Strategy Builder
Combine calls, puts, forwards and the underlying into one position, from a template or leg by leg, and read its cost, break-evens, best and worst outcomes, and Greeks.
Learning focus: a strategy's profit at expiry is just the sum of its legs' profit lines, so each leg added bends the total at its strike and trades away some upside or downside for a lower cost.
Buy a call and sell a higher-strike call: a cheaper bet on a moderate rise, with capped gain.
These price the template premiums and give the value today and the Greeks. Profit at expiry uses only the premiums in the legs.
Every leg expires on the same date, so calendar spreads are out of scope. Premium is per option; for the underlying enter the price paid, and a forward has no premium. Cost today is positive when paid and negative when received. A forward's delta is e^(−qT) per unit, close to 1 for short maturities or a low dividend yield.
The solid line is profit at expiry; the dashed line is payoff before premiums. The third line is the profit if you closed every leg today at Black–Scholes–Merton values: its gap to the expiry line is time value, which disappears as expiry nears.