Double Diagonal Calculator
A double diagonal stacks a put diagonal and a call diagonal—often long back-month wings and short front-month body strikes—for range and time-decay oriented trades.
Stock Details
Put Diagonal (Lower)
Call Diagonal (Upper)
Enter option details to see payoff diagram
Trade Summary
Commonly asked Double Diagonal questions
What is a double diagonal?
Two diagonals: one on the put side and one on the call side, mixing strikes and expirations to shape theta and vega.
Double diagonal vs iron condor?
Iron condor is usually same expiry on all legs; double diagonal uses different expirations and can behave more like staged rolls.
Is P&L path-dependent?
Yes—IV changes and rolls of the short legs mean payoff is not a simple single-expiry snapshot.
How is it managed?
Roll shorts, widen/tighten strikes, or convert toward an iron condor if the thesis changes.
Capital and margin?
Multi-leg diagonals can tie up margin; check your broker’s margin and buying-power effect.
When is it used?
Often when traders want premium harvest in a range but also long-dated wings for flexibility.
Related Calculators
Daily Cumulative P&L
$33,989.51+$32,609.07
Avg Trade: $60.80
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Best Performing
Morning Breakouts
82% Win Rate
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