What is the max profit of a long synthetic future?

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 synthetic future?

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 synthetic future's profit and loss?

Open the long synthetic future 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 synthetic future calculator

Long call and short put at the same strike. Behaves like long stock.

Open in the calculator All strategies

OutlookBullish

Max profitUnlimited

Max lossUnlimited

LevelExpert

What is a long synthetic future?

A synthetic long is a call minus a put at A. Delta is near +1. You do not need shares on the ruler; P&L tracks the stock through the two options.

Legs

Buy a call at A
Sell a put at A

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

Live example on SPY

Net debit$266.00

Max loss$75,865.00

Max profitUnlimited

Chance of profitLocked: ProUpgrade

BreakevenAbove $758.66 (+0.4%)At expiration

Est. margin$73,946.00

756C+112/18 · $19.20
756P−112/18 · $16.54

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 756 call and sell 1 756 put. Net debit $266. Max profit unlimited; max loss $75,865. Breakeven at expiration: Above $758.66 (+0.4%).

Open this long synthetic future 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 synthetic future?: A synthetic long is a call minus a put at A. Delta is near +1. You do not need shares on the ruler; P&L tracks the stock through the two options.
When does a long synthetic future make money?: Long call and short put at the same strike. Behaves like long stock.
What is the max profit of a long synthetic future?: 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 synthetic future?: 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 synthetic future's profit and loss?: Open the long synthetic future 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.