Two-Contract Runner Calculator

Enter the breakout level, your structural stop on the underlying, and the contract you would buy. The calculator converts the stop to premium through delta and gamma, then shows what a two-contract plan (close half at the first target, trail the runner) pays across five outcomes.

Presets (live SPY 0DTE chain, 2026-09-17 14:17 ET)

Underlying entry (breakout close)

Breakout level (box edge)

Structural stop on underlying

"A little inside" the box: below the edge by 0.15–0.30 ATR so a wick sweep does not take you out.

Option premium (ask)

Delta

Gamma

0DTE gamma is large; it makes the premium move faster in your favour than against you at the stop.

Contracts

Scale-out

First target (R on underlying)

Runner exit if the run continues (R)

Outcome	Underlying	P&L	R (on risk)