Examples of 'Amount Risked' For Option Strategies

All strategies shown use SBUX on Jan 4, 2016. The stock closed at $58.26.

All option strategies use either 50 delta or 25 delta options.
Executions are mid market, commissions are set to $0.

Long Call
Long SBUX Feb5`16 58.5 Call $1.94 1x
Risked = 100 * (1.94) = $194 + Commissions

Long Put
Long SBUX Feb5`16 58.5 Put $2.36 1x
Risked = 100 * (2.36) = $2.36 + Commissions

Long Covered Call
Long SBUX Stock $58.26 100x
Short SBUX Feb5`16 58.5 Call $1.94 1x
Risked = 100 * (50% * 58.26 - 1.94) = $2,719 + Commissions

Long Call Spread
Long SBUX Feb516 58.5 Call $1.94 1x Short SBUX Feb516 62 Call $0.62 1x
Risked = 100 * (1.94-0.62) = $132 + Commissions

Long Put Spread
Long SBUX Feb516 58.5 Put $2.36 1x Short SBUX Feb516 62 Put $0.98 1x
Risked = 100 * (2.36-0.98) = $138 + Commissions

Long 50 Delta Straddle
Long SBUX Feb516 58.5 Call $1.94 1x Long SBUX Feb516 58.5 Put $2.36 1x
Risked = 100 * (1.94+2.36) = $430 + Commissions

Long 50-25 Delta Strangle
Long SBUX Feb516 58.5 Call $1.94 1x Long SBUX Feb516 54.5 Put $0.98 1x
Risked = 100 * (1.94+0.98) = $292 + Commissions

Long 50 / 25 Condor
Long SBUX Feb516 58.5 Call $1.94 1x Short SBUX Feb516 62 Call $0.62 1x
Long SBUX Feb516 58.5 Put $2.36 1x Short SBUX Feb516 62 Put $0.98 1x
Risked = 100 * (1.94-0.62+2.36-0.98) = $270 + Commissions

Short 50 delta Call
Short SBUX Feb5`16 58.5 Call $1.94 1x
Risked = 100 * ( 20% * 58.26 - 0.24{out_of_money_amount}) = $1141.20 + Commissions

Short 25 delta Call
Short SBUX Feb5`16 62 Call $0.62 1x
Risked = 100 * Max(10% * 58.26, 20% * 58.26 - out_of_money_distance) = $971.20 + Commissions
Risked = 100 * (20% * 58.26 - 3.74) = 791.20

Short 5 delta Call
Short SBUX Feb5`16 67 Call $0.10 1x
Risked = 100 * Max(10% * 58.26, 20% * 58.26 - out_of_money_distance) = $971.20 + Commissions
Risked = 100 * (20% * 58.26 - 8.74) = 291.20
LESS Than 10% of stock, so: 10% * 58.26 * 100 = $582.60

Short 25 delta Put
Short SBUX Feb5`16 54.5 Put $0.98 1x
Risked = 100 * Max(10% * 58.26, 20% * 58.26 - out_of_money_distance) = $971.20 + Commissions
Risked = 100 * (20% * 58.26 - 3.76) = 789.20

Short Covered Call
Short SBUX Stock 2016-01-04 $58.26 100x
Long SBUX Feb5`16 58.5 Call $1.94 1x
Risked = 100 * (50% * 58.26 + 1.94) = $2,719 + Commissions

Short Call Spread
Long 25 delta Call
Short 50 delta Call
Long SBUX Feb516 62 Call $0.62 1x Short SBUX Feb516 58.5 Call $1.94 1x
Risked = 100 * (strike_distance(62-58.5) - premium_diff(1.94-0.62))
100 * (3.5 - 1.32) = $218

Short Put Spread
Long 25 delta Put
Short 50 delta Put
Long SBUX Feb516 58.5 Put $2.36 1x Short SBUX Feb516 54.5 Put $0.98 1x
Risked = 100 * (strike_distance(58.5-54.5) - premium_diff(2.36-0.98))
100 * (4 - 1.38) = $262

Short 25 delta Strangle
Short 25 delta Call
Short SBUX Feb516 62 Call $0.62 1x CallRisked = 100 * Max(10% * 58.26, 20% * 58.26 - out_of_money_distance) = $971.20 CallRisked = 100 * (20% * 58.26 - 3.74) = 791.20 Short 25 delta Put Short SBUX Feb516 54.5 Put $0.98 1x
PutRisked = 100 * Max(10% * 58.26, 20% * 58.26 - out_of_money_distance) = $971.20
PutRisked = 100 * (20% * 58.26 - 3.76) = 789.20
Risked = Max 789.20 and 791.20
Risked = 791.2 + Commissions

Long 25 / 25 Risk Reversal
Long Call: $62
Short Put: $789
Combined: $851 + Commissions

Short 25 / 25 Risk Reversal
Short Call: $791
Long Put: $98
Combined: $889 + Commissions