Tools · F&O
Option payoff calculator
Plot the payoff at expiry of up to four NSE option legs (call or put, buy or sell, any strike, premium and lots). Get breakevens, max profit, max loss and a live payoff curve, instantly in your browser. Free, no login, FY25-26 lot sizes.
The answer
A Nifty 24,800 / 25,000 bull call spread for one lot of 75 risks a maximum loss of ₹6,750 (the net premium paid) for a maximum profit of ₹8,250, with breakeven at a Nifty close of 24,890 at expiry, as computed by the BazaarBaazi option payoff calculator on 3 June 2026.
BazaarBaaziSource & method
Build your option positionPayoff at expiry
Set the spot reference and lot size, then add up to four legs. Everything recomputes the moment you change a value. The headline figure below the legs is the maximum loss or profit on the position.
NSE lot sizes for FY25-26: Nifty 75, Bank Nifty 35, Fin Nifty 65. Stock F&O lots vary by name. Enter premium and strike in index or share points.
Payoff at expiry
Max loss on this position is -₹6,750
This 2-leg structure carries max loss -₹6,750 and max profit +₹8,250 at expiry, with breakeven near 24,890 on a spot reference of 24,800 and a lot size of 75.
Method: payoff at expiry only (intrinsic value, no time value or Greeks). Per share, a long call returns max(spot minus strike, 0) less premium and a long put returns max(strike minus spot, 0) less premium; short legs invert the sign. Each leg is scaled by lot size times lots, then summed. Breakevens are the spot levels where net payoff crosses zero, found by scanning >2,000 points and interpolating. Brokerage, STT, exchange and GST charges are not included. Figures are illustrative, not advice.
How to read the payoff curveMethod
What the shaded curve, the zero line and the markers are telling you.
The horizontal axis is the underlying price at expiry; the vertical axis is your net profit or loss in rupees. Where the curve sits above the zero line you are in profit (shaded green); below it you are in loss (shaded red). The dashed gold line marks the spot reference you entered, so you can see how far the underlying must travel to reach a breakeven.
Each gold dot on the zero line is a breakeven, the exact level where the position turns from loss to profit or back. A single-leg long option has one breakeven; a spread or condor has two. Flat ends on the curve mean the payoff is capped in that direction (a defined-risk structure); a tail that keeps rising or falling means an uncapped leg, which the result card labels as unlimited rather than a clipped number.
This is the payoff at expiry, the cleanest way to compare strategies. It ignores the time value and the Greeks that move an option before expiry, so an open position can show a different mark-to-market on any given day. For an intraday view, watch how implied volatility and theta erode the premium you paid.
FAQ5 reader questions · AEO-eligible
The option payoff questions readers ask, distilled and schema-marked for AI Overview, Perplexity and reader search.
How does this option payoff calculator work?
It computes payoff at expiry only. Per share, a long call returns the spot minus strike (floored at zero) less the premium, a long put returns strike minus spot less premium, and short legs invert the sign. Each leg is scaled by lot size times lots, then summed.
What is the breakeven of a bull call spread?
For the default Nifty 24,800 / 25,000 call spread at a net debit of 90 points, breakeven is the lower strike plus the net premium, so 24,890. Above 25,000 the spread caps at its maximum profit of 8,250 for one lot of 75.
Does the calculator include brokerage, STT and other charges?
No. The payoff is gross of costs. Brokerage, STT, exchange transaction charges, GST, SEBI and stamp duty all reduce the realised figure. Use the brokerage calculator to estimate those costs before placing a trade.
What lot size should I use for Nifty options in FY25-26?
The NSE Nifty lot is 75, Bank Nifty is 35 and Fin Nifty is 65 for FY25-26. Single-stock F&O lots vary by name. The lot size field defaults to 75; change it to match the contract you are trading.
Can I model a straddle, strangle or iron condor?
Yes. Enable as many of the four legs as you need and set each one to call or put, buy or sell. A long straddle is one bought call and one bought put at the same strike; an iron condor uses all four legs. The curve and breakevens update instantly.
Keep going
Size the trade, cost it, then read the names behind the options.