Multi-Leg Options Payoff Calculator

The combined payoff of any set of calls and puts is piecewise-linear, with kinks only at each leg's strike price. That means the maximum and minimum can only occur at $0, at one of the strikes, or — if the combined position still has a nonzero slope beyond the highest strike (e.g. a naked long or short call) — extend to infinity in that direction. This calculator evaluates the payoff at every strike and at $0, then checks the slope past the highest strike to determine whether profit or loss is capped or unlimited, and reports the true maximum or minimum rather than an approximation.

An iron condor's payoff is flat (at max profit) between the two short strikes, then slopes down on both sides toward the long strikes. It crosses zero once on the way down through the put side and once on the way up through the call side — this calculator solves both breakevens exactly using the piecewise-linear structure, not by scanning a chart and eyeballing where it crosses.

The payoff diagram and max profit/loss/breakeven figures are at-expiration only — pure intrinsic value, no time decay. A position can be worth less or more than its expiration payoff before expiry due to time value; use the Black-Scholes calculator to price an individual leg at a specific number of days to expiry.

A single options contract controls 100 shares of the underlying by market convention, so a $2.00 premium per share costs $200 per contract, and a strategy with 2 contracts doubles every dollar figure. This calculator scales every leg by quantity x 100 automatically — enter contract counts, not share counts.

A long call's payoff keeps rising for every dollar the underlying rises above the strike, with no cap — that is genuinely unlimited, which is what "Unlimited" in the max profit field means. Spreads cap this by adding a short leg at a higher strike, which is why a bull call spread shows a specific dollar max profit instead.