Strategy builder

Why build multi-leg strategies here

Most option-chain tools show you individual strikes; a real trade is usually a combination — a spread, a straddle, an iron condor — where the payoff depends on how the legs interact, not any one strike in isolation. This builder lets you combine multiple calls and puts, buy or sell each leg, and see the actual profit/loss curve at expiry before committing capital.

How to use this page

• Add legs — pick call or put, buy or sell, strike and lot count; start from a preset or build from scratch.
• Payoff diagram — live P&L at expiry across a range of settlement prices, using current chain premiums.
• Net premium / max profit / max loss / breakeven — the key numbers for the structure as currently built.
• Historical backtest — apply the same leg structure to each of the last several completed expiry cycles, using that cycle's own strikes aligned by moneyness (since spot differs cycle to cycle).

Methodology & data

The payoff diagram uses live chain premiums for the selected index. The backtest is hold-to-expiry only: entry premiums come from each cycle's opening snapshot, exit is valued as intrinsic settlement value at that cycle's final spot, with strikes aligned by moneyness since spot differs cycle to cycle. No mid-week exit is modeled — this shows whether the structure's shape would have paid off historically, not when you'd have actually closed it in practice.