Compare the same assumptions across several option structures
Load a stock or ETF symbol, choose an available expiration, then select strikes for one of eight templates. Add up to five strategies. Each strategy has one long or short contract per leg. The four vertical templates enforce their strike direction; an iron butterfly requires a shared short strike inside two wings, an iron condor requires ordered wings and separate short strikes, a straddle uses equal call/put strikes, and a strangle uses a higher call than put. The tool does not require the selected strikes to be ATM or OTM relative to the stock quote.
The sample contains at most 250 returned records. Eligible contracts need a valid unexpired UTC date, a 100-share multiplier, an available nonnegative close and positive IV no greater than 1,000%. Invalid rows are excluded and the remaining count is shown. Duplicate selected contracts or incompatible exercise styles prevent a strategy from being added. A 100-share multiplier does not itself prove an unadjusted deliverable; verify the actual contract with your broker.
What a curve represents before and at expiration
Before expiration, each leg is repriced using European Black-Scholes with a fixed 5% continuously compounded annual interest rate, no dividends and the selected IV adjustment. The model value minus the entered snapshot close is multiplied by the long/short direction and leg quantity, then summed. This is an approximation for American options because it does not model early exercise. Day-zero model value can differ from the snapshot close, so day-zero P&L need not be zero.
At expiration, calls use max(S − K, 0) and puts use max(K − S, 0). Signed intrinsic values minus premiums produce a piecewise-linear payoff. Extrema are evaluated at zero and all strikes, with the final call slope checked for an unbounded tail. Breakevens are solved between these points, rather than inferred from a finite chart range. Long straddle and strangle profits are unbounded on the upside in this simplified model.
A checkable hypothetical spread
Buy one 100 call for $4.20 and sell one same-expiry 105 call for $1.70. The debit is $2.50 per share. At expiry, the maximum loss is $2.50, maximum profit is $2.50 and breakeven is $102.50. At an underlying price of $103 the intrinsic spread is $3, giving $0.50 per share, or $50 for the two-leg 100-share strategy, before costs. These example premiums are hypothetical.
Read the scenario controls separately from the table
Changing the underlying price moves the reference point along the curve; it does not shift the entire curve. The selected-price P&L is shown when a stock quote is available. IV adjustments are relative, not percentage-point changes: 30% IV with a +30% adjustment becomes 39%. Elapsed time reduces each strategy’s UTC calendar-day count. A shorter-dated strategy remains at its expiration payoff after its own expiry; comparing different expirations is not a path simulation or a single portfolio valuation date.
The comparison table always reports expiration max profit/loss and breakevens. Net Delta, Gamma, Theta and Vega are signed sums of the original provider snapshot fields and stay fixed when scenarios change. Missing Greek sets are unavailable, not zero. Displayed values are per share; multiply by 100 for a complete strategy with one contract per selected leg. A risk/reward ratio with an unbounded side is not presented as a finite statistic.
Data and execution checks
Entry costs use daily closes, which may be stale or refer to different trade times. The server may cache option snapshots for one hour and stock quotes for 30 seconds. Fetched time is retrieval time. The page does not follow additional snapshot pages, so its available strikes are a sample. New loads clear old strategies to prevent mixing data. No streaming feed, broker order, backtest, automatic alert or probability-of-profit model is included.
Fees, bid/ask spreads, slippage, dividends, financing, exercise and assignment can materially change realized results. Each short American option can be assigned independently; an offsetting long option does not automatically eliminate the resulting stock exposure. Treat these as educational scenarios and verify contract terms and broker procedures before interpreting the capped expiration payoff.
References: OIC Black-Scholes assumptions, bull call spread, and long straddle.