Options strategy payoff calculator
Build a multi-leg NIFTY or SENSEX options strategy and instantly see its payoff at expiry — max profit, max loss, breakeven points and the payoff chart. Free, no login, no code. Add any combination of call/put legs (buy or sell) below, then backtest the idea on real history with Shastra.
| Action | Type | Strike | Lots | Premium ₹ | |
|---|---|---|---|---|---|
This shows the payoff at expiry. Want to know how it would have actually performed? Backtest this on real NIFTY/SENSEX history — free, no code.
Backtest free with ShastraIllustrative payoff at expiry only. Excludes brokerage, STT, taxes, and any change in time value before expiry. Educational tool — not investment advice or a recommendation.
How to use it
- Pick NIFTY or SENSEX (the calculator applies the right lot size — 75 or 20).
- Set the current spot so the chart centres around the live price.
- Add each leg: Buy or Sell, Call (CE) or Put (PE), the strike, number of lots, and the premium.
- Read the payoff chart and the max profit / max loss / breakeven below it.
What the numbers mean
The payoff curve is your profit or loss at expiry for each possible level of the underlying. Max profit and max loss are the best and worst outcomes on that curve; a strategy with a naked long or short option can have an unlimited side, which the calculator flags. A breakeven is where the curve crosses zero. The net premium is what you pay (a debit) or receive (a credit) to put the position on. These are standard mechanics for any options strategy — covered calls, spreads, straddles, strangles and iron condors all read off the same chart.
Payoff at expiry vs a real backtest
A payoff diagram is the theoretical shape at expiry. It doesn't tell you how often a strategy actually hit its target, how it behaved on the days the market gapped, or what brokerage, STT and taxes did to the result. For that you need to backtest it on real historical data with real costs before risking real money. That is exactly what Algoshastra does — you describe the strategy in plain English and Shastra writes it and backtests it on real NIFTY/SENSEX options history, so you can export the verified strategy to your own broker. This page is an educational calculator and is not investment advice.
Options strategies you can build & study
Recreate any of these in the builder above to see its payoff, then read the full guide — the legs, max profit and loss, breakeven and the risks:
- All options strategies (encyclopedia) — the full index.
- Debit spreads: bull call spread · bear put spread.
- Credit spreads: bull put spread · bear call spread.
- Volatility: long straddle · short strangle · short straddle · iron condor.
- How to backtest options strategies · EMA crossover backtest.
Backtest it on real history — free, in plain English.