Options Strategy Explorer

Each strategy above shows its theoretical Profit/Loss at expiry across a range of stock prices. Use these profiles to understand your maximum gain, maximum loss, and breakeven points before entering a trade. Click "Try this in the P&L Calculator" to model the strategy with real strikes and premiums on the OptionEdge AI calculator.

Bullish strategies (long call, bull spreads, covered call) profit when the underlying rises. Bearish strategies (long put, bear spreads) profit from declines. Neutral/income strategies (iron condor, iron butterfly, butterfly) profit from the stock staying within a range — time decay works in your favor. Volatility strategies (straddle, strangle) profit from large moves in either direction, regardless of which way the stock goes.