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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.

Strikes and market inputs — editable

Strikes are set around the current price and option prices (premiums) come from Black-Scholes with historical volatility — real exchange quotes will differ.

Cost to open (−) / credit (+) per share-98.83
Max profit 📈6.17
Max loss 📉98.83
Break-even98.83
LegStrikePrice (BS)
Buy stock —100.00
Sell call 105.001.17

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.