Using the ThetaViz Payoff Builder

The payoff builder is where you model options and stock legs before you trade. It lives at /build/{strategy} with optional symbol and query parameters so you can bookmark and share setups.

This guide walks through a typical session: choose a template, load live chain data, adjust legs, read the chart, and copy a link. Pair it with Reading payoff charts and Greeks in the builder.

Open the builder

1. From the home page or catalog, pick a strategy slug (for example long-call or iron-condor).
2. The URL becomes /build/long-call (or your chosen slug).
3. Enter a ticker in the symbol field. The app requests expirations and strikes from your connected data source.
4. If the symbol fails to load, try a liquid name (large ETFs or mega caps) while you learn the UI.

You can also land on a builder URL from a learn article “Open in builder” link when builderSlug is set on that article.

Set up legs

Each leg has a type (call, put, stock), quantity, strike, and expiration.

Field	What it controls
Quantity	Positive = long, negative = short (per broker convention in the UI)
Strike	Exercise price for options
Expiration	Which series you are modeling
Stock leg	Share count for covered stock or collars

Changing any field updates payoff at expiry, mark-to-market value (when quotes exist), and summary metrics. For multi-leg templates, start from the catalog preset, then tweak one leg at a time so you see how the curve changes.

Example: long call on a $100 stock

• Buy 1 call, $105 strike, 45 days out, premium $2.50 per share.
• Max loss at expiry (if OTM): $250 per contract ($2.50 × 100).
• Breakeven at expiry: $107.50 (strike + premium per share).

Drag the spot price slider or move valuation date toward expiration to see theta and delta effects when greeks are enabled.

Chart modes

Use the chart mode control to switch views:

Mode	Best for
P/L at expiry	Classic hockey-stick payoff
Value / mark	Estimated position value before expiry
Delta, gamma, theta, vega	Sensitivities when modeled

The valuation date slider moves “today” forward in time. On a long call, watch theta accelerate in the last weeks while spot is flat. On an iron condor, see how range profit compresses as expiry approaches.

Metrics panel

Below or beside the chart you will see figures such as max profit, max loss, breakevens, and net debit or credit. Treat these as models:

• Quotes can be stale for illiquid strikes.
• Early assignment and dividends are not always in the simplified display.
• Fees and borrow are usually excluded.

Always confirm live bid-ask and margin at your broker before sending orders.

Deep links and sharing

The builder encodes legs and chart settings in the URL query string. After you tune a trade:

1. Copy the browser URL.
2. Send it to a study partner or paste it in your notes.
3. Reopening the link restores the same structure (subject to chain still listing those series).

Shared links are for education, not trade recommendations. Markets move; a link from last week may no longer match your thesis.

Workflow checklist

1. Pick strategy template from catalog.
2. Enter symbol and wait for chain load.
3. Select realistic strikes and expirations (check volume in the visualizer first if unsure).
4. Set chart to P/L at expiry and note breakevens.
5. Switch to greeks and move valuation date for time decay intuition.
6. Copy URL or save the strategy if signed in.

Common mistakes

• Modeling one contract but thinking in per-share dollars without multiplying by 100. See Options contract multiplier.
• Assuming mid-price fills on wide spreads.
• Ignoring short-leg assignment risk on American equity options.

Related guides

• Reading payoff charts
• Greeks in the builder
• Saved strategies and mark-to-market P/L
• Options chain visualizer guide

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ThetaViz provides educational tools only. This guide is not investment, tax, or legal advice. Prices, margin requirements, and tax rules change. Confirm details with your broker and qualified professionals before trading.