHigh risk30–60 days
Maximum profit—
Maximum loss—
Reward / risk—
Break-even price—
Position analyticsEarliest-expiry P&L
Valuation curveCurrent spot
Stress tableOutcomes at the valuation day
Each row reprices every live leg independently. Entry premiums stay fixed.
| Underlying price | Move | Profit / loss |
|---|
Current riskBlack–Scholes position Greeks · day 0
Dollar-scaled for each leg's quantity, multiplier, expiry, and IV. Theta is per day; vega and rho are per one percentage-point move.
Delta—
Gamma—
Theta / day—
Vega / IV pt—
Rho / rate pt—
| Leg | Delta | Theta/day | Vega |
|---|
Strike configurations
Strap variations
3:1 strap
ATMBuy three calls and one put for a stronger bullish skew.
Key difference: More pronounced bullish lean and higher cost, with even less downside participation per dollar spent.
Best for: Traders with high conviction that a large move is more likely to be a rally.
Common questions
Strap FAQ
How is a strap different from a straddle?
Comparisons
A straddle weighs the call and put equally; a strap adds extra calls, so it profits more from a rally than an equivalent decline while still retaining some downside participation.
When would I use a strap instead of just buying calls?
When to Use
A strap retains some downside exposure via the single long put, which is useful if you're mainly bullish but want to avoid being caught completely wrong-footed by a surprise selloff.
Why is this considered an advanced strategy?
Setup
It combines three option legs with an intentionally asymmetric weighting, requiring a more nuanced understanding of breakeven math and theta exposure than a standard two-leg straddle.
What happens if the stock stays flat?
Greeks & Risk
All three legs decay simultaneously since none gain meaningful intrinsic value, making this one of the more expensive ways to be wrong about direction if no move occurs.
Deep dive
Read the full Strap guide
Detailed explanations, management techniques, and real-world scenarios
Scenario Lab
Test price, time, and IV
Explore how this position changes before expiration
Quick reference
Strategy FAQ
Quick answers about when to use, capital needed, and key risks
Profit and loss
Options profit calculator
Compare max profit, max loss and break-even across common strategies
Custom calculator
Build a multi-leg options strategy
Combine calls, puts, stock, quantities and different expirations
Risk sensitivity
Calculate options Greeks
Inspect Delta, Gamma, Theta, Vega and Rho
Same market view
All volatility strategies
Every volatility structure on the site, ranked by risk and capital needed
Same experience level
Advanced strategies
Structures with a comparable learning curve to the strap
Model boundary
This calculator uses exact intrinsic value at a leg’s expiration and Black–Scholes theoretical value while that leg remains open. Position Greeks use the same visible legs and model assumptions. Results exclude fees, tax, liquidity, margin, early exercise and assignment behavior. Educational illustration only—not financial advice.