Strap Calculator

Search a symbol to visualize the potential profit and loss for a strap option strategy.

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What is a strap?

BullishDirectionalUnlimited ProfitLimited Loss

Similar to a straddle, but with a more bullish bias by buying double the amount of calls. The stock must move to make a profit, but it will now make more if it moves up than if it moves down.

Time works against this strategy as it will decay. Increasing volatility will be helpful in pushing the stock in a direction, as well as increasing the value of your position as implied volatility rises.

AProfitLossStock Price (at expiration)
  • Buy two calls at strike A
  • Buy a put at strike A