Payoff, breakeven, max profit and max loss for a two-leg options spread.
Result
How to use this tool
Action (buy/sell), type (call/put), strike and premium.
The second leg — usually the opposite action at a different strike.
Contracts per leg and the price you want to test.
Max profit, max loss, breakeven and payoff at your price.
Formula & worked example
Bull call spread: buy the $100 call for $5 and sell the $110 call for $2. Net debit = $3, max profit = $10 width − $3 = $7, max loss = $3, breakeven = $103.
Limitations — read this before you rely on it
Expiry payoff only, before commissions, fees, spreads, early-assignment risk and tax. It assumes both legs share the same expiry and underlying; calendar and diagonal spreads need separate handling.
Frequently asked questions
A combination of two or more options on the same underlying, usually with different strikes or expiries, that caps both profit and loss compared with a single option.
Buy a lower-strike call and sell a higher-strike call. You pay a net debit, profit if the price rises toward the higher strike, and your loss is capped at the debit.
Net debit: you pay to open the spread. Net credit: you receive money upfront, and profit if the spread expires favourably.
Where the expiry payoff crosses zero. A spread can have one or two breakevens depending on its shape; this calculator scans the payoff curve to find them.
No — commissions, fees, bid/ask spreads, early assignment (American options) and tax are excluded. Real results will differ slightly.