Compare strikes. Give the move time. Reprice the volatility.
| Side | Type | Strike $ | DTE | Qty | Entry IV % | Exit IV % | Paid / received $per share · blank = model |
|---|
| Contract | Entry → exit / share | Profit / loss | Return | Entry Δ | Entry Θ / day | Entry vega / pt |
|---|
European calls and puts use Black–Scholes–Merton, with a continuous dividend yield and 365 calendar days per year. At expiration the model uses intrinsic value. American early exercise, discrete dividends, bid–ask spreads, and assignment mechanics are not modeled.
Inputs are hypothetical or entered by you. There is no live quote connection. An actual premium overrides only the entry cost; the exit remains a theoretical value.
Profit = (exit premium − entry premium) × signed quantity × multiplier − round-trip fees. A short position reverses the price exposure. Individual returns divide profit by the entry premium amount. Combined returns divide profit by total absolute entry premiums across all legs. These are not returns on broker margin or maximum risk.
Greeks are at entry, signed and scaled by contract quantity and multiplier. Theta is per calendar day; vega is per 1 percentage-point IV move.
Points are separate possible exits, not a simulated stock-price path or a probability forecast. Contracts are unavailable after their expiration; combined positions stop at the first expiration. An expiration chart combines legs only when their expirations match.
Maturity scan reprices both entry and exit theoretically at each chosen initial DTE, ignoring paid premiums and keeping your IV assumptions. Break-evens are found inside the displayed stock range. Cboe pricing reference ↗