Your edge. One place.

The Free Options Strategy Builder

The MTOptions Strategy Builder is a free options profit calculator that visualizes the profit and loss of any options strategy at expiration. Pick a strategy, enter your strikes and premiums, and the tool instantly shows your max profit, max loss, breakeven points, and the full payoff diagram. It handles single-leg trades like long calls and puts, two-leg verticals like bull call spreads, and four-leg structures like iron condors. No signup, no credit card, no download.

An options payoff diagram is the fastest way to understand a trade before you place it. The horizontal axis is the stock price at expiration. The vertical axis is your profit or loss. The green zone shows where the trade makes money, the red zone shows where it loses, and the breakeven points are where the line crosses zero. Reading that picture in two seconds is far clearer than working the math by hand.

Strategies the Builder Supports

The builder includes twelve of the most widely used options strategies, with the legs pre-filled so you can adjust strikes and premiums to match a real trade.

How Options Profit and Loss Is Calculated

The builder computes the value of every leg at each stock price, then sums them to produce the payoff curve. The core formulas are simple, and seeing them helps you trust the numbers.

Long Call

Long Put

Bull Call Spread

Iron Condor

Every result in the builder is per contract, where one contract controls 100 shares. The payoff shown is the value at expiration. Your actual profit and loss before expiration will differ because of time decay and changes in implied volatility, which the expiration diagram does not model.

How to Use the Builder

• Choose a strategy from the dropdown. The legs pre-fill with sensible strikes once you enter a price.
• Enter the current stock price so the tool can suggest realistic strikes and place the "now" marker on the chart.
• Fill in the premium for each leg using the actual option prices you see in your broker or on the chain.
• Read the results. Net debit or credit, max profit, max loss, and breakevens update instantly, and the payoff curve redraws as you type.
• Add or remove legs to model any custom structure beyond the twelve presets.

Frequently Asked Questions