Options Payoff Simulator

Drag the sliders to see how strike price, premium, and stock price at expiry shape the profit and loss of each position. Dashed lines show individual legs of combination strategies.

Basic positions
Combination strategies
$200
$10
$210
Quick reference
Long Call

Bullish · limited loss

  • Pay premium, gain right to buy
  • Max loss = premium
  • Upside is unlimited
  • Breakeven = K + P
Short Call

Neutral · limited gain

  • Collect premium, obligated to sell
  • Max gain = premium
  • Loss is unlimited
  • Breakeven = K + P
Long Put

Bearish · limited loss

  • Pay premium, gain right to sell
  • Max loss = premium
  • Max gain = K − P
  • Breakeven = K − P
Short Put

Neutral · limited gain

  • Collect premium, obligated to buy
  • Max gain = premium
  • Max loss = K − P
  • Breakeven = K − P
Covered Call

Long stock + short call

  • Premium boosts income
  • Upside capped at K
  • Downside risk remains
  • Breakeven = C − P
Covered Put

Short stock + short put

  • Premium boosts short income
  • Downside capped at K
  • Upside risk remains
  • Breakeven = C + P
Protective Put

Long stock + long put · insurance strategy

  • Put acts as downside insurance on your stock
  • Max loss locked in at C − K + P
  • Full upside retained
  • Breakeven = C + P