Own 100 shares, buy a protective put and sell a call to pay for it. Losses stop at the put strike, gains stop at the call strike — a defined band, often for little or no net premium.
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 | 978 | 987 | 994 | 1000 | 1.0k | 1.0k | 1.0k | 1.0k | 1.0k |
| 125.0 | 960 | 972 | 984 | 993 | 1.0k | 1.0k | 1.0k | 1.0k | 1.0k |
| 120.0 | 913 | 932 | 952 | 966 | 984 | 1.0k | 1.0k | 1.0k | 1.0k |
| 115.0 | 813 | 839 | 867 | 888 | 918 | 951 | 984 | 1.0k | 1.0k |
| 110.0 | 632 | 660 | 689 | 714 | 750 | 790 | 839 | 886 | 1.0k |
| 105.0 | 354 | 374 | 396 | 414 | 439 | 467 | 495 | 515 | 526 |
| 100.0 | 0 | 5 | 10 | 13 | 18 | 22 | 25 | 26 | 26 |
| 95.0 | -372 | -383 | -395 | -405 | -421 | -439 | -457 | -469 | -474 |
| 90.0 | -685 | -702 | -722 | -739 | -764 | -793 | -829 | -863 | -974 |
| 85.0 | -884 | -898 | -912 | -923 | -938 | -953 | -967 | -974 | -974 |
| 80.0 | -975 | -978 | -982 | -983 | -984 | -984 | -981 | -978 | -974 |
| 75.0 | −1.0k | -999 | -996 | -993 | -990 | -986 | -981 | -978 | -974 |
| 70.0 | −1.0k | −1.0k | -997 | -994 | -990 | -986 | -981 | -978 | -974 |
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for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security.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.