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The Strategy Atlas · 37 positions

Every payoff has a shape.

Explore option strategies by outlook and compare their payoff shapes. Open any position to model its risks and returns in an editable calculator with its own permanent URL. New to options? Find your strategy, take the strategy recommender, view every strategy side by side in the comparison matrix, or use the IV rank strategy tool if you already track implied volatility.

Every position is a point of view. Test yours before capital is at risk.
01

Bullish strategies

Structures for a rising or resilient underlying

02

Bearish strategies

Structures for a falling or weakening underlying

03

Neutral strategies

Structures centered on a range or target price

04

Volatility strategies

Structures shaped around the size of a move

Start with a two-sided position

Long straddle payoff calculator

Interactive position

Build the legs

Position structure—

Model: earliest-expiry valuation · expired legs use intrinsic value · every live leg retains Black–Scholes value using its own DTE and IV · 1 contract = 100 shares.

Position blueprints

Pre-built positions

Loads editable legs
Maximum profit—
Maximum loss—
Reward / risk—
Break-even price—
Position analyticsEarliest-expiry P&L
Valuation curveCurrent spot
X: underlying price at valuation · Y: profit / lossPer complete position · standard 100× option multiplier

What this calculator includes

Expiration and dated valuation. Same-expiry positions use exact intrinsic payoff; mixed-expiry positions retain Black–Scholes time value in later legs.

Editable position Greeks. Delta, Gamma, Theta, Vega and Rho update from each leg’s quantity, multiplier, expiry and volatility.

Continue the analysis. Use the custom multi-leg options calculator, options Greeks calculator, or Black–Scholes option price calculator.