How to Use Opzun

Type any stock or index symbol in the ticker field (e.g., SPY, AAPL, SPX, SOFI). The current price and options chain will load automatically from CBOE.

Select an expiration date from the dropdown. Available expirations are pulled from the live options chain. The chain data updates when you switch expirations.

Click one of the 16 strategy buttons — Iron Condor, Iron Butterfly, Bull Call, Bear Put, Straddle, Strangle, Long Call, Long Put, and more. Legs populate instantly with real market premiums from CBOE.

Drag the leg lines anywhere on the chart (not just the handle pills) to move strikes. Drag the spot price line to simulate price movement. Everything updates in real-time — the P&L curve, metrics, and premiums.

A P&L dot on the curve shows your current profit or loss at the spot price. As you drag spot or adjust sliders, the dot updates live so you always know where you stand.

Time slider — Slide from “Now” to “Expiry” to see how theta decay affects your position over time. The theoretical curve (solid) morphs toward the expiry curve (dashed). For 0DTE and 1DTE expirations, the slider shows actual Eastern Time values (9:30 AM – 4:15 PM) so you can model intraday theta decay in minutes, not days.

IV slider — Adjust implied volatility to see how vol expansion or contraction impacts your P&L. Higher IV widens the curve, lower IV flattens it.

The sidebar (or below the chart on mobile) shows key metrics: Max Profit, Max Loss, Net Credit/Debit, Risk:Reward ratio, Greeks (Delta, Gamma, Theta, Vega), Probability of Profit (POP), and Breakeven points. POP uses a lognormal probability distribution weighted by IV and current spot price, so it updates dynamically as you move spot, change IV, or adjust time.

Click the info icon next to the strategy name to slide out a panel with a description of the strategy, its outlook, and key characteristics.

Use the leg editor below the chart to adjust individual leg parameters — change type (Call/Put), side (Buy/Sell), strike, premium, or quantity. Premiums auto-estimate from Black-Scholes but you can override with your actual fill prices.

You can also click the Net CR/DR field and type your actual fill price. The entire P&L curve, max profit/loss, and breakevens adjust instantly to reflect your real entry cost.

Click Share to generate a Zun — a shareable strategy card with a short link (e.g., opzun.com/r/abc123). Share it on x.com, Reddit, Discord, or anywhere. The link generates a preview card image automatically.

Anyone who opens the link sees your exact strategy with the interactive chart. They can click Copy & Customize to remix it into their own Zun.