--- title: "Option Payoff Builder for Nifty, Free | RupeeCase" description: "Free option payoff builder on dated NSE Nifty chains: legs, expiry and before expiry curves, breakevens, max profit and loss, Greeks and charges." source_url: "https://www.rupeecase.com/learn/tools/payoff-builder" --- ExampleNifty Bank, 29 Jun 2026, 30 Jun 2026 expiry, 1 daysNifty, 29 Jun 2026, 30 Jun 2026 expiry, 1 daysNifty, 29 Jun 2026, 7 Jul 2026 expiry, 8 daysNifty, 29 Jun 2026, 28 Jul 2026 expiry, 29 daysNifty Bank, 16 Jun 2026, 30 Jun 2026 expiry, 14 daysNifty, 16 Jun 2026, 23 Jun 2026 expiry, 7 daysNifty, 16 Jun 2026, 30 Jun 2026 expiry, 14 daysNifty, 16 Jun 2026, 28 Jul 2026 expiry, 42 daysNifty Bank, 10 Jun 2026, 30 Jun 2026 expiry, 20 daysNifty, 10 Jun 2026, 16 Jun 2026 expiry, 6 daysNifty, 10 Jun 2026, 30 Jun 2026 expiry, 20 daysNifty, 10 Jun 2026, 28 Jul 2026 expiry, 48 daysNifty Bank, 2 Feb 2026, 24 Feb 2026 expiry, 22 daysNifty, 2 Feb 2026, 3 Feb 2026 expiry, 1 daysNifty, 2 Feb 2026, 10 Feb 2026 expiry, 8 daysNifty, 2 Feb 2026, 24 Feb 2026 expiry, 22 daysNifty, 2 Feb 2026, 30 Mar 2026 expiry, 56 daysNifty Bank, 1 Feb 2026, 24 Feb 2026 expiry, 23 daysNifty, 1 Feb 2026, 3 Feb 2026 expiry, 2 daysNifty, 1 Feb 2026, 10 Feb 2026 expiry, 9 daysNifty, 1 Feb 2026, 24 Feb 2026 expiry, 23 daysNifty, 1 Feb 2026, 30 Mar 2026 expiry, 57 daysNifty Bank, 11 Jun 2025, 26 Jun 2025 expiry, 15 daysNifty, 11 Jun 2025, 12 Jun 2025 expiry, 1 daysNifty, 11 Jun 2025, 19 Jun 2025 expiry, 8 daysNifty, 11 Jun 2025, 26 Jun 2025 expiry, 15 daysNifty, 11 Jun 2025, 31 Jul 2025 expiry, 50 daysNifty Bank, 7 Apr 2025, 24 Apr 2025 expiry, 17 daysNifty, 7 Apr 2025, 9 Apr 2025 expiry, 2 daysNifty, 7 Apr 2025, 17 Apr 2025 expiry, 10 daysNifty, 7 Apr 2025, 24 Apr 2025 expiry, 17 daysNifty, 7 Apr 2025, 29 May 2025 expiry, 52 days StrategyLong callLong putSold putBull call spreadBear put spreadBull put credit spreadBear call credit spreadLong straddleShort straddleLong strangleShort strangleIron condorIron flyLong call butterflyCovered call on a futureProtective put on a futureCollar on a futureLong futureCall calendar spreadCustom legs Lots A calm June Wednesday and the main worked example: NIFTY moved only 0.12 percent (to 23,214.95) and India VIX edged up 0.06 points to 15.63. | Side | Leg | Strike | Lots | Premium | | --- | --- | --- | --- | --- | | Buy | Call, 30 Jun 2026 | 23,250 | 1 | 321.65 | | Sell | Call, 30 Jun 2026 | 23,450 | 1 | 226.65 | Add a leg The payoff of a bull call spread, at expiry and before it Buy the 23,250 call, sell the 23,450 call, one lot each, at the settlement prices of 10 Jun 2026. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026. Before expiry curve: days after the example date 10 * Premium paid**Rs 6,175** * Max profit**Rs 6,825** * Max loss**−Rs 6,175** * Breakevens**23,345** * Delta**Rs 6.4 a point** * Theta**−Rs 27 a day** * Vega**Rs 41 a vol point** **Charges on entry, 10 Jun 2026 rates: Rs 38.** STT Rs 22, NSE transaction charge Rs 13, SEBI fee Rs 0, stamp duty Rs 1, GST on the exchange charge Rs 2. Brokerage is left out. Closing the position, or exercise at expiry, adds charges again. Rates: NSE/FATAX/73524 and NSE/FA/73061. Example data from NSE end of day files, as of the date of the chain you pick. Not live, not a recommendation, and there is no order button: this page cannot trade. ## How it works Each leg is a call, a put or a future, bought or sold, at a strike from the chain you picked. The premium is the settlement price of that strike on that day and the volatility is the implied volatility of that price, so the curve before expiry starts from the market's own prices. At expiry an option is worth what it pays: the index minus the strike for a call, the strike minus the index for a put, never less than zero. The profit of the position is that value less the premium paid, or plus the premium received, times the lots and the lot size of the contract on that date. Before expiry the builder values each option with the Black 76 model on the forward, with the days left, the rate of the day and the leg's own volatility. The slider moves the date forward. A calendar spread is valued at the expiry of its nearer leg. ## What it leaves out Brokerage, slippage, the margin the exchange blocks and any change in volatility. The charges line covers the statutory ones on entry only. A real position can also be closed before expiry at prices this page does not know. Is this the live option chain?No. Every example is an NSE end of day file at least 30 days old, dated on the page. The builder never shows live prices and cannot place an order. Why Black 76 and not Black Scholes?NSE index options are European and the future for the same expiry is the cleanest forward. Black 76 prices from that forward, so it needs no separate guess of dividends. Which lot size does it use?The lot size of the contract on the example date: 75 for Nifty contracts up to the 30 Dec 2025 expiry and 65 after that, 35 then 30 for Nifty Bank. LLearn it in depth [Module 14.1The call option, told as a storyBeginner, Path 14](/learn/path-14/module-14-1-call-option-explained)[Module 14.2The put option, told as a storyBeginner, Path 14](/learn/path-14/module-14-2-put-option-explained)[Module 17.1Reading and building payoff diagramsBeginner, Path 17](/learn/path-17/module-17-1-payoff-diagrams)[Module 17.2Vertical debit spreads: bull call and bear putBeginner, Path 17](/learn/path-17/module-17-2-bull-call-and-bear-put-spreads)[Module 17.3Covered call, protective put and cash secured putBeginner, Path 17](/learn/path-17/module-17-3-covered-call-and-protective-put)[Module 17.5Straddles and strangles, long and shortIntermediate, Path 17](/learn/path-17/module-17-5-straddles-and-strangles)[More toolsLearn calculatorsSIP, XIRR, retirement, tax and fee drag](/learn/tools)[Pillar guideDerivatives and QuantPaths 12 to 19](/learn/derivatives) Explore next ## Learn the idea behind the numbers. * [Path 17Strategies and hedging23 modules live, 0 coming next](/learn/path-17/) * [Path 14Options and Greeks17 modules live, 0 coming next](/learn/path-14/) * [Free module 6.6Derivatives, Futures and Options for the Systematic Investor8 min read](/learn/path-6/module-6-6-derivatives-futures-options) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. New to RupeeCase? [Getting started](/getting-started) [See the terminal](/terminal) [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.