Strategy Lab
Combine option legs into a position with a deliberate risk shape. Pick a structure, tune the market, and read the payoff plus net position Greeks — the desk-level view of what you're really exposed to.
Iron Condor
View: Range-bound; defined-risk premium selling.
When: The workhorse income strategy. Profits if price stays in a band.
Defined risk
Net position Greeks
This position collects time decay (net short options). It is roughly delta-neutral — direction-agnostic.
What am I looking at?
Pick a structure
Each template is a ready-made recipe (a spread, a straddle, an iron condor). Choose one and we assemble the option legs for you — no need to build it by hand.
The payoff shape
The curve shows your profit or loss at expiry for every market price. The flat parts are where your result is capped; the sloped parts are where it changes with the market.
Net Greeks
These add up all the legs into one set of dials, so you see what the whole position is exposed to — direction, time, and volatility — not just one leg.
Defined vs undefined risk
Defined risk means your worst case is known and capped. Undefined risk means a big move could cost far more than you collected — handle with care.
About the Strategy Lab
The Strategy Lab is where multi-leg option structures come together. Pick a strategy — iron condor, straddle, spreads, ratio spreads and more — and the Lab builds the legs around the at-the-money strike, prices them, and shows the combined payoff diagram alongside the net position Greeks (net Delta, Gamma, Theta and Vega). It is the tool for understanding how legs offset each other: how a condor becomes net-short volatility, or how a calendar spread carries positive theta.
What you can do
- Choose a strategy template; legs auto-build around ATM for NIFTY or BANKNIFTY.
- See the combined payoff with breakevens, max profit and max loss.
- Read the net Greeks of the whole position, not just one leg.
- Tune spot, days-to-expiry and IV to see how the structure behaves in different regimes.
Worked example — a NIFTY iron condor
An iron condor sells an out-of-the-money call spread and an out-of-the-money put spread at the same time, collecting premium from both. On NIFTY, the Lab builds all four legs around the ATM strike: the position is net-short volatility (negative Vega) and earns positive Theta as time passes, profiting most if NIFTY stays inside the two short strikes until expiry. The payoff shows the characteristic flat "profit plateau" in the middle with defined, capped losses on both wings.
Frequently asked
What are net position Greeks?
Net Greeks add up the Delta, Gamma, Theta and Vega of every leg in a multi-leg position, so you see the risk of the whole structure at once — for example whether the position as a whole gains or loses from a rise in volatility.
Why do traders use multi-leg strategies?
Combining legs lets you shape risk precisely — cap the maximum loss, reduce the cost of a position, or isolate a specific view (direction, volatility or time) while hedging out the others.
Learn the concepts
Educational content only — nothing here is investment advice. Derivatives carry significant risk of loss; SEBI studies show the large majority of individual F&O traders lose money. Tapetide is not a SEBI-registered research analyst or investment adviser.