Build option positions, inspect exact expiry payoffs, and stress-test changes in price, volatility, and time. No account, no live data feed, no uploads.
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Education and scenario analysis only. This is not a broker, pricing feed, investment recommendation, or execution platform. Premiums and assumptions are entered by you. Pre-expiry estimates use a European-style theoretical model; American-style exercise, assignment, slippage, taxes, and changing market conditions are not modeled.
Shows the option premiums, fees, and each leg's contribution at the selected scenario price. Values reconcile to the totals above.
Leg / holdings
Entry cash flow
Fees
Expiry P/L
Model P/L
Total P/L
Including modeled fees
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STRESS TEST
Price scenarios
P/L in strategy currency units
Underlying move
Price
Expiry P/L
Model P/L
Model assumes all legs are priced with the selected volatility assumptions, no early exercise, and an unchanged position.
VOLATILITY STRESS
What-if matrix
Price vs spot
IV − 10 pts
Base IV
IV + 10 pts
Values are theoretical position P/L at the selected time remaining, not probabilities or live market quotes.
What this calculator measures
Expiry payoff is exact for the entered legs
Piecewise-linear intrinsic values, entry premiums and configured fees determine expiry profit and loss. Maximum gain or loss may be unlimited beyond the plotted range.
Pre-expiry value is only an estimate
European Black–Scholes scenarios use your assumed volatility, time, rate and dividend yield. No real market bid/ask quotes or early assignment risk are included.
Keep your own assumptions
Export a project JSON, payoff CSV, or chart PNG. All calculations stay in the browser; projects are not transmitted to PixelOkay.
Choose a preset or assemble a strategy by adding calls and puts. Enter market premiums manually, select the contract multiplier, and adjust stock holdings if needed. The chart updates as you edit.
Exact expiry metrics are computed over all strike breakpoints and the unlimited upside tail, not by sampling the graph. A short call may have unlimited maximum loss. An empty strategy is invalid.
Model P/L is an educational Black–Scholes estimate assuming European exercise. The day slider shows remaining time before expiration; an IV change in percentage points shifts every leg, with optional per-leg IV overrides.
New in v1.1: Inspect the contribution table, use automatic or custom chart ranges, and undo/redo strategy edits. The model is not an estimate of transaction prices or assigned shares.
Keyboard: Tab navigates the interface; Enter changes form fields; Escape closes this dialog. Use the scenario table as a text alternative to the chart.
Model hypothetical option payoffs and scenarios
Enter option legs or choose a preset, add stock positions and assumptions, then inspect expiry payoffs, breakevens and theoretical pre-expiry scenarios. Use contribution views and chart bounds to understand the model output, not to forecast market performance.
Example workflow
Build a hypothetical one-expiry position and enter each leg, multiplier and premium.
Review the expiry payoff and breakevens, then change the model assumptions and inspect scenario contributions.
Adjust chart bounds for readability and export a chart PNG, payoff/breakdown CSV or JSON inputs.
Authored example: Enter fictional premiums and strikes for a call spread with one expiry. Review how the payoff changes across the chart and inspect the underlying assumptions before interpreting the result.
Limits and privacy: This educational model is not a forecast or trade recommendation. It assumes one expiry and multiplier and uses a European Black–Scholes model; it does not model American assignment or discrete dividends. It has no live quotes, margin, liquidity or FX data. Analytically unlimited risk is not capped by the chart, so verify inputs independently.
