What is the max profit of a short 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 short 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 short combo's profit and loss?

Open the short 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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Short combo calculator

Sell an OTM call and buy an OTM put. Synthetic short with a strike gap.

Open in the calculator All strategies

OutlookBearish

Max profitUnlimited

Max lossUnlimited

LevelExpert

What is a short combo?

A short combo is the reverse combo — short the stock synthetically with a gap between the OTM call and OTM put.

Legs

Sell an OTM call
Buy an OTM put

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

Live example on SPY

Net credit$274.00

Max lossUnlimited

Max profit$45,452.60

Chance of profitLocked: ProUpgrade

BreakevenBelow $759.74 (+0.6%)At expiration

Est. margin$73,843.50

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): sell 1 757 call and buy 1 754 put. Net credit $274. Max profit $45,452.60; max loss unlimited. Breakeven at expiration: Below $759.74 (+0.6%).

Open this short 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 short combo?: A short combo is the reverse combo — short the stock synthetically with a gap between the OTM call and OTM put.
When does a short combo make money?: Sell an OTM call and buy an OTM put. Synthetic short with a strike gap.
What is the max profit of a short 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 short 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 short combo's profit and loss?: Open the short 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.