Beginner1 leg
Long Call
A leveraged bullish position with a defined upfront cost.
BullishLimited riskUnlimited profit
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Example Position · Long Call
SPY$650.24
S&P 500 ETF Trust
Strike
$655
Premium
$4.20
Expiration
Sep 25, 2026
Quantity
1 contract
Max Loss
$420
Breakeven
$659.20
Max Profit
Unlimited
Greeks
Delta (Δ)
+0.65
Gamma (Γ)
+0.02
Theta (Θ)
-0.15
Vega (ν)
+0.25
Rho (ρ)
+0.08
SPY Long Call Payoff Preview
Loss Zone
Breakeven
Profit Zone
Visualize risk, reward, and breakeven for 36+ options strategies
36+ strategy models
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From one-leg directional trades to multi-leg income structures, compare the payoff shape before you build.
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Manual-first workflow
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Built for iteration
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The catalog
Every major options structure, in one place.
Browse the complete strategy map first. Open a focused calculator only when you know what you want to model.
42 of 42 strategies showing
Experience
Market outlook
Risk / reward
Beginner
5 strategiesBeginner1 leg
Long Put
A bearish position that benefits from a falling underlying.
BearishLimited riskHigh leverage
View strategy BeginnerStock + 1 leg
Covered Call
Collect premium against shares you already own.
BullishIncomeDefined upside
View strategy Beginner1 leg
Cash-Secured Put
Generate income while targeting a lower stock entry price.
BullishIncomeDefined entry
View strategy BeginnerStock + 1 leg
Protective Put
Protect an existing stock position from a sharp drawdown.
BullishDownside hedgeLimited loss
View strategy Intermediate
16 strategiesIntermediate2 legs
Bull Call Spread
Trade a measured upside move with two call legs.
BullishDefined riskDefined profit
View strategy Intermediate2 legs
Bear Call Spread
Collect premium when you expect price to stay below a level.
BearishCreditDefined risk
View strategy Intermediate2 legs
Bull Put Spread
A bullish credit spread with a defined downside.
BullishCreditDefined risk
View strategy Intermediate2 legs
Bear Put Spread
Position for a controlled move lower with capped risk.
BearishDefined riskDefined profit
View strategy Intermediate2 legs
Call Credit Spread
Sell call premium while limiting the maximum loss.
BearishIncomeDefined risk
View strategy Intermediate2 legs
Put Credit Spread
Sell put premium with a defined risk profile.
BullishIncomeDefined risk
View strategy Intermediate2 legs
Call Debit Spread
Buy upside exposure while reducing the upfront premium.
BullishDefined riskDefined profit
View strategy Intermediate2 legs
Put Debit Spread
Buy downside exposure with a capped maximum loss.
BearishDefined riskDefined profit
View strategy Intermediate2 legs
Long Straddle
Own a call and put to target a large move either way.
VolatilityBig moveLong volatility
View strategy Intermediate2 legs
Short Straddle
Sell a call and put when you expect price to stay stable.
NeutralPremium sellingUnlimited risk
View strategy Intermediate2 legs
Long Strangle
Target a sharp move with out-of-the-money options.
VolatilityBig moveLower cost
View strategy Intermediate2 legs
Short Strangle
Collect premium while price remains within a range.
NeutralIncomeWide range
View strategy Intermediate2 legs
Calendar Call Spread
Use different expirations to express a time-based view.
NeutralTime spreadDefined risk
View strategy Intermediate2 legs
Calendar Put Spread
Target time decay and volatility around a put strike.
NeutralTime spreadDefined risk
View strategy Intermediate2 legs
Diagonal Call Spread
Combine strike and expiration differences for flexibility.
BullishTime spreadIncome
View strategy Intermediate2 legs
Diagonal Put Spread
A bearish diagonal spread with flexible risk controls.
BearishTime spreadIncome
View strategy Advanced
15 strategiesAdvanced4 legs
Iron Condor
Collect premium when price stays inside a defined range.
NeutralIncomeDefined risk
View strategy Advanced4 legs
Iron Butterfly
A centered premium strategy with defined wings.
NeutralIncomeDefined risk
View strategy Advanced4 legs
Long Butterfly
Target a specific price at expiration with low entry cost.
NeutralDefined riskTarget price
View strategy Advanced4 legs
Short Butterfly
Position for price to move away from a central strike.
VolatilityDefined riskWide move
View strategy Advanced4 legs
Long Condor
Define a wider target range than a traditional butterfly.
NeutralDefined riskTarget range
View strategy Advanced4 legs
Short Condor
Express a move outside a central range with defined risk.
VolatilityDefined riskWide move
View strategy AdvancedStock + 2 legs
Collar
Pair stock ownership with a put hedge and call sale.
BullishDownside hedgeDefined range
View strategy Advanced3 legs
Jade Lizard
Blend a put sale and call spread into one position.
BullishIncomeDefined risk
View strategy Advanced4 legs
Broken Wing Butterfly
Tilt a butterfly to create a directional payoff profile.
BullishDefined riskAsymmetric
View strategy Advanced3 legs
Ratio Call Spread
Use an uneven number of calls for asymmetric exposure.
BullishLow costComplex risk
View strategy Advanced3 legs
Ratio Put Spread
Create bearish asymmetric exposure with a put ratio.
BearishLow costComplex risk
View strategy Advanced3 legs
Call Backspread
Trade a strong upside move with convex call exposure.
VolatilityUpside convexityDefined risk
View strategy Advanced3 legs
Put Backspread
Trade a strong downside move with convex put exposure.
VolatilityDownside convexityDefined risk
View strategy Advanced2 legs
Synthetic Long Stock
Replicate a long stock profile using calls and puts.
BullishStock replacementLeverage
View strategy Advanced2 legs
Synthetic Short Stock
Replicate a short stock profile using options.
BearishStock replacementLeverage
View strategy Custom
6 strategiesCustom2 legs
2 Legs
Create a custom position with two legs.
Neutral2 legsBuild custom
View strategy Custom3 legs
3 Legs
Create a custom position with three legs.
Neutral3 legsBuild custom
View strategy Custom4 legs
4 Legs
Create a custom position with four legs.
Neutral4 legsBuild custom
View strategy Custom5 legs
5 Legs
Create a custom position with five legs.
Neutral5 legsBuild custom
View strategy Custom6 legs
6 Legs
Create a custom position with six legs.
Neutral6 legsBuild custom
View strategy Custom8 legs
8 Legs
Create a custom position with eight legs.
Neutral8 legsBuild custom
View strategy How it works
Clarity before complexity.
The homepage helps you discover the right structure. The calculator will handle the detailed modeling after you choose one.
01
Choose your market view
Start with bullish, bearish, neutral, or volatility strategies — then narrow by complexity.
02
Open a strategy workspace
Pick a strategy card to enter the focused calculator for that payoff structure.
03
Model the outcome
Enter manual assumptions and inspect the payoff, breakeven, and risk profile before a trade.
Questions, answered
A clearer way to start.
No. The first version is designed around manual input, so you can model any strategy without an API connection. Connected features will use delayed data where applicable.
Your next trade starts with a better question