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.
| Template | Net | Max profit | Max loss | Profit% | EV |
|---|---|---|---|---|---|
| Long put 80P 11 DTE | -$212 | ~+$315 | $212 | 36% | -$1 |
| Long call 80C 11 DTE | -$201 | ~+$304 | $201 | 33% | -$1 |
| OTM long put (est.) 79P 1 DTE | -$24 | ~+$30 | $24 | 21% | +$1 |
| OTM long call (est.) 81C 1 DTE | -$31 | ~+$47 | $31 | 24% | +$1 |
| Put spread 80P 75P 11 DTE | -$170 | +$330 | $170 | 39% | -$3 |
| Call spread 80C 83C 11 DTE | -$102 | +$198 | $102 | 40% | +$8 |
| Long straddle 80C 80P 11 DTE | -$412 | ~+$105 | $412 | 42% | -$1 |
| Long strangle 75P 83C 11 DTE | -$140 | ~+$402 | $140 | 30% | -$6 |
| Cash-secured put 75P 11 DTE | +$41 | +$41 | $7459 | 85% | -$2 |
| Covered call 80C 11 DTE | -$7810 | +$190 | $7810 | 63% | +$1 |
| Collar 76P 83C 11 DTE | -$7972 | +$328 | $372 | 50% | +$12 |
| Short straddle 80C 80P 11 DTE | +$412 | +$412 | unlimited | 58% | +$1 |
| Short strangle 75P 83C 11 DTE | +$140 | +$140 | unlimited | 70% | +$6 |
| Action | Right | Expiry | Qty | Strike | Mid | Δ |
|---|
Compare EV on the same expiry. Click a row to load the calculator. Switch 5m, 30m, or Daily candles on the left of the P/L profile; hover for price and dollars.
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