Put Zebra Calculator & Visualizer

The ZEBRA options trading strategy stands for Zero Extrinsic Value Back Ratio (typically the 'value' is left out because that won't make the cute zebra short name), if you are unfamiliar with extrinsic value, with options there is intrinsic and extrinsic value. Intrinsic value represents the value from exercising in the money. and the extrinsic is all the other value! The put zebra strategy has the following setup long 2 in the money puts and sell 1 atm puts.

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Option Contracts

Long Put (x2)

Short Put


No equity included

Estimated Returns

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