What is the max profit of a long combo?

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 long combo?

Unlimited: the loss keeps growing the further the price moves against it. The calculator gives the figure for your strikes and expiration.

How do I calculate a long combo's profit and loss?

Open the long combo 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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Long combo calculator

Buy an OTM call and sell an OTM put. Synthetic long with a strike gap.

Open in the calculator All strategies

OutlookBullish

Max profitUnlimited

Max lossUnlimited

LevelExpert

What is a long combo?

A long combo is a synthetic future with the call above spot and the put below. It still tracks the stock with a gap between strikes.

Legs

Buy an OTM call
Sell an OTM put

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

Live example on SPY

Net debit$274.00

Max loss$75,673.00

Max profitUnlimited

Chance of profitLocked: ProUpgrade

BreakevenAbove $759.74 (+0.6%)At expiration

Est. margin$73,817.50

757C+112/18 · $18.56
754P−112/18 · $15.82

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 757 call and sell 1 754 put. Net debit $274. Max profit unlimited; max loss $75,673. Breakeven at expiration: Above $759.74 (+0.6%).

Open this long combo 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 long combo?: A long combo is a synthetic future with the call above spot and the put below. It still tracks the stock with a gap between strikes.
When does a long combo make money?: Buy an OTM call and sell an OTM put. Synthetic long with a strike gap.
What is the max profit of a long combo?: 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 long combo?: Unlimited: the loss keeps growing the further the price moves against it. The calculator gives the figure for your strikes and expiration.
How do I calculate a long combo's profit and loss?: Open the long combo 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.