What is the max profit of a guts?

Unlimited: the profit keeps growing the further the price moves its way. The calculator gives the figure for your strikes and expiration.

What is the max loss of a guts?

Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.

How do I calculate a guts's profit and loss?

Open the guts in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.

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Guts calculator

Buy an ITM call and ITM put. An expensive strangle that is already in the money.

Open in the calculator All strategies

OutlookBig move either way

Max profitUnlimited

Max lossLimited

LevelExpert

What is a guts?

A guts strangle uses in-the-money options, so both sides have intrinsic. It costs more than an OTM strangle and still needs a large move to pay.

Legs

Buy an ITM call
Buy an ITM put

Payoff at expiration, sketched. The live example below has the real prices.

Live example on SPY

Net debit$3,743.00

Max loss$3,443.00

Max profitUnlimited

Chance of profitLocked: ProUpgrade

BreakevensBelow $719.57 or above $791.43At expiration

754C+112/18 · $20.51
757P+112/18 · $16.92

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 754 call and buy 1 757 put. Net debit $3,743. Max profit unlimited; max loss $3,443. Breakevens at expiration: Below $719.57 or above $791.43.

Open this guts in the calculator to move the strikes, change the date and implied volatility, and read profit and loss by price and date.

Questions

What is a guts?: A guts strangle uses in-the-money options, so both sides have intrinsic. It costs more than an OTM strangle and still needs a large move to pay.
When does a guts make money?: Buy an ITM call and ITM put. An expensive strangle that is already in the money.
What is the max profit of a guts?: Unlimited: the profit keeps growing the further the price moves its way. The calculator gives the figure for your strikes and expiration.
What is the max loss of a guts?: Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.
How do I calculate a guts's profit and loss?: Open the guts in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.