Construct any multi-leg options position, then see its payoff, Greeks, mark-to-market path and probability profile.
Neutral. Sell strangle, buy wings for defined max loss. Use when a name is likely to stay range-bound through a known low-catalyst stretch, such as fading elevated IV after an earnings crush. Collects premium on the short strangle while the long wings cap tail risk, expressing a volatility-selling view without directional exposure.
Dividend yield is not sourced automatically. Enter the continuous yield for dividend payers (default 0).
| Type | Direction | Strike / Cost Basis | Premium | Qty | Implied vol | |
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Payoff shown per strategy (1 contract = 100 shares). Greeks, mark-to-market curves and probabilities use Black-Scholes with European exercise and a continuous dividend yield. Each leg's implied vol is solved from the premium you enter and held flat as spot moves (no skew or vol-surface dynamics). Probabilities are risk-neutral, at the vol of the option nearest spot, and describe what options are pricing rather than a forecast. The risk-free rate is the interpolated Treasury par yield in continuous compounding, not SOFR/OIS. Time to expiry counts calendar days (ACT/365). Does not include commissions, assignment risk, or early exercise.