How to use the Option Payoff Calculator
- Pick a preset strategy or build your own with up to 4 legs.
- Enter strike, premium and quantity for each leg.
- Read the payoff chart, max profit, max loss and breakeven points.
Payoff at expiry
Call payoff = max(Price − Strike, 0) − Premium
Put payoff = max(Strike − Price, 0) − Premium
For sold (short) options the payoff is reversed. The strategy payoff is the sum of all legs, multiplied by quantity.
Common strategies
- Bull call spread – buy a call, sell a higher call. Limited risk and reward.
- Bear put spread – buy a put, sell a lower put.
- Long straddle / strangle – profit from a big move either way.
- Short straddle – profit if price stays near the strike; unlimited risk.
- Iron condor – profit in a range with limited risk.
Frequently asked questions
Does this show profit before expiry?
No. It shows the payoff at expiry. Before expiry, option prices also depend on time value and volatility.
What quantity should I enter?
Enter the total quantity (lots × lot size). Lot sizes are set by the exchange and change from time to time.