Long options
Buying a call expresses a bullish view; buying a put expresses a bearish view. The premium paid is the maximum loss per contract in the simplest case.
EXPIRATION PAYOFF ANALYZER
See the shape of your options trade.
Model expiration profit and loss across single or multi-leg strategies. Compare scenarios, understand risk, and make your assumptions visible.
Trade setup
Set your expiration scenario and global contract settings.
1
Strategy 1
Define each leg, then compare it on the chart.
Long CallCall · Buy
Short CallCall · Sell
Profit & loss at expiration
NIFTY 50 · modeled scenario overlay
At target$100
Best shown$600
Worst shown−$400
Range
Breakeven points
The price levels where payoff crosses the bold P&L = 0 line.
Combined 1: 204.00
Bull Call Spread: 204.00
Bull Call SpreadCombined
The chart shows payoff at expiration only. It excludes brokerage, taxes, slippage, dividends, early exercise, and changes in implied volatility.
LEARN THE BASICS
A clearer way to reason about payoff.
An expiration payoff chart maps what a position could be worth at different underlying prices on the expiration date. The shape helps you see breakevens, capped risk, unlimited risk, and how legs interact.
Short options
Selling options collects premium but creates an obligation. Short calls can have theoretically unlimited risk; short puts can carry substantial downside risk.
Spreads & combinations
Multiple legs can define a range of outcomes. Check every strike, premium, contract size, and multiplier before relying on a modeled result.
STRATEGY GUIDE
What each options strategy is designed to do.
Use these plain-language explanations to understand the market view, payoff trade-off, and key risk before adding a strategy to your chart. These are expiration-payoff summaries and do not include time value, implied volatility, fees, taxes, or early assignment.
Long Call
BullishBuy a call to participate in upside above the strike. Your maximum loss is the premium paid; upside is theoretically unlimited. Breakeven is strike plus premium.
Long Call
BullishPosition: Buy 1 call: strike 200, premium 8.
Expiration formula: max(S − 200, 0) − 8
Risk and breakeven: Max loss $8; breakeven $208; upside is theoretically unlimited.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Long Call guide →Long Put
BearishBuy a put to benefit from a decline below the strike. The premium paid is the maximum loss, while profit increases as the underlying falls toward zero. Breakeven is strike minus premium.
Long Put
BearishPosition: Buy 1 put: strike 200, premium 8.
Expiration formula: max(200 − S, 0) − 8
Risk and breakeven: Max loss $8; breakeven $192; profit rises as price falls.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Long Put guide →Short Call
Bearish / neutralSell a call to collect premium when you expect the underlying to stay below the strike. Profit is capped at the premium received, while an uncovered short call has theoretically unlimited risk.
Short Call
Bearish / neutralPosition: Sell 1 call: strike 200, premium 8.
Expiration formula: 8 − max(S − 200, 0)
Risk and breakeven: Max profit $8; breakeven $208; uncovered risk increases above breakeven.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Short Call guide →Short Put
Bullish / neutralSell a put to collect premium when you expect the underlying to remain above the strike. Profit is limited to premium received; losses can be substantial if the underlying falls sharply.
Short Put
Bullish / neutralPosition: Sell 1 put: strike 200, premium 8.
Expiration formula: 8 − max(200 − S, 0)
Risk and breakeven: Max profit $8; breakeven $192; downside risk grows below breakeven.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Short Put guide →Bull Call Spread
Moderately bullishBuy a lower-strike call and sell a higher-strike call. The long call funds part of the short call, creating capped risk and capped profit.
Bull Call Spread
Moderately bullishPosition: Buy 200 call for 8; sell 210 call for 4.
Expiration formula: max(S − 200, 0) − max(S − 210, 0) − 4
Risk and breakeven: Max loss $4; max profit $6; breakeven $204.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Bull Call Spread guide →Bear Put Spread
Moderately bearishBuy a higher-strike put and sell a lower-strike put. This debit spread benefits from a decline, with both maximum loss and maximum profit defined.
Bear Put Spread
Moderately bearishPosition: Buy 210 put for 8; sell 200 put for 4.
Expiration formula: max(210 − S, 0) − max(200 − S, 0) − 4
Risk and breakeven: Max loss $4; max profit $6; breakeven $206.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Bear Put Spread guide →Bear Call Spread
Bearish / neutralSell a lower-strike call and buy a higher-strike call. The credit received is the maximum profit, while the long call limits the potential loss.
Bear Call Spread
Bearish / neutralPosition: Sell 200 call for 8; buy 210 call for 4.
Expiration formula: 8 − max(S − 200, 0) + max(S − 210, 0) − 4
Risk and breakeven: Max profit $4; max loss $6; breakeven $204.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Bear Call Spread guide →Bull Put Spread
Bullish / neutralSell a higher-strike put and buy a lower-strike put. You collect a credit if the underlying stays above the short strike; risk is limited by the protective put.
Bull Put Spread
Bullish / neutralPosition: Sell 210 put for 8; buy 200 put for 4.
Expiration formula: 8 − max(210 − S, 0) + max(200 − S, 0) − 4
Risk and breakeven: Max profit $4; max loss $6; breakeven $206.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Bull Put Spread guide →Short Straddle
NeutralSell a call and put at the same strike and expiration. It profits when the underlying stays near the strike, but risk is very large outside the breakeven points.
Short Straddle
NeutralPosition: Sell 200 call for 8 and 200 put for 8.
Expiration formula: 16 − max(S − 200, 0) − max(200 − S, 0)
Risk and breakeven: Max profit $16; breakevens $184 and $216; large tail risk.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Short Straddle guide →Short Strangle
NeutralSell an out-of-the-money put and call. It collects premium over a wider price range than a straddle, in exchange for a smaller credit and substantial tail risk.
Short Strangle
NeutralPosition: Sell 190 put for 5 and 210 call for 5.
Expiration formula: 10 − max(190 − S, 0) − max(S − 210, 0)
Risk and breakeven: Max profit $10; breakevens $180 and $220; range is wider than a straddle.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Short Strangle guide →Long Straddle
Volatility / directionalBuy a call and put at the same strike. It profits from a large move in either direction; the combined premiums paid are the maximum loss.
Long Straddle
Volatility / directionalPosition: Buy 200 call for 8 and 200 put for 8.
Expiration formula: max(S − 200, 0) + max(200 − S, 0) − 16
Risk and breakeven: Max loss $16; breakevens $184 and $216; profits from a large move either way.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Long Straddle guide →Long Strangle
Volatility / directionalBuy an out-of-the-money put and call. It costs less than a straddle but requires a larger move beyond either breakeven to become profitable.
Long Strangle
Volatility / directionalPosition: Buy 190 put for 5 and 210 call for 5.
Expiration formula: max(190 − S, 0) + max(S − 210, 0) − 10
Risk and breakeven: Max loss $10; breakevens $180 and $220; requires a larger move than a straddle.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Long Strangle guide →Iron Butterfly
NeutralCombine a short at-the-money straddle with protective long wings. It earns a limited credit when price finishes near the center strike, with defined risk.
Iron Butterfly
NeutralPosition: Buy 190 put, sell 200 put, sell 200 call, buy 210 call; net credit $6.
Expiration formula: 6 − wing losses outside 190–210
Risk and breakeven: Max profit $6 at the center; max loss $4; breakevens $194 and $206.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Iron Butterfly guide →Iron Condor
Neutral rangeSell an out-of-the-money put spread and call spread. It targets a range-bound expiration with limited profit and limited loss outside the two short strikes.
Iron Condor
Neutral rangePosition: Buy 190 put, sell 200 put, sell 210 call, buy 220 call; net credit $6.
Expiration formula: 6 − wing losses outside 200–210
Risk and breakeven: Max profit $6 inside the short strikes; max loss $4; breakevens $194 and $216.
Illustration uses 1 contract, multiplier 100, and simplified expiration value. The calculator above lets you model your own strikes and premiums.
Read the full Iron Condor guide →COMMON QUESTIONS
Understand the model.
What does the chart calculate?+
It calculates the expiration payoff for each configured leg, subtracting premiums for buys and adding premiums for sells, then applies contract size and multiplier.
Does this use live market data?+
No. OptCurve is an assumptions-based calculator. You provide the underlying price, strikes, premiums, contract size, and multiplier.
Can I compare more than one strategy?+
Yes. Add, duplicate, or remove strategy cards. Each strategy gets its own curve and the optional dashed line sums all strategy payoffs.
Is this investment advice?+
No. This educational tool is not financial advice, a recommendation, or a prediction. Options involve risk and may not be suitable for every investor.