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Options Payoff Calculator
Visualize options profit/loss at expiry. Add up to 4 legs for multi-leg strategies like spreads, straddles, and iron condors.
Option Leg 1
Payoff Diagram
Max Profit
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Max Loss
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Breakeven
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Net Premium
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Saved Calculations
Understanding Options Payoff Diagrams
Basic Option Payoffs
Every options strategy has a payoff diagram showing profit or loss at each possible stock price at expiration.
- Long Call: Unlimited upside, max loss = premium paid. Breakeven = strike + premium.
- Long Put: Profits as stock falls, max loss = premium paid. Breakeven = strike - premium.
- Short Call: Collects premium, unlimited risk if stock rises above strike.
- Short Put: Collects premium, risk if stock falls below strike.
Multi-Leg Strategies
Combining options legs creates defined-risk strategies with unique payoff shapes:
- Bull Call Spread: Long call + short higher call. Capped profit, reduced cost.
- Straddle: Long call + long put at same strike. Profits from large moves in either direction.
- Iron Condor: Short strangle + long wings. Profits from low volatility and time decay.
- Protective Put: Long stock + long put. Insurance against downside risk.