Sell an at-the-money straddle and buy an out-of-the-money put and call as wings. A large credit with defined risk — the income cousin of the iron condor, concentrated at the current price.
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 | -272 | -274 | -276 | -276 | -277 | -278 | -278 | -279 | -279 |
| 125.0 | -262 | -267 | -271 | -273 | -276 | -278 | -278 | -279 | -279 |
| 120.0 | -238 | -246 | -254 | -259 | -267 | -274 | -278 | -279 | -279 |
| 115.0 | -191 | -199 | -209 | -218 | -232 | -249 | -266 | -276 | -279 |
| 110.0 | -117 | -119 | -123 | -128 | -138 | -156 | -186 | -221 | -279 |
| 105.0 | -38 | -28 | -16 | -7 | 6 | 20 | 32 | 35 | 21 |
| 100.0 | 0 | 18 | 39 | 58 | 90 | 134 | 198 | 272 | 521 |
| 95.0 | -37 | -27 | -16 | -7 | 7 | 21 | 33 | 35 | 21 |
| 90.0 | -130 | -133 | -139 | -145 | -157 | -177 | -206 | -237 | -279 |
| 85.0 | -216 | -224 | -234 | -242 | -253 | -265 | -274 | -278 | -279 |
| 80.0 | -261 | -266 | -270 | -273 | -276 | -277 | -278 | -279 | -279 |
| 75.0 | -274 | -275 | -276 | -277 | -278 | -278 | -278 | -279 | -279 |
| 70.0 | -276 | -276 | -277 | -277 | -278 | -278 | -278 | -279 | -279 |
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for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security.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.