Example inputs are editable assumptions, not a published portfolio result.
Follow the example
Choose a step to follow the example. Opening a request lets you review it; it does not submit a job or change your account.
Enter one expiration scenario
Set the displayed strike, premium, size and underlying-at-expiration inputs. For a spread, keep the matched-leg and multiplier assumptions explicit.
Labeled hypothetical inputs in the calculator, not historical market observations.
Change one assumption
Move the expiration price or cost and inspect the resulting payoff. Compare the maximum loss, break-even and gain under the stated inputs.
A deterministic recalculation. Time value and an earlier close are not captured by expiration intrinsic payoff.
Compare with a recorded trade
Open the linked completed strategy and inspect actual selected contracts, Filled premiums and history. Keep the calculator scenario separate from the backtest.
A distinction between an editable payoff model and recorded historical execution.
What the expiration scenario assumes
The scenario buys a lower-strike call and sells a higher-strike call with the same underlying, expiration, multiplier and quantity. Intrinsic spread value at expiration is max(price minus lower strike, 0) minus max(price minus higher strike, 0). Subtract the net debit and total entered costs.
Prices are dollars per underlying share. Total position costs are dollars for the entire position, rather than a per-contract fee. Verify the actual multiplier for your contract. This is expiration arithmetic, not a quote, a price estimate before expiration or a historical backtest. It excludes exercise and assignment consequences and assumes the option legs remain intact.
If entered costs equal or exceed the maximum gain before costs, no profitable expiration breakeven exists. The calculator omits breakeven in that case and shows the capped P&L after costs.
Inspect a real historical example
The strategy guides use saved selector rules and completed product simulations. Their captured fills and curves are separate from the editable assumptions above.