Options strategy & payoff builder
See the payoff of an options position at expiry — its breakevens, the most it can make and the most it can lose — before you place it, so the risk is a picture rather than a surprise.
Runs entirely in your browser — nothing you type is sent anywhere. Educational only, and not investment advice.
How to use this calculator
Each step names a control you will find on screen above.
- Strategy
Pick the shape: a plain long call or put, a covered call, a bull or bear spread, or a straddle. The inputs below rearrange to match it, and each strategy comes with a one-line description of what it is for.
- Spot price
Where the underlying trades now. The dashed “spot” line on the diagram marks it, so you can see how far the stock must travel to reach break-even.
- Strike and premium, per leg
For each leg the strategy needs, set the strike and the premium. Buy legs are marked in green, sell legs in red. The premium is per share — what you pay for a bought option or receive for a sold one.
- Lot size
The quantity per lot, so the maximum profit, loss and net premium are shown in rupees for the whole position, not just per share.
- Read the diagram and the four figures
The payoff line is green where you profit and red where you lose; the dots mark the breakevens. The stats give the net debit or credit, the maximum profit, the maximum loss and the break-even price(s).
Worked example: A bull call spread on a ₹1,000 stock
You are mildly bullish. You buy the ₹1,000 call for ₹30 and sell the ₹1,060 call for ₹12, both same expiry — a bull call spread, one lot of one share for simplicity.
What to enter
- Strategy
- Bull call spread
- Spot price
- ₹1,000
- Buy call (lower) strike / premium
- ₹1,000 / ₹30
- Sell call (higher) strike / premium
- ₹1,060 / ₹12
What it shows you
- Net debit
- ₹18
- Max profit
- ₹42
- Max loss
- ₹18
- Break-even
- ₹1,018
₹30 paid − ₹12 received
(1060 − 1000) − 18, above ₹1,060
the net debit, below ₹1,000
lower strike + net debit
Where this is taught
A calculator gives you a number. These explain what the number means and when it misleads you.
- Technical Analysis14 minOption payoffs and the basic strategiesEvery option position has a payoff you can draw, with a defined breakeven and a defined worst case. Learning to read the payoff — and the handful of strategies built from combining options — is what separates a considered trade from a lottery ticket.
- Technical Analysis13 minHedging a portfolio with derivativesDerivatives were built to reduce risk, not to chase it. Using index futures and options to protect a portfolio through a risky patch is their oldest and most defensible use — and it has a cost you should price before you decide it is worth paying.
- Technical Analysis13 minStraddles, strangles and trading volatility itselfSome option trades do not care which way the stock goes — only how far. Straddles and strangles are bets on movement itself, which makes them a direct wager on volatility, and the volatility crush is exactly why they so often disappoint.