What is the max profit of a strip?

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 strip?

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 strip's profit and loss?

Open the strip 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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Strip calculator

Long one call and two puts at A. A straddle that leans bearish.

Open in the calculator All strategies

OutlookBearish

Max profitUnlimited

Max lossLimited

LevelExpert

What is a strip?

A strip is a straddle with an extra put. You still need a large move, but a selloff pays more than a rally of the same size.

Legs

Buy a call at A
Buy two puts at A

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

Live example on SPY

Net debit$5,228.00

Max loss$5,228.00

Max profitUnlimited

Chance of profitLocked: ProUpgrade

BreakevensBelow $729.86 or above $808.28At expiration

756C+112/18 · $19.20
756P+212/18 · $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 2 756 puts. Net debit $5,228. Max profit unlimited; max loss $5,228. Breakevens at expiration: Below $729.86 or above $808.28.

Open this strip 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 strip?: A strip is a straddle with an extra put. You still need a large move, but a selloff pays more than a rally of the same size.
When does a strip make money?: Long one call and two puts at A. A straddle that leans bearish.
What is the max profit of a strip?: 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 strip?: 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 strip's profit and loss?: Open the strip 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.