Buy a low call, sell two closer calls, buy a high call — all calls, same expiry. The payoff forms a flat-topped plateau: maximum profit whenever the stock lands between the two short strikes, with risk defined and limited to the small net debit paid.
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 | -232 | -233 | -235 | -235 | -236 | -236 | -236 | -236 | -236 |
| 125.0 | -223 | -227 | -230 | -232 | -234 | -236 | -236 | -236 | -236 |
| 120.0 | -203 | -209 | -215 | -220 | -226 | -232 | -235 | -236 | -236 |
| 115.0 | -162 | -168 | -176 | -183 | -195 | -209 | -224 | -233 | -236 |
| 110.0 | -99 | -100 | -103 | -106 | -114 | -128 | -151 | -180 | -236 |
| 105.0 | -33 | -24 | -14 | -6 | 6 | 18 | 31 | 40 | 64 |
| 100.0 | -1 | 14 | 32 | 48 | 74 | 109 | 158 | 208 | 264 |
| 95.0 | -32 | -23 | -13 | -5 | 7 | 20 | 34 | 44 | 64 |
| 90.0 | -109 | -112 | -116 | -120 | -130 | -145 | -168 | -195 | -236 |
| 85.0 | -183 | -190 | -197 | -204 | -213 | -223 | -232 | -235 | -236 |
| 80.0 | -222 | -226 | -229 | -232 | -234 | -235 | -236 | -236 | -236 |
| 75.0 | -234 | -235 | -235 | -236 | -236 | -236 | -236 | -236 | -236 |
| 70.0 | -236 | -236 | -236 | -236 | -236 | -236 | -236 | -236 | -236 |
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for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security.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.