Buy a call and a put at the same at-the-money strike. Profits if the stock moves far enough in either direction to cover both premiums; loses fastest when the stock goes nowhere.
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for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security.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.