Price · time · volatility
Scenario Lab
Test any option strategy against a different underlying price, less time to expiry or a change in implied volatility, entirely in your browser.
A payoff diagram answers "what happens at expiry". The Scenario Lab answers the harder question: what the position is worth before expiry, once time decay and a volatility shift are priced in.
Bullish
Structures for a rising or resilient underlying
- Long CallBullish
- Covered CallModerately bullish
- Bull Call SpreadModerately bullish
- Bull Put SpreadModerately bullish
- Protective PutBullish with protection
- Cash-Secured PutModerately bullish
- Call Ratio BackspreadStrongly bullish
- Bull Call LadderModerately bullish
- Synthetic Long StockBullish
- Bullish Risk ReversalBullish
- Synthetic CallBullish
- Poor Man's Covered CallModerately bullish
Bearish
Structures for a falling or weakening underlying
- Long PutBearish
- Bear Put SpreadModerately bearish
- Bear Call SpreadModerately bearish
- Covered PutModerately bearish
- Put Ratio BackspreadStrongly bearish
- Bear Put LadderModerately bearish
- Synthetic Short StockBearish
Neutral
Structures centered on a range or target price
- Short StraddleNeutral
- Short StrangleNeutral
- Short StrapRange-bound with upside risk tolerance
- Iron CondorRange-bound
- Iron ButterflyNear one price
- Long Call ButterflyNear one price
- Long Put ButterflyNear one price
- Call Calendar SpreadNear the strike
- Put Calendar SpreadNear the strike
- CollarProtected range
- Short GutsRange-bound
Volatility
Structures shaped around the size of a move
- Long StraddleLarge move either way
- Long StrangleLarge move either way
- StripLarge move, bearish tilt
- StrapLarge move, bullish tilt
- Reverse Iron CondorLarge move either way
- Reverse Iron ButterflyLarge move either way
- Long GutsLarge move either way