Desk / AAPL
Price at the green and red walls, and at the edge of the gold band. Green/red fill is near-term open interest. Grey outline is next Friday. The row below the chart is implied move, option IV, realized vol, and IV versus the stock.
Above zero at spot, dealer hedging resists. Below, it chases. A flip near spot is the pin.
Front versus back. A downward slope is event vol. The dashed line is leftover vol after the event.
Puts richer than calls is the crash bid. Compare the two expiries. Event-dated smiles steepen.
Puts below spot are a cushion. Calls above are a lid. Max pain near spot on 0–2 DTE is pin risk.
1 contract ($100). OTM is 0–2 DTE at ~1× implied move; profit shown is a 1σ winning move at expiry. Other rows use a later expiry. At-expiry dollars. Select a row to load the calculator. Not a recommendation.
| Template | Net | Max profit | Max loss | P(profit) | EV |
|---|---|---|---|---|---|
| Long put 320P 7 DTE | -$390 | ~+$584 | $390 | 35% | -$0 |
| Long call 320C 7 DTE | -$375 | ~+$569 | $375 | 34% | -$0 |
| Put spread 320P 310P 7 DTE | -$308 | +$692 | $308 | 39% | +$10 |
| Call spread 320C 330C 7 DTE | -$298 | +$702 | $298 | 37% | +$2 |
| Long straddle 320C 320P 7 DTE | -$765 | ~+$194 | $765 | 43% | -$0 |
| Long strangle 310P 330C 7 DTE | -$159 | ~+$843 | $159 | 23% | -$12 |
| Cash-secured put 310P 7 DTE | +$82 | +$82 | $30918 | 87% | +$10 |
| Covered call 320C 7 DTE | -$31595 | +$405 | $31595 | 65% | +$0 |
| Collar 305P 335C 7 DTE | -$31979 | +$1521 | $1479 | 50% | -$13 |
| Short straddle 320C 320P 7 DTE | +$765 | +$765 | unlimited | 57% | +$0 |
| Short strangle 310P 330C 7 DTE | +$159 | +$159 | unlimited | 77% | +$12 |
Compare EV on the same expiry. Click a row to load the calculator. Candles sit left of the P/L profile on a shared price axis; hover for price and dollars.
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