Options payoff diagram — see the P&L of any strategy.
The flagship option-strategy-builder tool. Opstra charges ₹2,000/month for this; Sensibull ₹500/month. Same math, free here. Pick a preset (straddle, iron condor, bull spread) or build any custom multi-leg structure. Get the P&L curve at expiry with exact breakevens, max profit and max loss computed live.
Strategy builder
Legs (2)
Payoff at expiry
Y-axis: P&L at expiry (₹). X-axis: spot price at expiry. Accent dashed line = current spot. Dotted lines = breakeven(s).
How this tool differs from Sensibull / Opstra
Same payoff math. Opstra builds on top with live NSE option prices, Greeks per leg, IV surface visualisation, and margin estimation. Our free version gives you the expiry P&L + breakevens — enough to size any strategy correctly and explore what-if scenarios. Combine with our Options Greeks tool for pre-entry Greeks analysis.
The 5 most-used Indian F&O strategies
- Long Straddle
- Buy ATM CE + ATM PE. Profits on a big move in either direction. Loses if the underlying stays flat. Best before high-IV events (earnings, RBI MPC).
- Short Straddle
- Sell ATM CE + ATM PE. Profits from range-bound movement + theta decay. Unlimited loss potential — requires strict stop-losses and margin headroom.
- Bull Call Spread
- Buy lower strike call + sell higher strike call. Moderate bullish view. Limited max profit + limited max loss — capital-efficient directional bet.
- Iron Condor
- Sell OTM call + sell OTM put + buy further-OTM wings. Range-bound strategy. Caps both max profit AND max loss. The classic premium-selling income structure.
- Bear Put Spread
- Buy higher strike put + sell lower strike put. Moderate bearish view. Mirror of bull call spread.
How to read the diagram
- • X-axis = possible spot price at expiry.
- • Y-axis = profit (above zero line) or loss (below).
- • Accent dashed line = current spot — shows where today's P&L sits.
- • Dotted lines + labels = breakeven points where P&L crosses zero.
- • Flat horizontal sections indicate capped max profit or max loss (good for risk management).
Pre-trade checklist
- Build the strategy here → understand max profit, max loss, breakevens.
- Check live Greeks for each leg in Options Greeks.
- Confirm IV regime in India VIX — short-vega strategies fail in rising IV.
- Cross-check with Max pain + PCR for positioning bias this expiry.
- Size the trade. Max loss should be ≤ 2% of portfolio, even for "defined-risk" structures.
Want a strategy suggestion for a view you have?
Describe your view (bullish/bearish/range-bound) + risk appetite and Axel will propose hedged legs with margin + Greeks for NIFTY or any F&O stock.
Research tool · not investment advice.
Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Payoff diagrams are at-expiry only. Real-time P&L between entry and expiry varies with Greeks. This tool does not estimate margin requirements — use your broker's margin calculator. F&O is leveraged; SEBI FY25 study showed 91% of retail F&O traders lost money.