Vertical & Credit Spreads Calculators

Two-leg vertical spreads (bull call, bear put, bull put, bear call) plus the jade lizard hybrid. Each computes max profit, max loss, breakevens, and the risk/reward ratio.

When to use these calculators

Vertical spreads cap both profit and loss, making them defined-risk trades. The four standard verticals plus the jade lizard cover the most common directional / income-strategy combinations.

All calculators on this page are EDUCATIONAL tools, not financial advice. Verify P&L numbers against your broker's risk tool before trading.

Frequently Asked Questions

How accurate is the calculator?

The calculator uses standard textbook formulas (Black-Scholes for pricing, geometric P&L for spread strategies). For pricing-sensitive trades, the result is informational; brokerages may use proprietary models with slight differences. Always verify with your broker before entering a live trade.

Is this advice to enter a trade?

No. These calculators are educational tools that compute the standard math behind options strategies. They are NOT financial advice. Always consult your own analysis, broker tools, and a qualified financial advisor before entering a trade.

What's the difference between this and my broker's P&L tool?

Brokers often have proprietary risk models and use real-time data; these calculators use textbook formulas with user-provided inputs. They produce equivalent results for most standard strategies. Differences emerge in non-standard situations: early-assignment scenarios, dividends, hard-to-borrow stocks, after-hours pricing.