Sell one lower-strike call and buy two higher-strike calls, same expiry. The extra long call gives unlimited upside if the stock rallies hard; a modest move that stalls between the strikes is the worst case. Often opened for a small credit or near-zero cost.
Premiums start as Black-Scholes model values — overwrite them with your broker’s real quotes for exact numbers.
| price | today | +4d | +8d | +11d | +15d | +19d | +23d | +26d | expiry |
|---|---|---|---|---|---|---|---|---|---|
| 130.0 | 1.6k | 1.6k | 1.6k | 1.6k | 1.6k | 1.6k | 1.6k | 1.6k | 1.6k |
| 125.0 | 1.1k | 1.1k | 1.1k | 1.1k | 1.1k | 1.1k | 1.1k | 1.1k | 1.1k |
| 120.0 | 697 | 672 | 647 | 630 | 608 | 590 | 577 | 572 | 566 |
| 115.0 | 330 | 294 | 256 | 226 | 184 | 142 | 101 | 77 | 66 |
| 110.0 | 83 | 44 | 0 | -36 | -91 | -155 | -236 | -313 | -434 |
| 105.0 | -18 | -47 | -78 | -103 | -139 | -181 | -231 | -277 | -334 |
| 100.0 | 0 | -8 | -16 | -19 | -20 | -13 | 8 | 40 | 166 |
| 95.0 | 71 | 76 | 84 | 91 | 105 | 123 | 144 | 159 | 166 |
| 90.0 | 130 | 137 | 144 | 149 | 156 | 162 | 165 | 166 | 166 |
| 85.0 | 158 | 160 | 163 | 164 | 165 | 166 | 166 | 166 | 166 |
| 80.0 | 165 | 165 | 166 | 166 | 166 | 166 | 166 | 166 | 166 |
| 75.0 | 166 | 166 | 166 | 166 | 166 | 166 | 166 | 166 | 166 |
| 70.0 | 166 | 166 | 166 | 166 | 166 | 166 | 166 | 166 | 166 |
Dollar P&L for the whole position. Pre-expiry cells are model values (constant IV); real marks will differ with volatility and skew.
An options position is a view on the company underneath. Our SEC-grounded verdicts, quality scores and filings coverage are free for every US-listed name.
Educational model, not trade advice. Options involve substantial risk and are not suitable for every investor — read the OCC’s Characteristics and Risks of Standardized Options. Model values use Black-Scholes with your inputs (constant volatility, European exercise, no dividends) and will differ from live market prices.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.