Sell an out-of-the-money put spread and call spread simultaneously. Collects a net credit that is kept in full if the stock stays between the short strikes; the wings cap the risk on both sides.
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 | -297 | -300 | -302 | -303 | -305 | -305 | -306 | -306 | -306 |
| 125.0 | -284 | -289 | -294 | -297 | -301 | -304 | -305 | -306 | -306 |
| 120.0 | -253 | -261 | -269 | -276 | -286 | -295 | -303 | -305 | -306 |
| 115.0 | -198 | -205 | -214 | -222 | -236 | -253 | -275 | -294 | -306 |
| 110.0 | -119 | -119 | -121 | -123 | -129 | -139 | -156 | -181 | -306 |
| 105.0 | -39 | -28 | -17 | -7 | 7 | 24 | 45 | 71 | 194 |
| 100.0 | 0 | 17 | 36 | 53 | 79 | 112 | 150 | 179 | 194 |
| 95.0 | -34 | -23 | -11 | -1 | 15 | 33 | 56 | 82 | 194 |
| 90.0 | -127 | -128 | -131 | -134 | -141 | -152 | -171 | -196 | -306 |
| 85.0 | -223 | -231 | -240 | -248 | -261 | -275 | -291 | -302 | -306 |
| 80.0 | -280 | -286 | -291 | -295 | -300 | -303 | -305 | -306 | -306 |
| 75.0 | -300 | -302 | -303 | -304 | -305 | -305 | -306 | -306 | -306 |
| 70.0 | -304 | -304 | -305 | -305 | -305 | -305 | -306 | -306 | -306 |
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for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security.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.