Option Strategy Builder
A free option strategy builder for the Indian market — build multi-leg strategies like straddles, spreads, iron condors, covered calls, and protective puts on Nifty, Bank Nifty, and stock options. Pick a preset or build your own with up to 4 legs, and see one combined payoff chart.
The calculators on this site are for informational and educational purposes only and do not constitute investment advice. TradeCalc is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making investment decisions. This tool shows a hypothetical payoff at expiry based on the strikes and premiums you enter — not live market prices.
Pick a preset above, then click "Apply preset" to fill in illustrative strikes and premiums around the reference spot — there's no live option chain feed here, so edit every strike and premium below to match the real prices you see for your trade.
Leg 1
Leg 2
Leg 3
Leg 4
Breakeven prices
₹23,590 · ₹24,410
Multi-leg strategies can have more than one breakeven — found numerically, not from a single-leg formula.
Maximum loss
-₹22,100
Maximum profit
+₹10,400
Net premium received (credit)
₹10,400
All calculations run entirely in your browser — nothing you enter here is sent to a server or stored anywhere.
When traders use each strategy
This is a plain-language, educational overview of what each preset is and when it typically comes up — not a recommendation to use any particular strategy.
Long Straddle
Buy a call and a put at the same strike.
Traders use a long straddle when they expect a big move but aren't sure which direction — for example, around a major earnings announcement, RBI policy decision, or election result. It profits from a large move either way and loses (up to the combined premium) if the underlying stays near the strike.
Short Straddle
Sell a call and a put at the same strike.
Traders use a short straddle when they expect the underlying to stay range-bound near the strike, collecting premium from both sides. It has a defined max profit (the combined premium) but loss potential that grows without limit if the underlying makes a sharp move in either direction — this is a high-risk position.
Long Strangle
Buy an OTM call and an OTM put at different strikes.
Similar to a long straddle but cheaper to put on, since both legs are out-of-the-money — traders use it for the same 'expect a big move, unsure of direction' view, accepting that the underlying needs to move further before the position turns profitable.
Bull Call Spread
Buy a call, sell a further OTM call.
Traders use a bull call spread when they expect a moderate rise in the underlying. Selling the further OTM call reduces the upfront cost compared to buying a call outright, at the expense of capping how much profit the position can make.
Bear Put Spread
Buy a put, sell a further OTM put.
The mirror image of a bull call spread: traders use it when they expect a moderate fall in the underlying. Selling the further OTM put reduces the upfront cost compared to buying a put outright, capping the maximum possible profit in exchange.
Iron Condor
Sell a narrower strangle, buy a wider one for protection.
Traders use an iron condor when they expect the underlying to stay within a range through expiry. It has both a defined max profit (the net premium collected) and a defined max loss (unlike a short strangle), making it a popular range-bound, limited-risk income strategy.
Covered Call
Hold the underlying shares, sell an OTM call against them.
Traders who already hold (or plan to hold) the underlying use a covered call to generate extra income from the premium collected. It caps the position's upside if the underlying rallies past the strike, but doesn't reduce downside risk on the shares themselves.
Protective Put
Hold the underlying shares, buy a put as insurance.
Traders who hold the underlying and want downside insurance buy a protective put — it caps the maximum loss on the shares at the cost of the put's premium, similar in spirit to an insurance policy.
Frequently asked questions
Is this option strategy builder free?
Yes — this is a free option strategy builder for the Indian market. It runs entirely in your browser, requires no signup or login, and nothing you enter is sent to a server or stored anywhere.
What is an iron condor?
An iron condor combines a short strangle (selling an OTM call and an OTM put closer to the current price) with a long strangle further out (buying an even more OTM call and put as protection). It profits if the underlying stays within the inner range through expiry, and — unlike a plain short strangle — has both a defined maximum profit and a defined maximum loss, since the outer, protective legs cap the risk on both sides.
How many breakeven points does a straddle have?
A straddle (long or short) has two breakeven points — one above the strike and one below it — because it combines a call and a put at the same strike. This is different from a single-leg call or put, which has exactly one breakeven. This tool computes breakevens numerically by scanning the combined payoff for however many zero-crossings actually exist, rather than assuming a fixed number.
Does this show live option chain prices?
No — this is a manual entry tool. There's no free, publicly documented live NSE option chain feed to pull real-time premiums from, so strategy presets fill in illustrative starting strikes and premiums around a reference spot price you provide, and you edit them to match the real premiums you see on your broker's platform or the NSE website. Live auto-fill from an option chain is a possible future enhancement once a data source is chosen, not something this version fabricates.
What's the difference between a straddle and a strangle?
A straddle uses the same strike for both the call and the put. A strangle uses two different (both out-of-the-money) strikes, which lowers the upfront premium but requires a bigger move in the underlying before the position turns profitable. Both come in long (buy both legs) and short (sell both legs) versions with mirrored risk profiles.
Why do covered call and protective put need a stock entry price?
Both strategies combine an options leg with a position in the underlying shares themselves, not just options. A covered call is long stock plus a short call written against it; a protective put is long stock plus a long put as insurance. To compute the combined payoff accurately, this tool needs your stock's entry price in addition to the option's strike and premium — toggle on "I also hold an underlying stock position" to enter it.
Does this account for brokerage or margin?
No — this tool computes only the hypothetical intrinsic-value payoff at expiry, based on the strikes and premiums you enter, not live market prices, brokerage, or other transaction charges. It also doesn't estimate margin. For an approximate per-leg margin figure, use the F&O Margin Calculator — but note that real margin for a multi-leg strategy is often lower than the sum of each leg's margin, due to netting benefits the margin calculator doesn't account for.
Next steps: single-leg P&L, margin, and brokers
Only trading a single call or put? The Options Profit Calculator is a simpler, single-leg version of this tool. For an approximate per-leg margin estimate, see the F&O Margin Calculator, or the Brokerage Calculator to compare trading charges across brokers. See each broker's own F&O charges before choosing where to trade:
Learn more: How to Calculate F&O Margin — SPAN, exposure margin & netting explained (including why multi-leg strategies often need less margin than the sum of their legs).