Payoff Explorer

Visualize the profit and loss curve of any options strategy at expiry. Adjust spot price, time, and volatility to see how the payoff shape changes. Free interactive payoff diagram tool — no login required.

Strategy

Spot Price

$200

Days to Expiration

30d

Implied Volatility

30%

Premium: $686

Premium 6.86 per share × 1 contract × 100 shares = 686

Spot Price (move the marker)

200

P/L (Profit/Loss) at expiry (at current Spot Price)

-686

Break-Even Price: $206.86

(Strike 200 + Premium 6.86)

Assumes 1 contract per option leg (100 shares). Covered strategies include 100 shares stock leg.

Strike (K)

200

Strike 2 (K2)

210

Strike 3 (K3)

190

Strike 4 (K4)

220

Payoff curve at expiry

Premiums are calculated using Black–Scholes based on current Spot Price (S=200), DTE=30, IV=30%).

Challenge

Find the break-even: Adjust Spot Price or strikes so P/L at expiry is close to $0 (within ±$25).

+$50

Not yet

🛠 This tool is in beta. Found a bug? Report it via the footer.

Free to try

Want to learn when to use this?

Module 1 is free and runs in your browser — no account, no payment. Drag a slider, see an option reprice, and decide for yourself whether the rest of the path is worth your time.

Try the first lessonFree — no signup