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(s) 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 just cross 25,000 — before the position shows a single rupee of profit.