Diagonal Spread Calculator

GammaWins' Diagonal Spread Calculator lets you visualize the P/L and Greeks of a diagonal spread across different underlying prices and times before expiry. You can adjust Implied Volatility (IV) independently for each expiry to evaluate different volatility scenarios.

The volatility term structure chart is available to Pro users and shows the current term structure alongside one year of historical ranges. First-time users can explore this chart for a limited amount of time. You can also use our free volatility history tool to see typical IV ranges for the DTE and moneyness of each leg.

The calculator starts with a sample call diagonal spread on SPY. Switch to another ticker and modify the expiries and strikes to analyze your own trade.