What is the max profit of a jade lizard?

Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.

What is the max loss of a jade lizard?

Nearly unlimited: a large move against it can lose many times what it takes in. The calculator gives the figure for your strikes and expiration.

How do I calculate a jade lizard's profit and loss?

Open the jade lizard 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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Jade lizard calculator

Bullish income. Short put plus a short call spread, sized so the call side cannot lose.

Open in the calculator All strategies

OutlookBullish

Max profitLimited

Max lossNearly unlimited

LevelAdvanced

What is a jade lizard?

A jade lizard sells a put and a call spread. When the call-spread credit covers the width, a melt-up cannot lose on the calls. Remaining risk is the short put if the stock falls.

Legs

Sell a put at A
Sell a call at B
Buy a higher call at C

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

Live example on SPY

Net credit$688.50

ROIC0.97%

Max loss$70,410.50

Max profit$688.50

Chance of profitLocked: ProUpgrade

BreakevenAbove $704.12 (−6.8%)At expiration

Est. margin$70,436.00

711P−112/18 · $6.64
800C−112/18 · $2.14
802C+112/18 · $1.90

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 711 put, sell 1 800 call, and buy 1 802 call. Net credit $688.50. Max profit $688.50; max loss $70,410.50. Breakeven at expiration: Above $704.12 (−6.8%).

Open this jade lizard 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 jade lizard?: A jade lizard sells a put and a call spread. When the call-spread credit covers the width, a melt-up cannot lose on the calls. Remaining risk is the short put if the stock falls.
When does a jade lizard make money?: Bullish income. Short put plus a short call spread, sized so the call side cannot lose.
What is the max profit of a jade lizard?: Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.
What is the max loss of a jade lizard?: Nearly unlimited: a large move against it can lose many times what it takes in. The calculator gives the figure for your strikes and expiration.
How do I calculate a jade lizard's profit and loss?: Open the jade lizard 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.