Options Strategy Builder.
Build. Analyze. Execute.
Construct and visualize complex multi-leg options strategies with live P&L and Greeks breakdown.
Quick Strategy Templates
Load pre-built strategies or build your own custom strategy
Strategy Builder
Build your options strategy by adding legs
Strategy Analysis
Risk and reward analysis
Build your strategy and click Analyze to see results
How the Options Strategy Builder Works
Build any multi-leg options strategy — from a simple covered call to a complex iron condor — and instantly see the full P&L profile, breakeven points, and Greeks.
Strategy Creation
- Add multiple options legs (calls/puts)
- Set strike prices and expiration dates
- Choose buy/sell (long/short) for each leg
- Adjust quantity for each leg
Analysis Features
- Full P&L payoff diagram
- Breakeven point(s) calculation
- Maximum profit and maximum loss
- Net Greeks: Delta, Gamma, Theta, Vega
Iron Condor Calculator
The iron condor is a neutral, defined-risk options strategy that profits when the underlying stays within a price range. It combines a bull put spread and a bear call spread.
Iron Condor Structure (4 legs)
Sell OTM Put (lower strike) → collect premium
Buy further OTM Put (even lower) → cap downside
Sell OTM Call (upper strike) → collect premium
Buy further OTM Call (even higher) → cap upside
Max Profit
Net premium collected
Achieved when price stays between the two short strikes at expiry
Max Loss
Wing width − premium
Occurs if price moves beyond either long strike
Break-even
Two points
Short put strike − net credit / Short call strike + net credit
Common Options Strategies You Can Build
Iron Condor
4-leg neutralSell OTM call + put, buy further OTM call + put. Profit from time decay in a range-bound market.
Short Iron Condor vs Long Iron Condor
DirectionShort iron condor = net credit (most common). Long iron condor = net debit, profits from large moves. Use the builder to visualize both.
Bull Put Spread
2-leg bullishSell higher-strike put, buy lower-strike put. Collect premium with limited downside. Breakeven = short strike − net credit.
Bear Call Spread
2-leg bearishSell lower-strike call, buy higher-strike call. Profit if stock stays below short strike. Max gain = net premium received.
Covered Call
1 leg + stockOwn 100 shares, sell 1 call. Generates monthly income. Limits upside above the call strike.
Options Calendar Spread
2-leg time spreadBuy far-dated option, sell near-dated same strike. Profits from faster near-term decay. Best when IV is low.
Frequently Asked Questions
What is an iron condor strategy?▾
An iron condor is a 4-leg options strategy that profits when the underlying asset stays within a defined price range. You sell an OTM call and OTM put (collecting premium), and buy a further OTM call and put (limiting risk). Maximum profit = net credit received when all options expire worthless. It's a popular strategy for range-bound stocks with high implied volatility.
What is the difference between a condor and an iron condor?▾
A condor uses all calls or all puts (4 legs of the same type). An iron condor uses both calls and puts — a bull put spread on the downside plus a bear call spread on the upside. Iron condors are more capital-efficient because the two spreads partially offset each other's margin requirements.
What is a short iron condor vs long iron condor?▾
A short iron condor is the most common version: you sell the inner strikes and buy the outer strikes, receiving a net credit. Profit if price stays in range. A long iron condor is the opposite — you buy the inner strikes and sell the outer strikes, paying a net debit. It profits from large price moves in either direction (like a long strangle with defined risk).
How do I use the options strategy builder?▾
Add each leg of your strategy using the form: select call or put, choose the strike price, enter the premium, and set buy or sell. The builder plots your P&L diagram and shows breakeven points, max profit, and max loss automatically. Use it to model any strategy — covered calls, spreads, iron condors, butterflies, or custom multi-leg positions.