Option spread calculator
Enter any set of call, put, and stock legs. This returns the net debit or credit, every breakeven, the exact maximum profit and loss, and the payoff shape segment by segment, with the assignment risks the diagram cannot show.
Worked example — The default iron condor's maximum loss at expiry is: $245.00. Net credit $255.00, max profit $255.00, breakevens at $92.45 and $107.55.
Iron condor: Four legs, two breakevens, finite risk on both wings.
$85.00 paid
$210.00 received
$225.00 received
$95.00 paid
Net credit $255.00, max profit $255.00, breakevens at $92.45 and $107.55.
European payoff at expiry on the prices you enter, 100 shares a contract, no commissions, no interest on the credit, and no early exercise in the diagram. Assignment and dividend risk are flagged below rather than modelled, because they change the account without changing this line.
The payoff segment by segment
Default position: an iron condor, puts at 90 and 95, calls at 105 and 110.
| Underlying range | P&L at start | P&L at end | Slope, $ per $1 |
|---|---|---|---|
| $0.00 to $90.00 | -$245.00 | -$245.00 | Flat |
| $90.00 to $95.00 | -$245.00 | $255.00 | +100 |
| $95.00 to $105.00 | $255.00 | $255.00 | Flat |
| $105.00 to $110.00 | $255.00 | -$245.00 | -100 |
| Above $110.00 | -$245.00 | Unchanged | Flat |
Legs as the model holds them
| Leg | Position | Cash |
|---|---|---|
| 90 put | +1 | $85.00 paid |
| 95 put | -1 | $210.00 received |
| 105 call | -1 | $225.00 received |
| 110 call | +1 | $95.00 paid |
Common option strategies, computed
| Strategy | Net cost | Max profit | Max loss | Breakeven |
|---|---|---|---|---|
| Iron condor | $255.00 credit | $255.00 | $245.00 | $92.45, $107.55 |
| Bull call spread | $250.00 debit | $250.00 | $250.00 | $102.50 |
| Covered call | $9,700.00 debit | $800.00 | $9,700.00 | $97.00 |
| Naked short call | $300.00 credit | $300.00 | Unbounded | $108.00 |
| Call butterfly | $140.00 debit | $360.00 | $140.00 | $96.40, $103.60 |
The payoff line assumes everything is held to expiry and settles. Real short legs get assigned: a short call that finishes in the money leaves a short stock position unless another leg covers it, and an American short call is exercised early whenever the dividend exceeds its remaining time value, usually the day before the ex-dividend date. Neither changes the diagram and both change the account. Also absent: commissions, the bid-ask spread you will actually cross, margin requirements, interest on the credit, and any path before expiry. For a single leg with its greeks, use the Black-Scholes calculator; for one leg's P&L at a given price, the options profit calculator; for the probability that goes with a set of strikes, the expected move calculator.
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