A put and a call on the same expiry, bought or sold, at one strike or two: the cost, both breakevens, and how far the price has to move to reach them, in points and percent.
This is a long straddle. It makes money at expiry only outside the two breakevens.
| Price at expiry | Profit or loss at expiry |
|---|---|
| $84.98 | $852.00 |
| $93.50 | $0.00 |
| $100.00 | -$650.00 |
| $106.50 | $0.00 |
| $115.02 | $852.00 |
A straddle is a put and a call at the same strike; a strangle puts the strikes apart, usually with the put below the price and the call above. Bought, either one pays for a move in either direction. Sold, either one collects premium on the price staying put.
The breakevens sit one total premium beyond the strikes. The move needed is how far the price has to travel from where it is now to reach each one by expiry, which is the number to compare with how far the stock usually moves.
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Every price here is one you typed; nothing is fetched and nothing is stored. The numbers travel in the address of this page, so a result can be linked to. Results are at expiry for one structure, before commissions and fees, and assume no early assignment. An illustration of the arithmetic, not advice.