Free option strategy builder for Indian markets
Most option traders in India learn strategy names before they learn strategy shapes. An iron condor sounds complicated until you see that it is simply a range bet with the tails cut off, and a bull call spread stops feeling clever once you can see how little it pays beyond the short strike. This builder draws that shape from live NSE premiums for Nifty, Bank Nifty, FinNifty and Midcap Nifty, with the correct lot size for each, so the rupee figures are the ones you would actually face.
How to read a payoff chart
The horizontal axis is the spot price at expiry. The vertical axis is your profit or loss in rupees. The dashed line across the middle is zero: green above it, red below. Wherever the curve crosses that line is a breakeven, marked in yellow.
The shape matters more than any single number. A flat right-hand tail means your profit is capped no matter how far the market runs. A tail that keeps falling means the loss is not capped at all — which is the honest difference between a short strangle and an iron condor, and the reason the builder refuses to print a finite max-loss figure for structures that do not have one.
Strategies you can build
- Iron Condor — sell an out-of-the-money call and put, buy wings outside both. Defined risk, profits if spot stays in a range.
- Iron Butterfly — sell the at-the-money straddle with wings either side. Tighter profit zone, larger credit.
- Bull Call Spread and Bear Put Spread — directional bets with the cost and the payoff both capped.
- Bull Put Spread and Bear Call Spread — the credit versions of the same two views.
- Long Straddle and Long Strangle — buying volatility ahead of an event, paying for the privilege in time decay.
- Short Strangle — premium collection with undefined risk, shown with that warning attached.
Any preset can be edited leg by leg, and you can start from a blank slate and add your own. Premiums always come from the live chain rather than being typed in, because a payoff computed from an invented premium looks authoritative and is wrong.
Frequently asked questions
What is an option strategy builder?
A tool that lets you combine several option legs — for example selling a call and a put while buying wings outside both — and shows the resulting profit or loss at every possible expiry price as a single chart. It calculates the maximum profit, the maximum loss and the breakeven prices so you know the shape of the trade before placing it.
Is this option strategy builder free?
Yes, completely. The builder, the payoff chart and the live NSE premiums behind it are free with no daily cap and no sign-in required. Paid plans on MarketsEasy only raise the daily allowance on AI features; tools and market data are always free.
How is max loss calculated for a short strangle?
A short strangle has no upper wing, so loss grows without limit as spot rises — the builder reports it as undefined rather than printing a misleading finite number. On the downside the loss is bounded, because spot cannot fall below zero: the worst case is the put strike less the credit received.
Which underlyings are supported?
Nifty 50, Bank Nifty, FinNifty and Midcap Nifty, using the live NSE option chain with the correct lot size for each. Strikes and premiums come from the same feed as our option chain page.
Does the payoff include brokerage and taxes?
No. The chart shows the gross payoff at expiry from option premiums only. Brokerage, STT, exchange fees, stamp duty and GST are not included, and neither is the margin your broker will block for short legs — that varies by broker and is set by exchange SPAN rules.
What is a breakeven price?
The spot price at expiry where the strategy makes exactly zero — the point the underlying has to reach for you to recover what the position cost. Many structures have two: an iron condor, for instance, breaks even just inside each short strike, and is profitable only between those two prices.
Related: live option chain, max pain, OI tracker, and the Learn section for the maths behind them.