# Option Strategy Builder — StockMojo

> Multi-leg options strategy constructor with payoff diagrams

- Live page: https://stockmojo.in/strategy-builder
- Content last updated: 2026-04-12
- Platform: StockMojo — free options analytics for Indian markets (NSE F&O)

This is a machine-readable markdown mirror of the live tool page. The live page shows real-time NSE data during market hours (09:15-15:30 IST) and supports 200+ F&O symbols via per-symbol URLs like https://stockmojo.in/strategy-builder/banknifty.

## Frequently asked questions

### What is the StockMojo Option Strategy Builder?

The Option Strategy Builder is a free visual tool that lets you construct multi-leg option strategies and instantly see the payoff diagram, breakeven points, max profit, max loss, and Greeks. You select a symbol, expiry, and strikes, add up to four legs (buy/sell calls and puts), and the builder calculates the combined P&L profile using live NSE option prices.

### What strategies can I build with this tool?

You can build any standard or custom multi-leg strategy — Bull Call Spread, Bear Put Spread, Iron Condor, Iron Butterfly, Long Straddle, Long Strangle, Ratio Spread, Calendar Spread, Jade Lizard, and custom combinations. The tool supports up to four legs per strategy with independent strike and expiry selection for each leg.

### How is the payoff chart calculated?

The payoff chart plots your strategy's profit or loss at every possible underlying price at expiration. For each price point, the tool calculates the intrinsic value of each leg minus the net premium paid or received. The X-axis shows the underlying price and the Y-axis shows P&L in rupees. Green zones indicate profit, red zones indicate loss, and the breakeven points are where the line crosses zero.

### Does the strategy builder use live market prices?

Yes. When you select a symbol and expiry, the builder fetches real-time option prices from NSE. The premiums, Greeks, and IV shown for each strike are live values updated every few seconds during market hours (9:15 AM - 3:30 PM IST). After market hours, the last traded prices are used.

### What are breakeven points in an option strategy?

Breakeven points are the underlying prices at which your strategy has zero profit and zero loss at expiration. A single-leg call has one breakeven (strike + premium paid). Multi-leg strategies can have one or two breakeven points — for example, an iron condor has two breakevens, one on each side of the current price. The strategy builder highlights these on the payoff chart.

### How do I choose strikes for a strategy?

Strike selection depends on your market outlook and risk tolerance. ATM strikes have the highest theta decay and are common in neutral strategies like straddles. OTM strikes cost less premium but need a bigger move to profit. The strategy builder shows Delta, IV, and OI for each strike to help you pick the right balance of cost, probability, and reward.

### Can I compare multiple strategies side by side?

You can modify your strategy in real time and see the payoff chart update instantly. To compare, note the max profit, max loss, and breakeven of one setup, then adjust strikes or legs to see how the profile changes. The visual payoff diagram makes it easy to compare risk-reward across different configurations.

### Is the strategy builder free to use?

Yes, the strategy builder is completely free with no login required. You get full access to live prices, payoff charts, Greeks display, and breakeven analysis for Nifty, BankNifty, and all F&O stocks listed on NSE.

## How to Build an Option Strategy on StockMojo

1. **Select symbol and expiry** — Choose a symbol (Nifty, BankNifty, or any F&O stock) and an expiry date from the dropdowns at the top.
2. **Add your first leg** — Pick Buy or Sell, Call or Put, and select a strike price from the option chain to add your first position.
3. **Build multi-leg strategies** — Add more legs (up to 4) to create spread strategies like Iron Condor, Butterfly, or Straddle using the Add Leg button.
4. **Review the payoff diagram** — Examine the chart showing profit/loss zones, breakeven points, max profit, and max loss at expiration.
5. **Analyze combined Greeks** — Check the combined Delta, Theta, Vega, and Gamma displayed below the chart to understand your position's risk exposure.

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## Glossary

Terms used: implied-volatility, option-greeks, theta-decay, open-interest. Definitions: https://stockmojo.in/glossary