AL Options Strategy Builder

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Options Strategy Builder

Options Income

Interactive strategy construction tool with a real-time P&L payoff diagram, full options chain (OI, volume, delta, IV, bid, ask for each strike), and simulation sliders for price move (±30%), IV change (-50% to +100%), and days forward. Shows max profit, max loss, breakevens, probability of profit, return on risk, and position Greeks (delta, gamma, theta, vega).

How to use

Enter a symbol and select an expiration to load the options chain. Click on calls or puts in the chain to add them as legs. Toggle buy/sell, adjust quantity and strike for each leg
Use the strategy dropdown to load preset templates (covered call, iron condor, vertical spread, butterfly, straddle, strangle, etc.) which auto-populate the legs
Drag the simulation sliders to see how the P&L changes with stock price movement, IV changes, or time decay -- the payoff diagram updates in real-time

Suggested actions

Compare strategies side by side by first building a covered call, noting the risk/reward metrics, then clearing and building a cash-secured put on the same stock to see which one fits better

Use the "Days Forward" slider to see how your position will look as time passes -- this reveals the theta decay profile of your strategy

Check the Greeks readout at the bottom: positive theta means you profit from time decay (income strategy), negative theta means you need movement (directional strategy)

Pro Tip: Pay close attention to the "Return on Risk" metric for income strategies. It normalizes the return by the capital at risk, making it easy to compare strategies with different risk profiles. Also compare the "Probability of Profit" -- a 90% POP with a 5% return is very different from a 40% POP with a 200% return.

BSM — Black-Scholes-Merton pricing assumptions. New legs are born with these; legs already on the board keep the numbers they were priced at.

Stock Price

Default IV

30%

Default DTE

Risk-Free Rate

5.0%

Dividend / Borrow Yield

0.0%

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Symbol

Snapshot session

Previous-day view · Mon Sep 21 close. You are previewing the previous trading day. Subscribe to see today live and every other date — plans start at Delta, $39/mo. Sign up Sign in

No option snapshot is available for AL on 2026-09-21. Aggregate chain metrics are unavailable for this snapshot. Underlying price is unavailable for this snapshot.

Or click a strike on the rail to add a leg — or start from a template and move it afterwards.

Add a leg to see how the position behaves across price and volatility.

This snapshot quotes no expirations. Try another session.

Position Summary

Select a strategy or add legs

Option Legs

Choose a strategy above or add individual legs

Exact contracts are selected on the signal snapshot and filled on the next snapshot.

Start

End

Risk budget

Load an exact option-chain snapshot first.

Expiration and selected end date are the only exits in this initial safe mode.