Options strategy calculators.

Buy a call option. Profit if the stock rises above the strike plus premium paid. Loss is capped at the premium you paid.

Buy a put option. Profit if the stock falls below the strike minus premium paid. Loss is capped at premium; max profit is bounded by the stock going to zero.

Sell a call without owning the underlying. You collect premium up front. Profit is capped at the premium, but losses are unlimited if the stock rallies.

Sell a put without cash collateral. You collect premium and take on the obligation to buy the stock at strike. Often paired with cash collateral as a "cash-secured put".

Hold stock and write a call against it. Reduces your cost basis and generates income, but caps upside above the strike. Most common income strategy.

Sell a put while holding enough cash to buy the shares at strike if assigned. Generates premium income; great for entering long positions at a discount.

Buy a lower-strike call, sell a higher-strike call (same expiry). Cheaper than a long call alone but caps your upside at the upper strike.

Sell a lower-strike call, buy a higher-strike call. You collect a credit. Profits if stock stays below the lower strike; max loss is capped by the long call above.

Sell a higher-strike put, buy a lower-strike put. Collect credit; profit if stock stays above the short strike. Common income play in uptrends.

Buy a higher-strike put, sell a lower-strike put. Cheaper than buying a put outright; max profit reached at the lower strike.

Combine a bull put spread and a bear call spread on the same underlying and expiry. Collect a credit; profit if the stock stays between the two short strikes.

Like an iron condor but with the short put and short call at the same strike (ATM). Higher credit, narrower profit zone — peaks if stock pins the short strike at expiry.

Buy a call and a put at the same strike and expiry. Pays off if the stock moves big either way. Loses if the stock stays flat — premium decay works against you.

Sell a call and a put at the same strike. Collects two premiums; profits if the stock stays near the strike. Unlimited risk on the call side.

Buy an OTM call and an OTM put at different strikes. Costs less premium than a straddle, but needs a larger move to be profitable.

Sell an OTM call and an OTM put. Wider profit range than a short straddle but less premium collected. Unlimited risk on the call side.

Hold stock and buy a put as insurance. Caps downside at the put strike; gives up some upside to pay the premium.

Long stock, short OTM call (cap upside, collect premium), long OTM put (limit downside). Often "no-cost collar" when call premium ≈ put premium.

Sell a near-term option, buy a far-term option at the same strike. Profits from the near-term decaying faster than the far-term. Best when stock pins the strike at near-term expiry.

Combines a vertical and a calendar spread. Buy a long-dated option at one strike, sell a shorter-dated option at a different strike. Common in poor-man's covered call setups.

Buy a lower call, sell two middle calls, buy an upper call (1:2:1). Cheap directional play that profits if the stock pins the middle strike at expiry.

The put-side mirror of a call butterfly. Profit zone is centered on the middle put strike; max profit at pin, max loss is the small debit paid.

Buy one option, sell more than one at a different strike (or vice versa). Standard ratios collect credit with unlimited risk; back-spreads pay debit for unlimited reward.

Construct any combination of calls, puts, longs, and shorts. Useful when your structure doesn't match a named preset. The payoff chart and net debit/credit always work; max P&L and breakevens shown only when computable.