Straddle calculator
Model a long straddle — a long call and long put at the same strike — and see its V-shaped payoff diagram instantly: both breakevens, the total premium at risk, and exactly how far the stock must move to profit. Adjust the strike and premium and watch it update live.
What it shows
V-shaped payoff
Profit grows the further the stock moves from the strike, either way.
Both breakevens
Strike plus and minus the total premium you paid.
Max loss
The total premium, if the stock finishes right at the strike.
Move needed
See exactly how big a swing is required to clear the premium.
How to use it
- 1. Open the builder — it starts you with an at-the-money long straddle on live data.
- 2. Set the strike (usually near the current price).
- 3. Adjust the total premium to match real option prices.
- 4. Read the payoff: both breakevens and the move needed to profit update live.
Common questions
How do I calculate straddle breakevens?
A long straddle buys a call and a put at the same strike. The two breakevens are the strike plus the total premium and the strike minus the total premium. You profit if the stock moves beyond either one by expiration; max loss is the total premium if it finishes at the strike.
When does a straddle make money?
A long straddle profits from a large move in either direction — it is a long-volatility bet. The bigger the move relative to the premium paid, the bigger the gain. A quiet, range-bound stock is the risk.
What is the difference between a straddle and a strangle?
A straddle uses the same strike for the call and put (usually at the money). A strangle uses out-of-the-money strikes — cheaper, but it needs a larger move to break even.
Is this financial advice?
No. ThetaViz is an educational visualization tool. It does not provide financial advice or recommendations.
Learn the concepts
The volatility concepts behind straddles and strangles.
Long Straddle
Long call and long put at the same strike for a big move either direction.
Long Strangle
OTM call plus OTM put for a cheaper volatility bet than a straddle.
Implied Volatility: What Moves Option Prices
Implied volatility (IV) in plain English: how it affects premiums, vol crush, vega, and examples on a $100 stock before earnings.
Short Straddle and Strangle Risks
Why selling straddles and strangles is dangerous for most retail traders.
Keep exploring
Compare it with the full options payoff calculator, study the implied volatility surface, or read the free guides.
ThetaViz is an educational visualization tool. Market data is for educational use only and this is not financial advice.