Payoff Lab
Stack option legs and watch the combined P&L curve emerge at expiration. Drag the strikes, read off the breakevens.
financeoptionssvg 2026-04
Net cost—
Max profit—
Max loss—
Breakeven—
Preset
Legs
Each option leg is a piecewise-linear payoff at expiration. Stacking them is just addition — the combined curve is whatever you get when you sum every leg at every spot price.
Long call: max(S − K, 0) − premium.
Long put: max(K − S, 0) − premium.
Short legs flip the sign. A stock leg is just S − S₀.
Breakevens are wherever the combined curve crosses zero. Max profit and max loss are the extremes of the curve over the displayed range — with naked short calls and short puts, the displayed loss is bounded only by where the chart ends, not where the loss does.