Sell a call and a put at the same at-the-money strike, collecting both premiums. It profits when the stock stays near the strike so both options decay. Losses are unbounded to the upside and very large to the downside — a position only for those who fully accept naked-short risk.
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 | −2.4k | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k |
| 125.0 | −1.9k | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k |
| 120.0 | −1.4k | −1.4k | −1.3k | −1.3k | −1.3k | −1.3k | −1.3k | −1.3k | −1.3k |
| 115.0 | -887 | -871 | -857 | -848 | -837 | -829 | -823 | -820 | -815 |
| 110.0 | -462 | -434 | -407 | -387 | -363 | -342 | -326 | -320 | -315 |
| 105.0 | -143 | -101 | -57 | -23 | 26 | 77 | 128 | 164 | 185 |
| 100.0 | 0 | 47 | 98 | 139 | 200 | 270 | 354 | 434 | 685 |
| 95.0 | -83 | -46 | -8 | 22 | 64 | 107 | 149 | 176 | 185 |
| 90.0 | -374 | -357 | -341 | -330 | -318 | -310 | -308 | -310 | -315 |
| 85.0 | -800 | -797 | -796 | -797 | -799 | -802 | -807 | -810 | -815 |
| 80.0 | −1.3k | −1.3k | −1.3k | −1.3k | −1.3k | −1.3k | −1.3k | −1.3k | −1.3k |
| 75.0 | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k | −1.8k |
| 70.0 | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k | −2.3k |
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for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security.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.