Build any options strategy from its legs and watch the profit and loss curve, breakevens, max gain, max loss and chance of profit update live.
Not financial advice. This is an educational model. It prices options with Black-Scholes and ignores bid/ask spreads, skew, early assignment and most fees, so real fills will differ. Options can lose 100% of the premium, and short options can lose far more. Speak with a licensed financial advisor before trading.
New to options payoffs? Start here.
Every options strategy is just a few legs added together. A payoff chart shows your profit or loss at expiration for every possible stock price. Above the zero line you make money, below it you lose. The break-even is where the line crosses zero.
Pick a strategy below, then change the strikes, prices or quantity to see how the shape moves. The dashed line shows roughly where the position stands today, before time runs out. Further down you get the Greeks, a what-if clock, two profit maps and a price ladder.
Strategy Payoff Builder
Option prices start from Black-Scholes using the stock price, swing and days you enter. Type your own price from the broker to override any leg.
Loads the legs for you to edit
The stock or ETF price right now
From your option chain
Calendar days left
Short-term Treasury rate. 4 is fine
0 means no opinion, so the odds use market pricing
Taken off every profit and loss number
How much stock price the charts show
Buy Or Sell (Side)
Call / Put / Stock
Strike Price (Entry for Stock)
Option Price (Premium)
Contracts (x100 shares)
You Pay (Net Debit)
$0
Cash in or out when you open it
Most You Can Make (Max Profit)
$0
Best case at expiration
Most You Can Lose (Max Loss)
$0
Worst case at expiration
Stock Must Reach (Break-Even)
-
Where profit and loss cross zero
Odds You Profit (Chance of Profit)
-
Rough guide from your IV
Win vs Loss Size (Reward : Risk)
-
Max profit over max loss
Average Result (Expected Value)
-
Odds-weighted profit or loss
Chance Of Keeping Half Of Max Profit
-
Finish at least halfway to the best case
Chance Of A Near-Max Loss
-
Finish within 5% of the worst case
The Greeks
How your whole position reacts to a price move, to time passing and to a change in the market's expected swing. Numbers are for the position as built, not per contract.
Price Sensitivity (Delta)
0
Dollars gained per $1 stock rise
Speed Of Change (Gamma)
0
Shares of delta added per $1 rise
Daily Time Decay (Theta)
$0
Dollars per day if nothing else moves
Swing Sensitivity (Vega)
$0
Dollars per 1 point of IV
In plain English: delta is how many dollars you make or lose for each $1 the stock moves, which is the same as holding that many shares. Gamma is how quickly delta changes as the stock moves. Theta is the rent time charges you each day, and a positive number means time pays you instead. Vega is what you gain or lose if the market starts expecting bigger swings by 1 point.
What If The Clock And The Swing Change
Jump ahead in time, nudge the expected swing and move the stock. The gold curve shows the position in that world, next to expiry and today.
Cannot go past the expiry date
-5 means IV drops 5 points, such as after earnings
0 means the stock has not moved
Profit Or Loss In That World
$0
At that stock price
Change From Today
$0
Compared with the position right now
Held Until Expiry At That Price
$0
Where it ends if you wait it out
Visualizer
Your strategy drawn to scale, then the what-if curve, the profit and loss maps and the price ladder. Everything here updates from the inputs at the top.
Profit or loss at expiration
At expirationToday (Black-Scholes)Stock price nowWhere the stock is likely to finish
Move your cursor over the chart to read the profit or loss at any price.
In plain English: the cyan area is profit at expiration and the pink area is loss. The gold glow along the bottom shows where the stock is most likely to finish, so a payoff hump sitting inside the glow is a trade that works more often. Chance of profit uses the implied volatility you entered and assumes a lognormal price at expiry (a bell curve on the logarithm of the price), so treat it as a rough guide. If you type a forecast above, every odds number shifts to match your view. Real option prices include a bid/ask spread and skew that this model leaves out.
Payoff per leg = (intrinsic value at expiry minus premium paid) x side x quantity x 100. A short leg uses side -1, so a premium collected shows as a gain. A stock leg uses your entry price as the cost basis. Fees are subtracted once from the total.
What if the clock and the swing change
At expirationTodayIn the what-if world
In plain English: options lose time value every day, and they also lose value when the market expects a calmer stock. This panel lets you see both at once. A long option usually earns less than you hoped when the stock moves your way but the swing collapses, which is called an IV crush. A short option often earns from the same crush.
Profit And Loss Maps
Green cells make money and pink cells lose. Your current spot and today are outlined in gold. Columns step through the likely price range in half standard deviations.
In plain English: the top map shows how your trade ages. Read down a column to see what time does to your profit if the stock sits at that price. The bottom map shows what happens today if the market suddenly expects more or less swing. Compare the rows to see whether you are paid for time or for movement.
Price Ladder
The prices that matter for this trade, from big drops to big rallies, with your result at each and the odds the stock ends below it.
Stock Price
What It Is
Move From Now
At Expiry
Today
Chance It Ends Below
In plain English: one standard deviation (1 SD) is the usual size of the move the market expects by expiry, so the stock lands inside the 1 SD rows about two times in three. Break-even and strike rows show exactly where your result changes character. If you typed a forecast above, the chance column follows it.