Option strategy builder and payoff calculator

Combine calls, puts and stock into one position and see its payoff, profit and risk together. Start from a template or add legs one at a time.

BUILD / ANALYSE / EXPLORE

Option strategy designer

Turn individual legs into a view of the whole position.

THEORETICAL PRICES

Underlying price ($)Expiry (days)Implied vol (%)Rate (%)Dividend yield (%)

Your position

Strategy template

SideInstrumentLeg 1 contractsLeg 1 strike ($)Leg 1 entry premium ($)

SideInstrumentLeg 2 contractsLeg 2 strike ($)Leg 2 entry premium ($)

One option contract = 100 shares. Entry prices stay fixed as you change market assumptions.

Max profit$693.59

Max loss$306.41

Net entry$306.41 debit

Breakeven at expiry $103.06

At expiryScenario

Inspect underlying

Underlying $100.00At expiry P&L -$306.41Scenario P&L $0.00

Days elapsed0Volatility change0 pp

delta37.98

gamma1.68

theta-1.94

vega5.01

rho4.31

Greeks at current assumptions: delta per $1; gamma per $1²; theta per day; vega and rho per percentage point. All include position sizes.

Model option chain

Select a price to add a leg at the current expiry and volatility.

Buy call	Sell call	Strike	Buy put	Sell put
		$75.00
		$80.00
		$85.00
		$90.00
		$95.00
		$100.00
		$105.00
		$110.00
		$115.00
		$120.00
		$125.00

Model & assumptions +

European Black–Scholes options with a shared expiry, flat implied volatility, continuous rates and dividend yield. This is a learning tool using theoretical prices, not a live AAPL chain. Buy and sell use the same theoretical value; bid–ask spreads, fees, margin, early exercise and assignment are excluded. Expiry bounds assume a nonnegative underlying and evaluate every strike plus the unbounded right tail. Scenario P&L uses the selected remaining time and volatility, with entry costs held fixed. Greeks are numerical sensitivities. Stock quantities are shares; options use a 100-share multiplier.

Guide

How to use it

Choose a template or select a price to add a leg at the current expiry and volatility. One option contract is 100 shares, and entry prices stay fixed as you change market assumptions, so you can see how the position responds to a move in spot, time or volatility.

Greeks are shown for the whole position at current assumptions: delta per $1, gamma per $1², theta per day, and vega and rho per percentage point, all including position sizes.

What it teaches

Spreads, straddles, iron condors and covered calls are ways of shaping a view on direction, volatility or time. Seeing the legs add up makes clear what each structure gives up. A bull call spread, for example, caps the upside in exchange for a lower premium.

Learn the ideas behind it

Free reading

What does an option price actually mean?

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