Strategy payoff calculators

Model the payoff of any option strategy: edit strikes, premiums and legs, then read the break-evens. Every calculation runs in your browser.

Every strategy below has three pages: an editable payoff calculator, a written guide covering when and how it is used, and a Scenario Lab for testing it against price, time and volatility changes before expiry.

Bullish

Structures for a rising or resilient underlying

Long CallBullishLong Call guide Long Call scenarios
Covered CallModerately bullishCovered Call guide Covered Call scenarios
Bull Call SpreadModerately bullishBull Call Spread guide Bull Call Spread scenarios
Bull Put SpreadModerately bullishBull Put Spread guide Bull Put Spread scenarios
Protective PutBullish with protectionProtective Put guide Protective Put scenarios
Cash-Secured PutModerately bullishCash-Secured Put guide Cash-Secured Put scenarios
Call Ratio BackspreadStrongly bullishCall Ratio Backspread guide Call Ratio Backspread scenarios
Bull Call LadderModerately bullishBull Call Ladder guide Bull Call Ladder scenarios
Synthetic Long StockBullishSynthetic Long Stock guide Synthetic Long Stock scenarios
Bullish Risk ReversalBullishBullish Risk Reversal guide Bullish Risk Reversal scenarios
Synthetic CallBullishSynthetic Call guide Synthetic Call scenarios
Poor Man's Covered CallModerately bullishPoor Man's Covered Call guide Poor Man's Covered Call scenarios

Bearish

Structures for a falling or weakening underlying

Long PutBearishLong Put guide Long Put scenarios
Bear Put SpreadModerately bearishBear Put Spread guide Bear Put Spread scenarios
Bear Call SpreadModerately bearishBear Call Spread guide Bear Call Spread scenarios
Covered PutModerately bearishCovered Put guide Covered Put scenarios
Put Ratio BackspreadStrongly bearishPut Ratio Backspread guide Put Ratio Backspread scenarios
Bear Put LadderModerately bearishBear Put Ladder guide Bear Put Ladder scenarios
Synthetic Short StockBearishSynthetic Short Stock guide Synthetic Short Stock scenarios

Neutral

Structures centered on a range or target price

Short StraddleNeutralShort Straddle guide Short Straddle scenarios
Short StrangleNeutralShort Strangle guide Short Strangle scenarios
Short StrapRange-bound with upside risk toleranceShort Strap guide Short Strap scenarios
Iron CondorRange-boundIron Condor guide Iron Condor scenarios
Iron ButterflyNear one priceIron Butterfly guide Iron Butterfly scenarios
Long Call ButterflyNear one priceLong Call Butterfly guide Long Call Butterfly scenarios
Long Put ButterflyNear one priceLong Put Butterfly guide Long Put Butterfly scenarios
Call Calendar SpreadNear the strikeCall Calendar Spread guide Call Calendar Spread scenarios
Put Calendar SpreadNear the strikePut Calendar Spread guide Put Calendar Spread scenarios
CollarProtected rangeCollar guide Collar scenarios
Short GutsRange-boundShort Guts guide Short Guts scenarios

Volatility

Structures shaped around the size of a move

Long StraddleLarge move either wayLong Straddle guide Long Straddle scenarios
Long StrangleLarge move either wayLong Strangle guide Long Strangle scenarios
StripLarge move, bearish tiltStrip guide Strip scenarios
StrapLarge move, bullish tiltStrap guide Strap scenarios
Reverse Iron CondorLarge move either wayReverse Iron Condor guide Reverse Iron Condor scenarios
Reverse Iron ButterflyLarge move either wayReverse Iron Butterfly guide Reverse Iron Butterfly scenarios
Long GutsLarge move either wayLong Guts guide Long Guts scenarios

Bullish

Bearish

Neutral

Volatility

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