Strategy Payoff
Calculator
Build up to four option legs and see the combined expiry payoff, max profit, max loss and breakevens — NSE lot 75, in INR.
Your legs
Summary
How it's calculated
Each leg's profit-and-loss at expiry, for any expiry price P, is:
leg P&L = sign × lots × lotSize × ( intrinsic(P) − premium )
- sign = +1 for a bought leg, −1 for a sold leg.
- intrinsic(P) = max(0, P − strike) for a call, max(0, strike − P) for a put.
- lotSize defaults to 75 (NSE Nifty lot at time of writing — editable per leg, since the exchange revises lot sizes).
The combined payoff is the sum of all enabled legs. We evaluate that sum across a fine grid of expiry prices spanning well beyond the strikes, then read off:
- Max profit / max loss — the highest and lowest payoff on the grid. If the payoff keeps rising or falling at the edges (an open, undefended leg), it is flagged as Unlimited.
- Breakeven(s) — the expiry prices where the payoff line crosses zero, located by linear interpolation between adjacent grid points.
The chart above plots the summed payoff: green where you profit, red where you lose, with the zero line and breakevens marked. Pair it with the strategy library and a live option chain.
FAQ
How does a multi-leg payoff calculator work?
It sums each leg's expiry P&L — sign × lots × lot size × (intrinsic − premium) — across a range of expiry prices to build the combined payoff curve.
What lot size does it use?
It defaults to 75 (NSE Nifty). Lot sizes change with exchange revisions, so edit the per-leg lot-size field to match your contract.
How are breakevens and max P&L found?
By scanning the summed payoff on a fine price grid: extremes give max profit/loss (open legs flagged unlimited), and zero-crossings give breakevens.
Build strategies on live chains
Real premiums, OI, IV and ready-made strategy templates for every NSE F&O instrument — free on TradePulse.