Options Strategy Builder
Combine any number of call/put legs into one payoff curve — see combined max profit, max loss, and breakeven points for spreads, straddles, and iron condors.
| Type | Buy/Sell | Strike | Premium ({{CUR}}) | Lots |
|---|
What this tool does
Add any combination of call/put legs — bought or sold, at any strikes and premiums — and this calculator combines them into a single profit/loss curve at expiry, the same way a real multi-leg position behaves. Individually, a leg's payoff is simple; combined, spreads and combinations create shapes (capped risk, capped reward, or both) that a single-leg Option Profit Calculator can't show.
Common strategies, as a starting point
The preset buttons above pre-fill a standard version of each strategy so you can see the shape immediately, then adjust strikes and premiums to match what you're actually looking at. These are structural starting points, not recommendations.
Reading the combined payoff
Max profit and max loss are the highest and lowest points the combined P&L curve reaches across a wide range of expiry prices. Breakeven(s) are where that curve crosses zero — multi-leg strategies like iron condors typically have two.
When profit or loss shows as "Unlimited"
A naked long call (bought, not offset by a short call at a higher strike) has theoretically unlimited upside; a naked short call has theoretically unlimited downside. When your combination leaves either exposure open, this tool reports "Unlimited" rather than a number bounded by the chart's scan range, since that number would understate the actual risk.
How to use this calculator
- Pick a preset to start, or build from scratch with + Add another leg.
- Set each leg's type (call/put), buy or sell, strike, and premium.
- Read max profit, max loss, breakeven(s), and the combined payoff chart — updated instantly as you edit any leg.
Frequently asked questions
Presets fill in a standard, textbook version of each strategy's structure (which strikes are bought vs. sold). Exact strike selection and premiums are yours to set based on what you're actually evaluating.
Yes, up to 8 legs — enough for iron condors, iron butterflies, and most custom combinations retail traders build.
No. This tool calculates payoff at expiry only. For margin on short/naked positions, use Accelpix's Margin Calculator alongside this tool.