Options Strategy Builder
Build a multi-leg position and see the P&L diagram, Greeks, and what-if simulation
What the Strategy Builder is
The Options Strategy Builder is the what-if workbench in Optionomics. Pick a symbol, pick a strategy (or build one leg by leg), and the page draws the P&L diagram, computes Greeks, finds breakevens, and lets you simulate what happens if price moves, IV expands or contracts, or time decays before expiration.
It is the place to answer questions like:
- “What does a vertical here actually pay if the underlying gets to the target?”
- “If IV crushes 30% post-earnings, do I still make money on this strangle?”
- “What does my position look like with five days less DTE?”
- “Where exactly are the breakevens, and what is the probability of profit?”
Availability: All plans (Delta and higher)
Open it: Sidebar → Options Strategy Builder (also at /build).
Setup row
The top of the builder has the basic inputs:
| Input | Purpose |
|---|---|
| Symbol | Type a ticker and choose Load to request its chain |
| Snapshot Date | Load an exact historical snapshot date, or choose Latest |
| Strategy | Pick a preset (e.g. long call, vertical, condor, butterfly, straddle, strangle, covered call, cash-secured put, calendar) — the legs auto-fill |
| Stock Price | Override the current price (defaults to the spot pulled with the chain) |
| Default IV | Default implied vol for legs you add manually |
| Default DTE | Default days to expiration for legs you add manually |
| Risk-Free Rate | Optional advanced input used in pricing (toggle visibility from the gear icon) |
| Dividend / Borrow Yield | Optional advanced carry input used by the modeled valuation |
Once a strategy is loaded, a small badge strip shows its direction (bullish / bearish / neutral), whether max profit and max loss are limited or unlimited, and any shares leg if the strategy includes stock (e.g. covered call).
In-page options chain
Below the setup row, the Options Chain panel shows the loaded chain in a single calls-vs-puts table:
- Expiration buttons at the top let you switch quickly across expirations.
- Each row is a strike with OI, Volume, Delta, IV, Bid, Ask for both the call and the put side.
- Click a Bid to add that contract as a sell leg; click an Ask to add it as a buy leg. The chain becomes your one-click order pad.
ATM rows are highlighted so you can find the money quickly.
Historical snapshots
When you request a date, the builder does not silently substitute another session. The status strip identifies whether the chain is historical or latest, shows the dates represented by the available data, and displays warnings when coverage is incomplete. Use the previous and next snapshot buttons to move between available sessions.
P&L diagram
The center column draws the Profit & Loss of your active legs across underlying prices. As you change legs, drag simulation sliders, or add/remove contracts, the curve updates live. A badge near the chart shows the current P&L for the simulation point you’re on.
Position summary
The right-hand panel reads out the headline numbers for whatever legs you have active:
| Metric | What it means |
|---|---|
| Probability of Profit | Estimate of finishing profitable, computed from current IV and time to expiry |
| Max Profit | Largest gain the position can realize (or ∞ if unlimited) |
| Max Loss | Largest loss the position can realize (or ∞ if unlimited) |
| Net Cost | Net debit paid or net credit collected for the position |
| Return on Risk | Max profit relative to max loss for risk-defined positions |
| Breakeven(s) | Underlying prices where the position turns profitable at expiration |
Below those metrics, the panel also shows the position Greeks:
| Greek | What it tells you |
|---|---|
| Delta | Net directional exposure |
| Gamma | How fast delta changes as price moves |
| Theta | Time decay per day |
| Vega | Sensitivity to a 1% IV change |
Use these to sanity-check that the shape of your risk matches the thesis—a “neutral” strategy with strong long delta isn’t neutral; a “high theta” short strangle with too much vega exposure into earnings isn’t the carry trade you think it is.
Simulation controls
Three sliders let you stress-test the position:
| Slider | What it changes |
|---|---|
| Price Move | Shift the underlying ±30% to see how P&L responds |
| IV Change | Pump or crush implied vol from −50% to +100% |
| Days Forward | Roll the clock forward up to expiry to see how time decay reshapes the curve |
Reset any slider with a click. The P&L diagram and current-P&L badge respond in real time so you can sweep through scenarios without rebuilding the position.
Strategy Risk Lab
Expand Strategy Risk Lab after adding legs to compare modeled P&L across a grid of stock-price moves, implied-volatility shocks, and a selected time horizon. The scenario cards highlight representative combinations, while the grid lets you compare more outcomes at once.
The grid is a sensitivity study, not a forecast. Its horizon stops at the earliest expiration in the package, and assignment or early exercise is not modeled.
Legs panel
The Option Legs card lists every leg with its full controls:
- Type — call or put.
- Action — buy or sell.
- Strike, Premium, Quantity — edit any of them inline.
- DTE and IV — adjust per leg; the premium recomputes as you change them.
Quick buttons at the top of the legs panel add a buy/sell call or buy/sell put without going through the chain table—handy when you want to sketch a structure before pulling real prices.
A typical workflow
- Type the symbol and click Load.
- Pick a strategy preset to auto-build the legs, or click bids and asks in the chain to compose a custom structure.
- Read the P&L diagram and Position Summary — does max loss feel right? Are the breakevens reasonable?
- Drag the simulation sliders — what happens at the target? At the stop? Day of expiry?
- Check the Greeks — does the position match your thesis (directional vs neutral, long vs short vol, positive vs negative theta)?
- Adjust legs (strike, qty, expiry) until the curve and risk profile match what you want.
- If you have Vega, use Backtest This Package to carry the custom package into an Options Trading Strategies backtest.
Use the builder before you place a trade to see the position you’re about to take, and after the fact to stress an existing position you’re tracking.
Important context
- The builder is a modeling tool. Real fills, slippage, early assignment, dividend risk, and broker margin treatment can differ from what you see here.
- Greeks and probability of profit are theoretical outputs from standard pricing; they assume the inputs (IV, rate, time) hold.
- The builder can use the latest available chain or an exact available historical snapshot. Always check the status strip and represented dates.
- Multi-leg strategies with uncovered short options can have undefined or very large losses; treat ∞ seriously and use real position sizing.
Remember: The Strategy Builder shows you what a position could look like under specific assumptions. It does not predict where price, vol, or time will actually go. Combine with daily analytics, flow, and your own rules.
Related:
- Stock Page — chart, daily analytics, flow, and earnings for the symbol you’re modeling
- Daily Analytics — current positioning by strike and expiry
- Volatility Surface — IV across strikes and expiries
- Backtesting — for replaying strategies across historical windows
