Assemble a position and see exactly what it is worth at every index level
The simulator is the core of the product: a workspace where you build an index option position from any number of legs and immediately see the profit-and-loss curve, the break-even points and the limits of your risk — before any real money is involved.
What the simulator does
Multi-leg position building
Each position is made of independent legs: option type (call or put), action (buy or sell), strike, quantity and entry price. You can mix expirations inside a single position, and every change is recalculated immediately.
Every listed expiration
SPX and NDX list expirations on every weekday, and SPY and QQQ do the same. The simulator works against the full expiration calendar, so you can test the same structure on a 0DTE horizon and on a monthly horizon side by side.
Payoff chart
Profit and loss at expiration across a wide range of index levels, with the zero line, a marker at the current index level and a clear visual break between the profitable and the losing region.
Break-even points
All break-even points are derived from the payoff itself — including four-leg structures with two break-evens, and ratio spreads where the structure is not symmetric.
Maximum profit and loss
Maximum profit and maximum loss are shown in dollars per position, and the interface says so explicitly when exposure is unlimited — as it is in a short straddle or an unhedged short strangle.
Commissions inside the numbers
A per-leg commission is included in the net premium and in the payoff chart. What you see is what is left after costs, not a theoretical figure.
Multiple portfolios
Run several portfolios at once — an experimental book alongside one that mirrors your live activity — and compare them. The number of portfolios allowed depends on your plan.
Running profit and loss
Open positions are marked against current option market prices, so you see today's value and not only the picture at expiration.
The strategy wizard — 14 built-in structures
Choose a market view and the wizard shows the structures that fit it. Selecting one expands it into concrete legs around the current index level, with its maximum profit, maximum loss and break-even points — and every leg stays editable afterwards.
Bullish (4)
Bull call spread
Buy an at-the-money call and sell one further out of the money.
- Max profit:
- Capped by the width between the strikes
- Max loss:
- Net premium paid
- Break-even:
- Long strike plus the net premium paid
Bull put spread
Sell a put below the market and buy a further one as protection. Credit received up front.
- Max profit:
- The net credit collected
- Max loss:
- Strike width minus the credit
- Break-even:
- Short put strike minus the credit
Call ratio spread
Sell one nearer call and buy two further ones — cheap exposure to a large move up.
- Max profit:
- Unlimited above the upper break-even
- Max loss:
- Capped between the strikes
- Break-even:
- Two points: between the strikes and above the long strikes
Collar
Long exposure with the upside capped and a protective floor underneath.
- Max profit:
- Capped at the short call strike
- Max loss:
- Limited by the long put strike
- Break-even:
- Depends on the net premium of the three legs
Bearish (3)
Bear put spread
Buy an at-the-money put and sell one further out of the money.
- Max profit:
- Capped by the width between the strikes
- Max loss:
- Net premium paid
- Break-even:
- Long strike minus the net premium paid
Bear call spread
Sell a call above the market and buy a further one as protection. Credit received up front.
- Max profit:
- The net credit collected
- Max loss:
- Strike width minus the credit
- Break-even:
- Short call strike plus the credit
Put ratio spread
Sell one nearer put and buy two further ones — cheap exposure to a large move down.
- Max profit:
- Largest on a sharp move down
- Max loss:
- Capped between the strikes
- Break-even:
- Two points: between the strikes and below the long strikes
Neutral / range-bound (5)
Short straddle
Sell the at-the-money call and put. The highest premium available, with open-ended risk.
- Max profit:
- The premium collected, if price finishes at the strike
- Max loss:
- Unlimited — a naked short on both sides
- Break-even:
- Strike plus and minus the premium collected
Short strangle
Sell an out-of-the-money call and put. Profits while price stays inside the range.
- Max profit:
- The premium collected, if price finishes between the strikes
- Max loss:
- Unlimited — no protective wings
- Break-even:
- Each short strike plus or minus the premium collected
Iron condor
A short strangle with protective wings on both sides. Defined risk, and the structure most premium sellers build around.
- Max profit:
- The net credit collected
- Max loss:
- Wing width minus the credit
- Break-even:
- Each short strike plus or minus the credit
Wide iron condor
The same structure with the short strikes further out — less credit, but a higher chance of finishing in range.
- Max profit:
- The net credit collected
- Max loss:
- Wing width minus the credit
- Break-even:
- Each short strike plus or minus the credit
Iron butterfly
A short straddle with wings. The largest credit of the defined-risk structures, and the narrowest profitable range.
- Max profit:
- The net credit, if price finishes exactly at the middle strike
- Max loss:
- Wing width minus the credit
- Break-even:
- Middle strike plus and minus the credit
Volatile (2)
Long straddle
Buy the at-the-money call and put. Profits from a large move in either direction.
- Max profit:
- Unlimited to the upside, substantial to the downside
- Max loss:
- Total premium paid, if price finishes at the strike
- Break-even:
- Strike plus and minus the total premium
Long strangle
Buy an out-of-the-money call and put. Cheaper than a straddle, but needs a bigger move.
- Max profit:
- Unlimited to the upside, substantial to the downside
- Max loss:
- Total premium paid, if price finishes between the strikes
- Break-even:
- Each strike plus or minus the total premium
Fast adjustments
Once a structure exists, one-click adjustments reshape it and show the effect on the payoff chart and the break-even points immediately.
Narrow
Move the strikes closer to the index — more premium, more risk.
Widen
Move the strikes further out — less premium, a wider profit range.
Double / halve
Scale contract quantity across every leg at once to size the position.
Invert
Flip every long into a short and vice versa, to look at the other side of the structure.
What is not in the product yet
We would rather tell you up front what is missing. The simulator computes Black-Scholes Greeks and theoretical prices, but off an index-level implied volatility — VIX for the S&P instruments, VXN for the Nasdaq ones — not off a per-strike implied volatility. There is no option chain behind it and therefore no volatility skew, so your broker’s delta and vega will differ from ours, most of all on far out-of-the-money and short-dated legs. Historical option premium data is also not yet licensed, so testing a strategy against the past runs on the real historical settlement prices of the underlying combined with a premium — one you supply, or one Strategy Ranker models with Black-Scholes at that day’s volatility close — and never on a historical option chain.
Try it on a real position
14 trial days with full access to the simulator and the strategy wizard.
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