What is the max profit of a straddle?

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 straddle?

Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.

How do I calculate a straddle's profit and loss?

Open the straddle 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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Straddle calculator

Buy a call and put at the same strike. Profit from a large move either way.

Open in the calculator All strategies

OutlookBig move either way

Max profitUnlimited

Max lossLimited

LevelIntermediate

What is a straddle?

A long straddle is long volatility. You need enough of a move to cover both premiums. Max loss is the debit if the stock pins at A. Upside is unlimited on a breakout.

Legs

Buy a call at A
Buy a put at A

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

Live example on SPY

Net debit$3,574.00

Max loss$3,574.00

Max profitUnlimited

Chance of profitLocked: ProUpgrade

BreakevensBelow $720.26 or above $791.74At expiration

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 buy 1 756 put. Net debit $3,574. Max profit unlimited; max loss $3,574. Breakevens at expiration: Below $720.26 or above $791.74.

Open this straddle 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 straddle?: A long straddle is long volatility. You need enough of a move to cover both premiums. Max loss is the debit if the stock pins at A. Upside is unlimited on a breakout.
When does a straddle make money?: Buy a call and put at the same strike. Profit from a large move either way.
What is the max profit of a straddle?: 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 straddle?: Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.
How do I calculate a straddle's profit and loss?: Open the straddle 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.