Option strategy payoff calculator
Covered call, spreads, straddle, butterfly: pick a stock and a strategy and see the profit at expiry, the break-evens and the max gain and loss.
| Leg | Strike | Price (BS) |
|---|---|---|
| Buy stock | — | 100.00 |
| Sell call | 105.00 | 1.17 |
Amounts per share. A standard US option contract covers 100 shares — multiply by 100. No commissions or taxes.
In plain words 💡
An option strategy is a set of positions that together give a particular payoff shape. The chart shows what you make or lose on expiry day at every possible stock price. Where the line crosses zero are the break-evens.
Buying options (call, put, straddle) costs a premium, but the loss stops there. Selling options (covered call, cash-secured put) brings the premium in up front, in exchange for giving up part of the upside or committing to buy the stock. Spreads and the butterfly cap both sides — less cost, less possible profit 🧩.
Where it's wrong ⚠️
Premiums come from a formula with historical volatility, not from an exchange. Real quotes have a bid/ask spread, commissions and a different implied volatility. The chart is for expiry day — before then the position's value also depends on time and volatility (the second, pink line).
Read more 📚
An educational tool: it runs a formula on historical data or on the numbers you type. It is not a forecast or a recommendation, and it knows nothing about your situation.