Buy an out-of-the-money call and an out-of-the-money put. Costs less than a straddle but needs a bigger move: breakevens sit beyond each strike by the total 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 | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k |
| 125.0 | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k |
| 120.0 | 1.3k | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k |
| 115.0 | 806 | 786 | 767 | 754 | 737 | 722 | 711 | 705 | 700 |
| 110.0 | 412 | 382 | 353 | 330 | 299 | 268 | 237 | 215 | 200 |
| 105.0 | 126 | 88 | 49 | 18 | -24 | -70 | -121 | -166 | -300 |
| 100.0 | 0 | -40 | -81 | -114 | -159 | -206 | -254 | -285 | -300 |
| 95.0 | 65 | 32 | -2 | -28 | -64 | -103 | -145 | -183 | -300 |
| 90.0 | 317 | 297 | 278 | 264 | 245 | 227 | 210 | 201 | 200 |
| 85.0 | 707 | 701 | 696 | 693 | 691 | 691 | 693 | 696 | 700 |
| 80.0 | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k | 1.2k |
| 75.0 | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k | 1.7k |
| 70.0 | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k | 2.2k |
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for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security.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.