Enter up to four option legs: CE or PE, long or short. See the P&L on expiry day, the maximum gain and loss, and the breakeven points.
The chart belongs to this page; no external library or script is used. Everything runs in your browser.
Position legs
| # | Type | Buy / Sell | Strike | Premium | Lots | Lot size | |
|---|---|---|---|---|---|---|---|
| 1 | |||||||
| 2 |
Legs: 2 / 4
Result
- Maximum gain (₹)
- —
- Maximum loss (₹)
- —
- Breakeven
- —
- Net premium (₹)
- —
- P&L at the given spot (₹)
- —
- Total units
- —
The chart shows the P&L on expiry day. The table below carries the same numbers.
| Spot | P&L (₹) | What it is |
|---|
Quick Answers
- How is an option payoff at expiry calculated?
- For a call option, the payoff at expiry is max(spot − strike, 0) − premium paid. For a put option, the payoff is max(strike − spot, 0) − premium paid. Each is then multiplied by the lot size.
- Can this calculator handle more than one leg?
- Yes. Legs are added one at a time, and the payoff of each is summed. A structure with 2 or 4 legs is measured as a single combined curve.
How the Expiry Payoff Is Worked Out
On expiry day the price of an option is only its intrinsic value. For a call, intrinsic = max(spot − strike, 0). For a put, intrinsic = max(strike − spot, 0).
On a long leg, P&L = (intrinsic − premium) × qty. On a short leg, P&L = (premium − intrinsic) × qty. The P&L of the whole trade is the sum of all the legs.
Where the Maximum Gain and Loss Sit
The payoff line bends only at strikes and stays straight between two bends. That is why the highest and the lowest point can sit only at a bend or at the edge of the range. If a side keeps falling away, that side has no bound at all.
These numbers are a count, a measurement. They include no brokerage and no taxes, and they are not investment advice of any kind.
Related pages
Frequently Asked Questions
Which day’s P&L does this chart show?
Only expiry day. On that day only intrinsic value is left in the price of an option. The P&L of each leg follows from a straight formula. Before expiry, time value and volatility also enter the price, and they are not part of this chart.
How is the P&L of one leg calculated?
For a long CE: (max(spot − strike, 0) − premium) × qty. For a short CE: (premium − max(spot − strike, 0)) × qty. For a long PE: (max(strike − spot, 0) − premium) × qty. For a short PE: (premium − max(strike − spot, 0)) × qty. qty = lots × lot size.
How is breakeven calculated?
The expiry payoff bends at every strike and runs perfectly straight between two bends. That is why the point is solved inside each straight piece: wherever the line crosses zero, that spot is a breakeven. A trade can have more than one, and it can have none.
When is "No lower bound" written?
Only when the line of the payoff keeps falling towards the right (a higher spot). That is what happens on a naked short call. Towards the left, spot cannot fall below zero, so that side always has a bound.
Are brokerage and taxes included?
No. Only premium and intrinsic value are computed here. For charges there is a separate brokerage calculator.
Where does the lot size come from?
The presets carry two lot sizes as of 20 Sep 2026. The exchange revises lot sizes from time to time, which is why that field is editable in every leg.
Are the numbers I enter sent anywhere?
No. The whole computation happens in your browser. No number goes to any server and nothing is saved anywhere.