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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 (K1)
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?
The first lesson runs in your browser with no account, and all 10 lessons of Module 1 are free on a free account. 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