What is the max profit of a reverse 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 reverse 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 reverse jade lizard's profit and loss?

Open the reverse 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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Reverse jade lizard calculator

Bearish income. Short call plus a short put spread — the put-side cousin of the lizard.

Open in the calculator All strategies

OutlookBig move either way

Max profitLimited

Max lossNearly unlimited

LevelAdvanced

What is a reverse jade lizard?

A reverse jade lizard sells a call and a put spread. A crash is the defined-risk put side; a rally is the naked-call risk. Use it only if you accept that upside exposure.

Legs

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

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

Live example on SPY

Net credit$238.00

Max lossUnlimited

Max profit$238.00

Chance of profitLocked: ProUpgrade

BreakevenBelow $802.38 (+6.2%)At expiration

Est. margin$79,786.00

800C−112/18 · $2.14
711P−112/18 · $6.64
709P+112/18 · $6.40

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 800 call, sell 1 711 put, and buy 1 709 put. Net credit $238. Max profit $238; max loss unlimited. Breakeven at expiration: Below $802.38 (+6.2%).

Open this reverse 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 reverse jade lizard?: A reverse jade lizard sells a call and a put spread. A crash is the defined-risk put side; a rally is the naked-call risk. Use it only if you accept that upside exposure.
When does a reverse jade lizard make money?: Bearish income. Short call plus a short put spread — the put-side cousin of the lizard.
What is the max profit of a reverse 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 reverse 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 reverse jade lizard's profit and loss?: Open the reverse 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.