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Tools — Options Strategy Builder

Options Strategy Builder

Build multi-leg options strategies — straddles, strangles, spreads, iron condors, butterflies, or any custom combination — and see the exact combined payoff chart, max profit, max loss and breakeven prices at expiration.

Legs

$

Results

Max Profit —
Max Loss —
Net Cost —
Breakeven(s) —

Every leg must share the same expiry — this builder shows the payoff exactly at expiration, not before. Premiums are what you enter, not live market quotes; check a live options chain for current prices before sizing a real position.

How to use the Strategy Builder

Add one leg per option in your strategy — call or put, long or short, with its strike, premium, and quantity — and the chart plots the combined profit/loss at expiration across a range of underlying prices. Six preset buttons pre-fill common combinations (straddle, strangle, bull call spread, bear put spread, iron condor, butterfly) that you can then edit to match real strikes and premiums from a live options chain. Max profit, max loss, and breakeven price(s) are computed exactly from the combined position, not approximated: the payoff of any combination of same-expiry calls and puts is piecewise-linear in the underlying price, so the calculator evaluates it precisely at the mathematically relevant points (zero and every strike) rather than sampling a price grid.

Frequently Asked Questions

Why do all legs need the same expiry?
This calculator plots the payoff exactly at expiration. Mixing expiries (a calendar spread) means the near-dated leg expires — and gets replaced by its own intrinsic value or cash — while the far-dated leg still has time value left, which this simple at-expiry model can't represent. For same-expiry combinations (straddles, spreads, condors, butterflies), the at-expiry payoff is exact.
What does 'Unlimited' mean for max profit or max loss?
A strategy with a net long call position (more long calls than short calls, by quantity) has unlimited profit potential as the underlying price rises without bound. The mirror case — net short calls — has unlimited loss potential. Puts alone never create an unlimited outcome, since the underlying price has a natural floor at zero.
Why might my actual fill differ from this calculator's numbers?
This tool computes the payoff exactly AT expiration using the premiums you enter. Before expiry, an option's market price also reflects time value and implied volatility (see the Black-Scholes & Greeks Calculator for that), so a position's mark-to-market P&L before expiration will differ from this expiration-only payoff — often substantially for at-the-money options far from expiry.

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