Strategy
Spot price ($)
$100
LEAPS strike (% of spot)
80%
LEAPS DTE (days)
730
Short leg strike (% of spot)
110%
Short leg DTE (days)
30
Implied vol (%)
22.0%
Risk-free rate (%)
4.0%
Net debit --
Breakeven --
Max profit --
Max loss --
Daily theta --
Position delta --

Black-Scholes pricing for all option legs. The chart shows P&L per share at the short-leg expiration date (or 30 days for stock/LEAPS-only). Dashed lines show each leg in isolation; solid blue is the combined position. Max profit, max loss, breakeven, position theta and delta update live as you drag.