Learn / analyze a strategy

Analyze a bull call spread

Two explicitly priced legs, one expiry. The chart is net profit or loss, not option value. Premiums are per share; the contract multiplier is 100.

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Sample data

Two explicitly priced legs, one expiry. The chart is net profit or loss, not option value. Premiums are per share; the contract multiplier is 100.

Net debit400USD / spread

Maximum profit600USD

Maximum loss-400USD

Break-even104USD underlying

Profit / loss at expiration

Bull call spreadNet P&L · USD / spread

Exact chart data

Series	Underlying price · USD	Net P&L · USD / spread
Bull call spread	80	-400
Bull call spread	80.52	-400
Bull call spread	81.04	-400
Bull call spread	81.56	-400
Bull call spread	82.08	-400
Bull call spread	82.6	-400
Bull call spread	83.12	-400
Bull call spread	83.64	-400
Bull call spread	84.16	-400
Bull call spread	84.68	-400
Bull call spread	85.2	-400
Bull call spread	85.72	-400
Bull call spread	86.24	-400
Bull call spread	86.76	-400
Bull call spread	87.28	-400
Bull call spread	87.8	-400
Bull call spread	88.32	-400
Bull call spread	88.84	-400
Bull call spread	89.36	-400
Bull call spread	89.88	-400
Bull call spread	90.4	-400
Bull call spread	90.92	-400
Bull call spread	91.44	-400
Bull call spread	91.96000000000001	-400
Bull call spread	92.48	-400
Bull call spread	93	-400
Bull call spread	93.52	-400
Bull call spread	94.04	-400
Bull call spread	94.56	-400
Bull call spread	95.08	-400
Bull call spread	95.6	-400
Bull call spread	96.12	-400
Bull call spread	96.64	-400
Bull call spread	97.16	-400
Bull call spread	97.68	-400
Bull call spread	98.2	-400
Bull call spread	98.72	-400
Bull call spread	99.24000000000001	-400
Bull call spread	99.76	-400
Bull call spread	100.28	-371.9999999999999
Bull call spread	100.8	-320.0000000000002
Bull call spread	101.32	-268.0000000000007
Bull call spread	101.84	-215.99999999999966
Bull call spread	102.36	-164.00000000000006
Bull call spread	102.88	-112.00000000000045
Bull call spread	103.4	-59.99999999999943
Bull call spread	103.92	-7.9999999999998295
Bull call spread	104.44	43.99999999999977
Bull call spread	104.96000000000001	96.0000000000008
Bull call spread	105.48	148.0000000000004
Bull call spread	106	200
Bull call spread	106.52	251.9999999999996
Bull call spread	107.03999999999999	303.9999999999992
Bull call spread	107.56	356.0000000000002
Bull call spread	108.08	407.99999999999983
Bull call spread	108.6	459.99999999999943
Bull call spread	109.12	512.0000000000005
Bull call spread	109.64	564
Bull call spread	110.16	600
Bull call spread	110.68	600
Bull call spread	111.2	600
Bull call spread	111.72	600
Bull call spread	112.24000000000001	600
Bull call spread	112.75999999999999	600
Bull call spread	113.28	600
Bull call spread	113.80000000000001	600
Bull call spread	114.32	600
Bull call spread	114.84	600
Bull call spread	115.36	600
Bull call spread	115.88	600
Bull call spread	116.4	599.9999999999999
Bull call spread	116.92	600
Bull call spread	117.44	600
Bull call spread	117.96000000000001	600.0000000000001
Bull call spread	118.48	600
Bull call spread	119	600
Bull call spread	119.52000000000001	599.9999999999999
Bull call spread	120.03999999999999	599.9999999999999
Bull call spread	120.56	600
Bull call spread	121.08	600
Bull call spread	121.6	600.0000000000001
Bull call spread	122.12	600
Bull call spread	122.64	600
Bull call spread	123.16	600
Bull call spread	123.68	600
Bull call spread	124.2	600
Bull call spread	124.72	600
Bull call spread	125.24000000000001	600
Bull call spread	125.76	600
Bull call spread	126.28	600
Bull call spread	126.80000000000001	599.9999999999998
Bull call spread	127.32	599.9999999999998
Bull call spread	127.84	600
Bull call spread	128.36	600
Bull call spread	128.88	600
Bull call spread	129.4	600
Bull call spread	129.92000000000002	600.0000000000002
Bull call spread	130.44	600.0000000000002
Bull call spread	130.96	600
Bull call spread	131.48000000000002	600
Bull call spread	132	600

Assumptions & conventions

{
  "model": "piecewise-linear expiration payoff",
  "contractMultiplier": 100,
  "premiums": "user-supplied",
  "costs": "no commissions or slippage included",
  "currency": "USD"
}

Diagnostics & warnings

{
  "warnings": [
    "Sample premiums are hypothetical, not market quotes. Expiration payoff is not the mark-to-market value before expiration."
  ]
}

Full result · JSON

{
  "netDebit": 400,
  "netCredit": -400,
  "maxProfit": 600,
  "maxLoss": -400,
  "bounded": {
    "profit": true,
    "loss": true
  },
  "breakevens": [
    104
  ],
  "points": [
    {
      "underlyingPrice": 80,
      "pnl": -400
    },
    {
      "underlyingPrice": 80.52,
      "pnl": -400
    },
    {
      "underlyingPrice": 81.04,
      "pnl": -400
    },
    {
      "underlyingPrice": 81.56,
      "pnl": -400
    },
    {
      "underlyingPrice": 82.08,
      "pnl": -400
    },
    {
      "underlyingPrice": 82.6,
      "pnl": -400
    },
    {
      "underlyingPrice": 83.12,
      "pnl": -400
    },
    {
      "underlyingPrice": 83.64,
      "pnl": -400
    },
    {
      "underlyingPrice": 84.16,
      "pnl": -400
    },
    {
      "underlyingPrice": 84.68,
      "pnl": -400
    },
    {
      "underlyingPrice": 85.2,
      "pnl": -400
    },
    {
      "underlyingPrice": 85.72,
      "pnl": -400
    },
    {
      "underlyingPrice": 86.24,
      "pnl": -400
    },
    {
      "underlyingPrice": 86.76,
      "pnl": -400
    },
    {
      "underlyingPrice": 87.28,
      "pnl": -400
    },
    {
      "underlyingPrice": 87.8,
      "pnl": -400
    },
    {
      "underlyingPrice": 88.32,
      "pnl": -400
    },
    {
      "underlyingPrice": 88.84,
      "pnl": -400
    },
    {
      "underlyingPrice": 89.36,
      "pnl": -400
    },
    {
      "underlyingPrice": 89.88,
      "pnl": -400
    },
    {
      "underlyingPrice": 90.4,
      "pnl": -400
    },
    {
      "underlyingPrice": 90.92,
      "pnl": -400
    },
    {
      "underlyingPrice": 91.44,
      "pnl": -400
    },
    {
      "underlyingPrice": 91.96000000000001,
      "pnl": -400
    },
    {
      "underlyingPrice": 92.48,
      "pnl": -400
    },
    {
      "underlyingPrice": 93,
      "pnl": -400
    },
    {
      "underlyingPrice": 93.52,
      "pnl": -400
    },
    {
      "underlyingPrice": 94.04,
      "pnl": -400
    },
    {
      "underlyingPrice": 94.56,
      "pnl": -400
    },
    {
      "underlyingPrice": 95.08,
      "pnl": -400
    },
    {
      "underlyingPrice": 95.6,
      "pnl": -400
    },
    {
      "underlyingPrice": 96.12,
      "pnl": -400
    },
    {
      "underlyingPrice": 96.64,
      "pnl": -400
    },
    {
      "underlyingPrice": 97.16,
      "pnl": -400
    },
    {
      "underlyingPrice": 97.68,
      "pnl": -400
    },
    {
      "underlyingPrice": 98.2,
      "pnl": -400
    },
    {
      "underlyingPrice": 98.72,
      "pnl": -400
    },
    {
      "underlyingPrice": 99.24000000000001,
      "pnl": -400
    },
    {
      "underlyingPrice": 99.76,
      "pnl": -400
    },
    {
      "underlyingPrice": 100.28,
      "pnl": -371.9999999999999
    },
    {
      "underlyingPrice": 100.8,
      "pnl": -320.0000000000002
    },
    {
      "underlyingPrice": 101.32,
      "pnl": -268.0000000000007
    },
    {
      "underlyingPrice": 101.84,
      "pnl": -215.99999999999966
    },
    {
      "underlyingPrice": 102.36,
      "pnl": -164.00000000000006
    },
    {
      "underlyingPrice": 102.88,
      "pnl": -112.00000000000045
    },
    {
      "underlyingPrice": 103.4,
      "pnl": -59.99999999999943
    },
    {
      "underlyingPrice": 103.92,
      "pnl": -7.9999999999998295
    },
    {
      "underlyingPrice": 104.44,
      "pnl": 43.99999999999977
    },
    {
      "underlyingPrice": 104.96000000000001,
      "pnl": 96.0000000000008
    },
    {
      "underlyingPrice": 105.48,
      "pnl": 148.0000000000004
    },
    {
      "underlyingPrice": 106,
      "pnl": 200
    },
    {
      "underlyingPrice": 106.52,
      "pnl": 251.9999999999996
    },
    {
      "underlyingPrice": 107.03999999999999,
      "pnl": 303.9999999999992
    },
    {
      "underlyingPrice": 107.56,
      "pnl": 356.0000000000002
    },
    {
      "underlyingPrice": 108.08,
      "pnl": 407.99999999999983
    },
    {
      "underlyingPrice": 108.6,
      "pnl": 459.99999999999943
    },
    {
      "underlyingPrice": 109.12,
      "pnl": 512.0000000000005
    },
    {
      "underlyingPrice": 109.64,
      "pnl": 564
    },
    {
      "underlyingPrice": 110.16,
      "pnl": 600
    },
    {
      "underlyingPrice": 110.68,
      "pnl": 600
    },
    {
      "underlyingPrice": 111.2,
      "pnl": 600
    },
    {
      "underlyingPrice": 111.72,
      "pnl": 600
    },
    {
      "underlyingPrice": 112.24000000000001,
      "pnl": 600
    },
    {
      "underlyingPrice": 112.75999999999999,
      "pnl": 600
    },
    {
      "underlyingPrice": 113.28,
      "pnl": 600
    },
    {
      "underlyingPrice": 113.80000000000001,
      "pnl": 600
    },
    {
      "underlyingPrice": 114.32,
      "pnl": 600
    },
    {
      "underlyingPrice": 114.84,
      "pnl": 600
    },
    {
      "underlyingPrice": 115.36,
      "pnl": 600
    },
    {
      "underlyingPrice": 115.88,
      "pnl": 600
    },
    {
      "underlyingPrice": 116.4,
      "pnl": 599.9999999999999
    },
    {
      "underlyingPrice": 116.92,
      "pnl": 600
    },
    {
      "underlyingPrice": 117.44,
      "pnl": 600
    },
    {
      "underlyingPrice": 117.96000000000001,
      "pnl": 600.0000000000001
    },
    {
      "underlyingPrice": 118.48,
      "pnl": 600
    },
    {
      "underlyingPrice": 119,
      "pnl": 600
    },
    {
      "underlyingPrice": 119.52000000000001,
      "pnl": 599.9999999999999
    },
    {
      "underlyingPrice": 120.03999999999999,
      "pnl": 599.9999999999999
    },
    {
      "underlyingPrice": 120.56,
      "pnl": 600
    },
    {
      "underlyingPrice": 121.08,
      "pnl": 600
    },
    {
      "underlyingPrice": 121.6,
      "pnl": 600.0000000000001
    },
    {
      "underlyingPrice": 122.12,
      "pnl": 600
    },
    {
      "underlyingPrice": 122.64,
      "pnl": 600
    },
    {
      "underlyingPrice": 123.16,
      "pnl": 600
    },
    {
      "underlyingPrice": 123.68,
      "pnl": 600
    },
    {
      "underlyingPrice": 124.2,
      "pnl": 600
    },
    {
      "underlyingPrice": 124.72,
      "pnl": 600
    },
    {
      "underlyingPrice": 125.24000000000001,
      "pnl": 600
    },
    {
      "underlyingPrice": 125.76,
      "pnl": 600
    },
    {
      "underlyingPrice": 126.28,
      "pnl": 600
    },
    {
      "underlyingPrice": 126.80000000000001,
      "pnl": 599.9999999999998
    },
    {
      "underlyingPrice": 127.32,
      "pnl": 599.9999999999998
    },
    {
      "underlyingPrice": 127.84,
      "pnl": 600
    },
    {
      "underlyingPrice": 128.36,
      "pnl": 600
    },
    {
      "underlyingPrice": 128.88,
      "pnl": 600
    },
    {
      "underlyingPrice": 129.4,
      "pnl": 600
    },
    {
      "underlyingPrice": 129.92000000000002,
      "pnl": 600.0000000000002
    },
    {
      "underlyingPrice": 130.44,
      "pnl": 600.0000000000002
    },
    {
      "underlyingPrice": 130.96,
      "pnl": 600
    },
    {
      "underlyingPrice": 131.48000000000002,
      "pnl": 600
    },
    {
      "underlyingPrice": 132,
      "pnl": 600
    }
  ]
}

Use it in your project

Returns a payoff report with named summary fields and an ordinary points array. Each point has underlyingPrice and pnl; amounts include the 100-share multiplier and premiums. These five explicit prices sample the same position as the chart.

import { legs, strategy } from '@insiderfinance/totalfinance/strategy';

const position = strategy([
  legs.call({ strike: 100, premium: 6, quantity: 1 }),
  legs.call({ strike: 110, premium: 2, quantity: -1 }),
], { multiplier: 100 });
const underlyingPrices = [80,90,100,110,132];
const result = position.payoff({ prices: underlyingPrices });
console.log(result);

Output of this example

{
  "netDebit": 400,
  "netCredit": -400,
  "maxProfit": 600,
  "maxLoss": -400,
  "bounded": {
    "profit": true,
    "loss": true
  },
  "breakevens": [
    104
  ],
  "points": [
    {
      "underlyingPrice": 80,
      "pnl": -400
    },
    {
      "underlyingPrice": 90,
      "pnl": -400
    },
    {
      "underlyingPrice": 100,
      "pnl": -400
    },
    {
      "underlyingPrice": 110,
      "pnl": 600
    },
    {
      "underlyingPrice": 132,
      "pnl": 600
    }
  ]
}

Reproduce this entire playground

This complete example reproduces every chart point and the full playground result. Sample generation and chart mapping are example setup, not required conversions of library outputs.

import { legs, strategy } from '@insiderfinance/totalfinance/strategy';

const position = strategy([
  legs.call({ strike: 100, premium: 6, quantity: 1 }),
  legs.call({ strike: 110, premium: 2, quantity: -1 }),
], { multiplier: 100 });
const result = position.payoff({ prices: { from: 80, to: 132, steps: 101 } });
console.log(result);

Both examples use the last successfully calculated inputs. The first call may show fewer scenarios or selected report fields, as labeled above. Displayed metrics are rounded; copied calculations retain exact values.

Before expiry, explore price and volatility scenarios. An expiration payoff is a different question from a mark-to-market value.

Continue with the full API reference or the API levels guide.