Result Preview Area
Submit the form to display profit tables, breakeven estimates, and the payoff chart here below the header and above the calculator.
Calculator Inputs
Example Data Table
| Strategy | Underlying | Leg 1 | Leg 2 | Range | Step | Estimated Breakeven |
|---|---|---|---|---|---|---|
| Bull Call Spread | 100 | Long 1 Call @ 100, premium 6 | Short 1 Call @ 110, premium 2 | 70 to 130 | 5 | 104.00 |
| Protective Put | 85 | Long 100 shares | Long 1 Put @ 80, premium 3 | 50 to 120 | 5 | 88.00 |
| Bear Put Spread | 140 | Long 1 Put @ 145, premium 8 | Short 1 Put @ 130, premium 3 | 100 to 170 | 5 | 140.00 |
| Short Strangle | 60 | Short 1 Put @ 55, premium 2 | Short 1 Call @ 65, premium 2 | 35 to 90 | 2.5 | 51.00 and 69.00 |
Formula Used
Long call P/L per share: max(S − K, 0) − Premium
Short call P/L per share: Premium − max(S − K, 0)
Long put P/L per share: max(K − S, 0) − Premium
Short put P/L per share: Premium − max(K − S, 0)
Leg total: Per-share P/L × Contracts × Contract Size
Stock hedge P/L: (Scenario Price − Current Price) × Shares
Net strategy P/L: Sum of all leg totals + stock hedge P/L − fees
Here, S is the scenario price of the underlying at expiration, and K is the strike price. The calculator scans every chosen price point, evaluates each active leg, adds stock hedge effects, subtracts fees, and then builds the scenario table and payoff curve.
Breakeven prices are estimated where net P/L crosses zero between adjacent scenarios. Smaller step sizes improve the estimate because the interpolation interval becomes narrower.
How to Use This Calculator
- Enter the current underlying price and choose a scenario range.
- Set the contract size, fees, and any hedge shares.
- Enable each option leg you want to include.
- Select long or short, then choose call or put.
- Enter strike, premium, and number of contracts for each leg.
- Click Analyze Strategy to generate the table and chart.
- Review breakevens, best and worst outcomes, and P/L near the current price.
- Use the CSV or PDF buttons to save the analysis.
FAQs
1) What does this calculator analyze?
It evaluates option strategy profit or loss across many possible underlying prices at expiration. You can combine up to three option legs and an optional stock hedge.
2) Can I model spreads and hedged positions?
Yes. Use multiple legs for vertical spreads, strangles, collars, or custom combinations. Add stock shares to examine covered calls, protective puts, or partially hedged positions.
3) How are breakeven prices estimated?
The calculator finds places where net profit changes sign between adjacent scenario points, then interpolates between them. Smaller step sizes usually give more precise breakeven estimates.
4) Why do the best and worst results say within range?
Some strategies have unbounded upside or downside. The calculator therefore reports the best and worst profit or loss only inside your selected scenario interval.
5) Are fees included in every scenario?
Yes. The total fees and commissions field is subtracted from every scenario result, so the payoff curve reflects trading costs consistently across the whole range.
6) Does the chart show expiration values only?
Yes. This version uses expiration payoff mathematics. It does not estimate changing time value before expiration or model implied volatility shifts across dates.
7) What step size should I choose?
Choose a step that balances detail and speed. Smaller steps create smoother curves and tighter breakeven estimates, while larger steps are faster for broad exploratory scans.
8) What do the export buttons save?
CSV exports the full scenario table for spreadsheets. PDF exports the summary statistics and scenario rows, making it easier to print, share, or archive strategy comparisons.