Options Strategy Explorer
Build any option strategy leg by leg and see exactly what it pays at expiration — break-evens, maximum profit, maximum loss, and where each of them lands.
Every number here is exact arithmetic, not a simulation or a backtest. An option position's value at expiration is fully determined by its legs, so there is nothing to fit and nothing to overfit. Load a live chain to price the legs off real quotes.
Strategies
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Position
Pick a strategy on the left.
Prices start as model estimates from the volatility below. Edit any cell, or load a live chain to price the legs off real quotes.
Payoff at expiration
Profit above the zero line, loss below. The dashed gold line is the current stock price; dots on the zero line are break-evens. Hover the chart for the profit or loss at any price. Figures are per position and exclude commissions, assignment costs and taxes.
What this does and doesn't tell you
- The payoff is exact; the odds are not shown. This tells you what you make or lose at every stock price at expiration. It does not tell you how likely any of those prices are.
- Expiration only. Before expiration a position is worth something different, because time value has not fully decayed. A position that shows a loss here can be profitable to close early, and the reverse.
- Unlimited means unlimited. Several of these strategies can lose more than the cash you put up. Those are flagged in red. A short call has no ceiling on its loss.
- Live quotes are delayed roughly 15 minutes and come from a public feed that can change or break without notice. Legs are priced at the mid of bid and ask, which is not necessarily a price you can trade at.
- Assignment is real. American-style options can be exercised against you early, particularly around dividends. Nothing on this page models that.
- Not investment advice. This is an educational calculator. Options can lose your entire investment quickly, and uncovered positions can lose substantially more.