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    Compare options strategies by payoff and risk

    Compare calls, puts, spreads and collars side by side: payoff at expiry, breakeven, maximum loss and capital required.

    Which options strategy fits my view and risk limit?

    Each options structure trades premium for a payoff shape. Comparing them at expiry on breakeven, maximum gain, maximum loss and capital required shows which expresses a view within a set loss limit.

    What you see in Market Ontology

    The live product, read-only. Your own work opens here after checkout.

    Options Structures screen in Market Ontology
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    What opens after checkout

    Payoff comparison, breakevens and saved research case, built from the details above and saved to your account in Options.

    You get
    Payoff comparison, breakevens and saved research case
    Opens in
    Options
    Built from
    Structure, legs, premiums, expiry, quantities
    Orders
    None; nothing is sent on your behalf

    Method

    • — Payoff at expiry summed across legs: max(S − K, 0) for calls, max(K − S, 0) for puts, net of premium.
    • — Breakeven where payoff crosses zero; max loss is the lowest payoff across prices.
    • — Structures failing a user-set max-loss limit are flagged before any order ticket.

    Limits

    Expiry payoffs ignore path, early exercise and changes in implied volatility before expiry.

    Updated 2026-10-15

    Questions

    When is a spread better than a single option?
    A spread lowers cost and max loss by selling a second strike, in exchange for capping the gain.