Option Strategy Payoff Calculator

Payoff charts, break-even points and risk-reward ratios for 54 strategies. Great way to learn options.

Option Strategy Simulator

Aggregate Greeks, what-ifs, volatility skew, and more advanced option strategy modelling. Also intraday.

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Options: The Basics

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Iron Condor Payoff, Breakeven Points and R/R

This page explains iron condor profit or loss at expiration and the calculation of its maximum profit, maximum loss, breakeven points and risk-reward ratio. Iron Condor Basic Characteristics Iron condor is a non-directional short volatility strategy with limited risk and limited profit potential. It got its name from the shape of its payoff diagram, which [more…]

Iron Butterfly Payoff, Breakeven Points and R/R

This page explains iron butterfly payoff profile and the calculation of its maximum loss, maximum profit, breakeven points and risk-reward ratio. Iron Butterfly Basic Characteristics Iron butterfly is a non-directional short volatility strategy, typically used when a trader expects the underlying price to move sideways or stay at approximately the same level. The position consists [more…]

Short Straddle Payoff and Breakeven Points

This page explains short straddle profit and loss at expiration and the calculation of its breakeven points. Short Straddle Basic Characteristics Short straddle is non-directional short volatility strategy. It is composed of a short call option and a short put option, both with the same strike price and expiration date – which is the inverse [more…]

Short Strangle Payoff and Breakeven Points

This page explains short strangle profit and loss at expiration and the calculation of its breakeven points. Short Strangle Basic Characteristics Short strangle is a position created by selling a higher strike call option and selling a lower strike put option with the same expiration date. It is a non-directional short volatility strategy, typically used [more…]

Long Strangle Payoff, Risk and Breakeven Points

This page explains long strangle profit and loss at expiration and the calculation of its risk and breakeven points. Long Strangle Basic Characteristics Strangle is a position made up of a long call option and a long put option with the same expiration date. It is similar to a straddle; the difference is that in [more…]

Collar Payoff, Breakeven and Risk-Reward

This page explains the payoff profile of collar option strategy – different scenarios at expiration, maximum profit, maximum loss, breakeven point and risk-reward ratio. Collar Strategy Basic Characteristics Collar is an option strategy that involves a long position in the underlying, a short call and a long put. The common approach is for both the [more…]

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