Breakeven Point

A single long call's breakeven is strike plus premium paid; a single long put's is strike minus premium paid. Multi-leg strategies can have two breakevens (a straddle, a strangle) or one (a spread). Every strategy page on this wiki marks its breakeven or breakevens directly on the payoff diagram rather than making you derive them by hand.

A defined-risk spread's breakeven sits between its two strikes, shifted by the net premium paid or received; an income structure like an iron condor has two breakevens, one on each side of the range it's selling. Crossing either one starts eroding the credit collected until the position turns to loss.

Example: a NIFTY 25,000 call bought for ₹180 breaks even at 25,180. Spot has to clear the strike by at least the premium paid, not merely cross 25,000, before the position shows a single rupee of profit.