Options payoff calculator
Build any options strategy and see its payoff diagram instantly — profit and loss at expiration, breakeven prices, maximum gain and loss, and the Greeks. Model calls, puts, and multi-leg spreads before you risk a dollar.
What it shows
Payoff diagram
See profit and loss across the full range of underlying prices at expiration.
Breakevens
Exact breakeven prices for single legs and complex multi-leg spreads.
Max profit & loss
Know your best and worst case before you open the trade.
Greeks
Delta, gamma, theta, and vega so you understand how the position behaves.
How to use it
- 1. Open the calculator and pick a strategy, or start from a single call or put.
- 2. Set your strikes, expiration, and contract quantity.
- 3. Read the payoff diagram — breakevens, max profit, and max loss update live.
- 4. Adjust legs to compare strategies side by side.
Common questions
Is the options payoff calculator free?
Yes. You can build a strategy and see its payoff diagram, breakevens, and max profit/loss for free. An account is only needed to save strategies.
Which strategies can I model?
Single calls and puts, vertical spreads (like bull call and bear put spreads), iron condors, straddles, and custom multi-leg combinations.
Is this financial advice?
No. ThetaViz is an educational visualization tool. It does not provide financial advice or recommendations.
Learn the concepts
New to the mechanics? These guides pair with the calculator.
What Are Options? Contracts, Rights, and Obligations
Stock options in plain English: rights vs obligations, premium, strikes, expiration, and how they differ from owning shares.
How to Read an Options Payoff Chart
Read options P/L diagrams: axes, breakeven, max gain and loss, kinks at strikes, and how Greeks change the curve before expiry.
Multi-Leg Strategies: Why Combine Options?
Why traders combine options legs, debit vs credit spreads, and how payoffs add together.
Options Greeks: Overview and Using Them in ThetaViz
What delta, gamma, theta, vega, and rho measure, how signs work for long vs short options, and how to explore greeks in the payoff builder.
Keep exploring
New to options? Read the free guides, model a bull call spread, or study the implied volatility surface.
ThetaViz is an educational visualization tool. Market data is for educational use only and this is not financial advice.