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Visualize P&L payoff diagrams for any options strategy. 18 presets + custom multi-leg builder with instant calculations.
Enter a stock price or search a ticker to get started
Visualize P&L payoff diagrams for 18 preset strategies or build custom multi-leg positions.
Enter a stock price (or search a ticker to auto-fill), then choose a strategy from the 14 presets or build your own multi-leg position. The payoff diagram updates instantly, showing your profit and loss across the full price range at expiration. Green = profit, red = loss. Yellow dots mark your breakeven points. All calculations run client-side in your browser — nothing is sent to a server.
Every strategy calculation shows these core metrics: max profit (best-case P&L at expiration), max loss (worst-case P&L), breakeven prices (where P&L crosses zero), net premium (credit received or debit paid), capital required (collateral or buying power reduction), return on capital (credit divided by capital at risk), and risk/reward ratio. For cash-secured strategies, max loss shows the effective loss after premium collected.
A payoff diagram shows your theoretical P&L at every possible stock price at expiration. The x-axis is the stock price, and the y-axis is your profit or loss in dollars. For credit strategies (like short puts or iron condors), maximum profit equals the premium collected and occurs when the stock stays between your short strikes. For debit strategies, maximum profit occurs when the stock moves past your strike by more than the premium paid.
The most common mistakes when using an options calculator: using mid-price instead of the actual bid or ask you will fill at (always use natural prices for realistic P&L), ignoring commissions (toggle them on above — they eat into small credit trades), forgetting early assignment risk on short ITM calls near ex-dividend dates, and not checking IV Rank before entering a trade — selling premium when IV is low means collecting less credit for the same risk. Use the Conditions Check card above to verify IV environment before trading.
Premium Seller Core: Short Put (CSP), Covered Call, Put Credit Spread, Call Credit Spread, Iron Condor, Short Strangle. Extended: Iron Butterfly, Short Straddle, Jade Lizard, Poor Man's Covered Call. Directional: Long Call, Long Put, Bull Call Spread, Bear Put Spread. Plus fully custom multi-leg positions with up to 4 legs and optional share positions. Each preset auto-generates strikes at common deltas (0.20-0.30 for short strikes) with estimated premiums you can override.
| Strategy | Outlook | Risk | Best When |
|---|---|---|---|
| Short Put (CSP) | Bullish | Defined | High IV Rank, bullish on stock |
| Covered Call | Neutral/Mild Bull | Defined | Own shares, want income |
| Put Credit Spread | Bullish | Width − credit | High IV, want defined risk |
| Call Credit Spread | Bearish | Width − credit | High IV, bearish bias |
| Iron Condor | Neutral | Wider wing − credit | High IV, range-bound market |
| Short Strangle | Neutral | Undefined | High IV, large account |
| Iron Butterfly | Neutral (pinning) | Wing width − credit | Very high IV, minimal move expected |
| Jade Lizard | Bullish/Neutral | Downside only | Bullish bias, want call protection |
| PMCC | Bullish | LEAPS cost − call credit | Want covered call exposure, less capital |
| Long Call | Strong Bull | Premium paid | Low IV, strong directional conviction |
Enter a stock price, choose a strategy preset or build custom legs, and the calculator instantly generates a payoff diagram showing P&L at every stock price at expiration. All math runs in your browser for instant results.
A payoff diagram plots your profit or loss on the y-axis against every possible stock price on the x-axis at expiration. The point where the line crosses zero is your breakeven. Green area is profit, red is loss.
Return on Capital (RoC) is your net credit divided by the capital at risk (collateral or max loss), expressed as a percentage. For a $1.25 credit spread on $5 wide strikes, RoC is $125/$375 = 33%. Realistic credit spreads typically collect 20-35% of the spread width as premium.
Max profit on a credit spread equals the net credit received. For example, if you sell a put for $3.00 and buy a put for $1.00, your max profit is $2.00 per share or $200 per contract.
Max loss on an iron condor is the wider spread width minus the total credit received. If your spreads are $5 wide and you collected $1.80, max loss is $5.00 - $1.80 = $3.20 per share ($320 per contract).
The breakeven on a short put equals the strike price minus the premium collected. If you sell a 280 put for $4.50, your breakeven is $275.50.
Yes, the options profit calculator is 100% free with no signup required. All 10 core strategy presets and the custom multi-leg builder work without an account. Ticker auto-fill uses 5 free lookups per day.
You can toggle commissions on and enter your per-contract fee (typically $0.50-$0.65). The calculator adjusts net premium and all derived metrics accordingly.
It supports 18 presets: Short Put, Covered Call, Put Credit Spread, Bear Call Spread, Iron Condor, Short Strangle, Iron Butterfly, Short Straddle, Jade Lizard, Poor Man's Covered Call, Calendar Spread, Broken Wing Butterfly, Protective Put, Collar, Long Call, Long Put, Bull Call Spread, and Bear Put Spread. Plus custom multi-leg positions. The quick reference table highlights the 10 most common strategies.
Preset premiums are rough estimates for visualization purposes. For real trades, replace them with actual bid/ask prices from your broker. The payoff shape and breakevens update instantly when you edit premiums.
Data sourced from ORATS, updated daily after market close. VolRadar provides educational analytics — not financial advice. Options involve significant risk of loss. Read our investment disclaimer.