Long Strangle Option Strategy

Prices a long strangle, an out of the money call and an out of the money put bought on the same underlying in the same expiration but at different strikes. Both legs are quoted from live bid and ask, with the stock's last price and previous close beside them, so the combined debit and the two breakevens fall out of the sheet.

A payoff table maps profit and loss across a range of expiration prices, which shows how far the stock has to travel in either direction before the premium paid is recovered.