Multi-Leg Options Breakeven Calculator
Calculate breakeven points for multi-leg options strategies like iron condors, straddles, strangles, and spreads. Enter your legs and premiums to find lower and upper breakevens at expiration.
Leg 1
$
$
Per share, not per contract.
Number of contracts.
$
Optional — used only for PnL preview.
Add your option legs above and click Calculate breakevens to find breakeven points for your multi-leg options strategy.
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Breakeven Formulas
Call Intrinsic = max(0, S - K)
Put Intrinsic = max(0, K - S)
Long Leg PnL = Intrinsic - Premium
Short Leg PnL = Premium - Intrinsic
Total PnL(S) = Sum(Leg PnL x Quantity)
Breakeven = S where Total PnL(S) = 0