Free Tool
Options Strategy Builder
Combine multiple calls and puts and see the blended payoff at expiration. Start from a preset — spread, straddle, strangle, iron condor — or add your own legs, and read off the breakevens, net debit or credit, and maximum profit and loss.
Net debit (cost)
$400
Max profit
$600
Max loss
−$400
Breakeven
$99.00
The payoff line sums every leg at expiration. Green is profit, red is loss, and each dot marks a breakeven where the position crosses zero. “Unlimited” appears when a net long or short call leaves the upside open-ended. Figures exclude commissions, fees, taxes, dividends, and early assignment.
How to Use It
- 1. Pick a preset — or start from scratch with the Add leg button.
- 2. Set each leg — long or short, call or put, its strike, the premium, and how many contracts.
- 3. Set the current price — to mark where the underlying trades now on the diagram.
- 4. Read the combined line — green is profit, red is loss, and each dot is a breakeven. The cards summarise net cost, max profit, and max loss.
How Each Leg Is Calculated
- Call value = max(price − strike, 0)
- Put value = max(strike − price, 0)
- Long leg P/L = (value − premium) × 100 × qty
- Short leg P/L = (premium − value) × 100 × qty
Want the single-leg version first? Try the Options Profit Calculator, or read Basic Option Risk and Reward Profiles.
Frequently Asked Questions
What is an options strategy builder?
It is a tool for combining multiple option legs — long or short calls and puts at different strikes — and seeing the single blended payoff at expiration. Spreads, straddles, strangles, and iron condors are all just combinations of these building blocks.
How is the combined payoff calculated?
Each leg is priced at expiration from its intrinsic value minus the premium (paid for long legs, collected for short legs), multiplied by 100 shares per contract and the quantity. The calculator adds every leg together at each underlying price to draw the combined line.
How are breakevens and max profit or loss found?
Breakevens are the underlying prices where the combined payoff crosses zero. Because the payoff is piecewise-linear with bends at each strike, the maximum profit and loss occur at a strike, at zero, or run to infinity when a net long or short call leaves the upside open-ended — which the tool labels "Unlimited".
Can I model an iron condor or a spread?
Yes. Load a preset like the bull call spread, long straddle, or iron condor, then adjust the strikes, premiums, and quantities — or add and remove legs to build any custom combination of calls and puts.
Educational tool only. This builder models option legs held to expiration and excludes commissions, fees, taxes, dividends, and early assignment. It is not financial advice.