Options Strategy Builder — PriceTime Trading

Build Your Strategy

Select a pre-defined strategy or build a custom multi-leg position. Premiums are estimated using Black-Scholes and can be overridden.

This tool uses the Black-Scholes model for theoretical pricing. Actual option premiums and Greeks may differ due to market conditions, dividends, and skew. Always verify with your broker before trading.

Strategy

Underlying

Underlying Price

Lot Size

Expiry Date

Days to Expiry

India VIX - IV (%)

▶ Risk-Free Rate

Option Legs

Strategy Summary

Payoff at Expiry

Option Greeks

Leg	Delta (Δ)	Gamma (Γ)	Theta (₹/day)	Vega (₹/1%IV)

These are theoretical values based on the Black-Scholes model. Actual option prices and Greeks depend on market supply/demand, dividend expectations, and volatility skew. This is not financial advice — always do your own analysis and consult your broker before trading.

What Is This Tool?

The Options Strategy Builder is a multi-leg options analyser that helps you visualise the risk and reward of common options strategies before you trade. Select a pre-defined strategy like an Iron Condor or Bull Call Spread, or build a custom position with up to 4 legs. The tool calculates theoretical option prices using the Black-Scholes model, generates a payoff diagram showing your profit and loss at every price level at expiry, and displays the net Greeks for your entire position.

How to Use

Select a strategy from the dropdown — the correct legs are auto-populated with the right buy/sell and call/put settings.
Choose the underlying (Nifty, Bank Nifty, Sensex, or Custom) and adjust the price, lot size, days to expiry, and implied volatility as needed.
Review the strike prices — these are pre-filled based on the current price. Adjust them to match the actual strikes you plan to trade.
Check the premiums — these are Black-Scholes estimates. Override them with actual market premiums for more accurate results.
Click "Analyse Strategy" to see the payoff diagram, breakeven points, max profit/loss, and Greeks.

Understanding the Payoff Diagram

The payoff diagram shows your profit or loss (Y-axis) at every possible price of the underlying at expiry (X-axis). The gold line is your total position P&L. The green shading above zero indicates profit zones, while the red shading below zero shows loss zones. The vertical dashed line marks the current underlying price, and the horizontal dashed line marks the zero P&L level. Breakeven points — where the line crosses zero — are marked with dots. This diagram tells you at a glance what needs to happen for your trade to be profitable and exactly how much you can gain or lose.

Understanding Greeks

Delta — how much the option price changes for a 1-point move in the underlying. A delta of 0.50 means the option gains roughly ₹0.50 for every ₹1 the underlying moves up.
Gamma — the rate of change of delta. High gamma means delta changes quickly as the underlying moves, common for ATM options near expiry.
Theta — time decay in rupees per day per lot. Negative theta means the position loses value each day just from the passage of time. Option sellers benefit from theta; buyers fight against it.
Vega — sensitivity to a 1% change in implied volatility. Positive vega means the position benefits when volatility rises; negative vega means it benefits when volatility falls.

This tool provides theoretical values based on the Black-Scholes pricing model. Real-world option prices are influenced by factors not captured here, including dividends, early exercise (for American-style options), volatility skew, bid-ask spreads, and market liquidity. The Greeks shown are instantaneous measures and change as the underlying price, time, and volatility change. Always verify premiums and margins with your broker. This calculator is for educational purposes only and does not constitute financial advice.