Options Strategy Builder
Build a multi-leg position and see the P&L diagram, Greeks, and what-if simulation
What the Strategy Builder is
The Options Strategy Builder is the what-if workbench in Optionomics. Pick a symbol, pick a strategy (or build one leg by leg), and the page draws the P&L diagram, computes Greeks, finds breakevens, and lets you simulate what happens if price moves, IV expands or contracts, or time decays before expiration.
It is the place to answer questions like:
- “What does a vertical here actually pay if the underlying gets to the target?”
- “If IV crushes 30% post-earnings, do I still make money on this strangle?”
- “What does my position look like with five days less DTE?”
- “Where exactly are the breakevens, and what is the probability of profit?”
Availability: All plans (Delta and higher)
Open it: Sidebar → Options Strategy Builder (also at /build).
Setup row
The top of the builder has the basic inputs:
| Input | Purpose |
|---|---|
| Symbol | Type a ticker and click Load to pull the live chain |
| Strategy | Pick a preset (e.g. long call, vertical, condor, butterfly, straddle, strangle, covered call, cash-secured put, calendar) — the legs auto-fill |
| Stock Price | Override the current price (defaults to the spot pulled with the chain) |
| Default IV | Default implied vol for legs you add manually |
| Default DTE | Default days to expiration for legs you add manually |
| Risk-Free Rate | Optional advanced input used in pricing (toggle visibility from the gear icon) |
Once a strategy is loaded, a small badge strip shows its direction (bullish / bearish / neutral), whether max profit and max loss are limited or unlimited, and any shares leg if the strategy includes stock (e.g. covered call).
In-page options chain
Below the setup row, the Options Chain panel shows the loaded chain in a single calls-vs-puts table:
- Expiration buttons at the top let you switch quickly across expirations.
- Each row is a strike with OI, Volume, Delta, IV, Bid, Ask for both the call and the put side.
- Click a Bid to add that contract as a sell leg; click an Ask to add it as a buy leg. The chain becomes your one-click order pad.
ATM rows are highlighted so you can find the money quickly.
P&L diagram
The center column draws the Profit & Loss of your active legs across underlying prices. As you change legs, drag simulation sliders, or add/remove contracts, the curve updates live. A badge near the chart shows the current P&L for the simulation point you’re on.
Position summary
The right-hand panel reads out the headline numbers for whatever legs you have active:
| Metric | What it means |
|---|---|
| Probability of Profit | Estimate of finishing profitable, computed from current IV and time to expiry |
| Max Profit | Largest gain the position can realize (or ∞ if unlimited) |
| Max Loss | Largest loss the position can realize (or ∞ if unlimited) |
| Net Cost | Net debit paid or net credit collected for the position |
| Return on Risk | Max profit relative to max loss for risk-defined positions |
| Breakeven(s) | Underlying prices where the position turns profitable at expiration |
Below those metrics, the panel also shows the position Greeks:
| Greek | What it tells you |
|---|---|
| Delta | Net directional exposure |
| Gamma | How fast delta changes as price moves |
| Theta | Time decay per day |
| Vega | Sensitivity to a 1% IV change |
Use these to sanity-check that the shape of your risk matches the thesis—a “neutral” strategy with strong long delta isn’t neutral; a “high theta” short strangle with too much vega exposure into earnings isn’t the carry trade you think it is.
Simulation controls
Three sliders let you stress-test the position:
| Slider | What it changes |
|---|---|
| Price Move | Shift the underlying ±30% to see how P&L responds |
| IV Change | Pump or crush implied vol from −50% to +100% |
| Days Forward | Roll the clock forward up to expiry to see how time decay reshapes the curve |
Reset any slider with a click. The P&L diagram and current-P&L badge respond in real time so you can sweep through scenarios without rebuilding the position.
Legs panel
The Option Legs card lists every leg with its full controls:
- Type — call or put.
- Action — buy or sell.
- Strike, Premium, Quantity — edit any of them inline.
- DTE and IV — adjust per leg; the premium recomputes as you change them.
Quick buttons at the top of the legs panel add a buy/sell call or buy/sell put without going through the chain table—handy when you want to sketch a structure before pulling real prices.
Position Sizer — a separate card helps you size the position based on capital at risk and your own risk-per-trade rules.
A typical workflow
- Type the symbol and click Load.
- Pick a strategy preset to auto-build the legs, or click bids and asks in the chain to compose a custom structure.
- Read the P&L diagram and Position Summary — does max loss feel right? Are the breakevens reasonable?
- Drag the simulation sliders — what happens at the target? At the stop? Day of expiry?
- Check the Greeks — does the position match your thesis (directional vs neutral, long vs short vol, positive vs negative theta)?
- Adjust legs (strike, qty, expiry) until the curve and risk profile match what you want.
Use the builder before you place a trade to see the position you’re about to take, and after the fact to stress an existing position you’re tracking.
Important context
- The builder is a modeling tool. Real fills, slippage, early assignment, dividend risk, and broker margin treatment can differ from what you see here.
- Greeks and probability of profit are theoretical outputs from standard pricing; they assume the inputs (IV, rate, time) hold.
- The chain shown is the latest available chain for the symbol—not a millisecond live quote.
- Multi-leg strategies with uncovered short options can have undefined or very large losses; treat ∞ seriously and use real position sizing.
Remember: The Strategy Builder shows you what a position could look like under specific assumptions. It does not predict where price, vol, or time will actually go. Combine with daily analytics, flow, and your own rules.
Related:
- Stock Page — chart, daily analytics, flow, and earnings for the symbol you’re modeling
- Daily Analytics — current positioning by strike and expiry
- Volatility Surface — IV across strikes and expiries
- Backtesting — for replaying strategies across historical windows
