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Bearish strategy · Interactive payoff

Synthetic Short Stock payoff calculator

Market outlook Bearish

A short call and long put at the same strike approximate short-stock expiration payoff.

Interactive position

Build the legs

SideInstrumentQtyStrikePremium
Maximum profit—
Maximum loss—
Break-even—
Synthetic Short Stock 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. Buy 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.