Build single-expiration option strategies, calculate their exact profit and loss at expiration and analyze model values, Greeks and scenarios before it.
Educational analysis tool — not investment advice. Options trading involves substantial risk and can lead to large losses, in some strategies more than the amount invested. Payoffs at expiration are calculated from your entered strategy and assumptions. Values before expiration and model probabilities, where available, are theoretical estimates subject to the stated limitations. No live market data is used.
Describe a strategy as a set of legs — long or short calls, puts and stock with one common expiration date — and enter your own market assumptions. The workbench computes the exact payoff at expiration and model values before it (Black-Scholes-Merton for European exercise, a finite-difference model for American exercise and for discrete cash dividends), entirely in your browser; no live market data, brokerage connection or other external service is involved.
The Options Guides explain the strategies and models behind these results; Options Strategies Explained compares common strategies by payoff, risk and Greeks.
Combine calls, puts and stock with their quantities, strikes, entered premiums and optional per-leg implied volatility, or start from 19 templates ranging from single options and covered calls to butterflies and iron condors. Legs can be edited, duplicated and removed with undo.
Net debit or credit, the exact profit-and-loss curve at expiration, break-even prices, maximum profit and loss with the prices where they occur, and detection of unlimited profit or loss.
Theoretical P/L today and at a chosen scenario date and volatility shift, P/L and Greek curves across underlying prices, a price × date or price × IV scenario matrix, and a time-decay chart.
Position delta, gamma, theta, vega and rho with explicit units, delta, theta and vega for each leg, and the implied volatility of every entered premium.
Probability of profit and a 68% price range at expiration under a lognormal, risk-neutral model (not computed with discrete cash dividends). They are reference values of the pricing model, not forecasts.
The workbench starts with an example. Strategies you save by name stay in this browser's local storage; nothing is saved automatically, so unsaved changes are lost on reload. Your inputs are never uploaded.
Units and conventions, the pricing models, how cash dividends are timed and paid, numerical accuracy and the supported inputs, implied volatility, model probabilities and what the model does not capture are described on a separate page.