Hedges & Adjustments Calculators
Naked Call / Put
Risk analysis
Maximum loss exposure for uncovered short calls or puts — unlimited / large risk profiles.
Analyze Risk →Early Assignment Risk
Dividend / interest
Likelihood of early exercise on short ITM options near dividends or large interest moves.
Analyze Risk →Protective Put
Long stock + long put
Stock position with downside insurance via a long put — defined-loss on a long stock.
Calculate →Collar
Long stock + put + short call
Protective put paid for by selling a covered call — zero-cost or low-cost hedge.
Calculate →Stock Repair Strategy
Ratio call spread
Lower the breakeven on a losing stock position using a long-short call combo.
Calculate →Defensive strategies for protecting against adverse moves or fixing positions that have moved against you: naked call/put risk, early assignment risk, protective put, collar, and stock repair.
When to use these calculators
Hedges & Adjustments cover risk management — defining what could go wrong, what the worst-case exposure is, and how to fix a position that has already moved against you.
All calculators on this page are EDUCATIONAL tools, not financial advice. Verify P&L numbers against your broker's risk tool before trading.
Frequently Asked Questions
- How accurate is the calculator?
- Uses standard textbook formulas. Brokerages may use proprietary models — verify before live trading.
- Is this advice to enter a trade?
- No. These are educational tools, NOT financial advice. Consult your own analysis and a qualified financial advisor before trading.
- What inputs go into a roll vs expire comparison?
- The Option Roll calculator compares the net credit (or debit) of closing the existing position and opening a replacement against the cost of letting it expire. The relevant numerical inputs are the current option price, the proposed replacement strike and expiration, and the projected underlying price. The decision is yours — the calculator surfaces the math.