Options Payoff Builder

Any combination of long/short calls and puts at any strikes, any quantities, plus optional underlying long/short positions. Common templates are pre-loaded: vertical spread, iron condor, butterfly, straddle, strangle, calendar — but you can build arbitrary multi-leg structures by adding legs manually.

Time-to-expiration premium decay (it shows expiration P&L only), implied-volatility changes, early-assignment risk on American options, and assignment of short legs. For mid-life Greeks, use the Options Greeks Explorer.

Vertical spreads have one breakeven, iron condors have two, butterflies have two, calendar spreads have two. The builder finds breakevens numerically by scanning the underlying axis for sign changes in P&L. Some strategies (e.g., short iron condor with unequal wings) can have breakevens that aren't symmetric.

The builder includes a per-contract commission field. Default is $0.65/contract (typical retail). For multi-leg strategies, commissions can eat 5-15% of max profit on small accounts — the methodology page recommends including them in any pre-trade evaluation.

The builder shows expiration P&L assuming all in-the-money options are exercised. In practice, brokers handle this differently: most auto-exercise long ITM options worth >$0.01, and assign short ITM options. The tool warns when a complex multi-leg strategy might leave you with surprising stock positions post-expiration.