What is the max profit of a strap?

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 strap?

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 strap's profit and loss?

Open the strap 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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Strap calculator

Long two calls and one put at A. A straddle that leans bullish.

Open in the calculator All strategies

OutlookBullish

Max profitUnlimited

Max lossLimited

LevelExpert

What is a strap?

A strap is a straddle with an extra call. A squeeze pays more than an equal-sized drop.

Legs

Buy two calls 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$5,494.00

Max loss$5,494.00

Max profitUnlimited

Chance of profitLocked: ProUpgrade

BreakevensBelow $701.06 or above $783.47At expiration

756C+212/18 · $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 2 756 calls and buy 1 756 put. Net debit $5,494. Max profit unlimited; max loss $5,494. Breakevens at expiration: Below $701.06 or above $783.47.

Open this strap 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 strap?: A strap is a straddle with an extra call. A squeeze pays more than an equal-sized drop.
When does a strap make money?: Long two calls and one put at A. A straddle that leans bullish.
What is the max profit of a strap?: 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 strap?: 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 strap's profit and loss?: Open the strap 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.