Model call spreads and put spreads precisely. Estimate maximum profit, loss, margins, and breakeven points. See payoff curves, scenarios, exports, and guided interpretation instantly.
Use a three-column layout on large screens, two columns on smaller screens, and one column on mobile devices.
| Underlying Price | Payoff per Share | Total Payoff | Interpretation |
|---|---|---|---|
| 90 | -3.00 | -300.00 | Left-side maximum loss. |
| 93 | 0.00 | 0.00 | Lower breakeven point. |
| 100 | 2.00 | 200.00 | Maximum profit zone. |
| 107 | 0.00 | 0.00 | Upper breakeven point. |
| 110 | -3.00 | -300.00 | Right-side maximum loss. |
At expiry, the iron condor combines two credit spreads. The payoff per share equals the net credit plus the value of all four option legs.
| Short Put Value | -max(Short Put Strike − Price, 0) |
|---|---|
| Long Put Value | max(Long Put Strike − Price, 0) |
| Short Call Value | -max(Price − Short Call Strike, 0) |
| Long Call Value | max(Price − Long Call Strike, 0) |
| Total Payoff per Share | Net Credit + Short Put + Long Put + Short Call + Long Call |
| Total Position Payoff | Payoff per Share × Multiplier × Contracts |
| Lower Breakeven | Short Put Strike − Net Credit |
| Upper Breakeven | Short Call Strike + Net Credit |
| Maximum Profit | Net Credit × Multiplier × Contracts |
| Maximum Loss | (Wider Spread Width − Net Credit) × Multiplier × Contracts |
For balanced condors, both spread widths are equal. For unbalanced structures, the wider spread controls the maximum loss.
It measures the expiry payoff of an iron condor across different underlying prices. It also reports breakevens, maximum profit, maximum loss, and current spot payoff.
An iron condor uses four option legs: a long put, short put, short call, and long call. Those legs create a capped-risk, capped-reward payoff structure.
Maximum profit usually occurs when the underlying finishes between the two short strikes. In that region, all options expire worthless, so the trader keeps the full net credit.
The lower breakeven equals the short put strike minus the net credit. The upper breakeven equals the short call strike plus the net credit.
When put and call widths differ, the side with the wider spread can lose more after subtracting the net credit. That wider side sets the maximum possible loss.
Yes. This file models payoff at expiration, not interim mark-to-market pricing. It does not include time value, volatility shifts, interest rates, or assignment timing.
For standard U.S. equity options, the multiplier is often 100. Adjust it if your contract type uses a different unit size.
A smaller step size creates more scenario rows and a smoother payoff curve. Larger step sizes calculate faster but produce fewer plotted points.
Important Note: All the Calculators listed in this site are for educational purpose only and we do not guarentee the accuracy of results. Please do consult with other sources as well.