The Risk Graph is a multi-leg options profit-and-loss visualizer
for SPX and other tickers. Build a trade on the live option chain and instantly see what it makes or
loses at any price, today and at expiry, with breakevens, max risk and reward, and an estimated chance
of profit — then save it and track how it performs. Think of it as an OptionStrat-style workbench wired
to live data and the rest of SPX Lens.
This is a members-only tab. The guide below is free to read; opening the live tool
requires a signed-in paid account.
Building a trade
Load the chain. Type a ticker and click Load chain, or
use the expiry shortcuts. The chain lists CALLS · STRIKE · PUTS with live bid/ask.
Add legs. Type a contract count in the # box (negative = short) or
nudge with the + / − buttons on the call or put side of any strike. Long legs and
short legs are color-coded.
Pre-fill from anywhere. The Risk Graph buttons on the Trades tab and on
every scanner's Trade Ideas pane drop their legs straight in, so you can inspect or tweak a suggested
structure without retyping it.
Reading the risk chart
Expiry curve (solid, green/red). Your profit or loss at each underlying price at
expiration — green where you profit, red where you lose.
Today curve (dashed). The position's value right now across prices, including
time value.
Near-expiry checkpoint (dotted). A snapshot shortly before expiry (3 hours out
for a 0DTE trade, 1 day for a dated one) so you can see how theta decay pulls the curve toward the
intrinsic payoff.
Crosshair. Hover any price to read the exact P&L on each curve.
Breakevens are marked where the expiry curve crosses zero.
Navigation: mouse-wheel zooms the price axis around the cursor, drag pans,
double-click resets.
The what-if sliders
Date slider. Re-values the dashed curve at any future date up to expiry — "what
will this be worth on day N?" — so you can see how the trade ages.
IV multiplier (×0.25 to ×3). Scales every leg's implied volatility to stress-test
a volatility spike or crush. ×1 is today's chain IV; the green expiry curve is intrinsic and
unaffected.
The stats row
Net credit / debit — cash in or out to open, per 1-lot.
Max loss and max profit — the defined worst and best case.
R:R — reward-to-risk.
Chance of profit — estimated probability the underlying settles in a profitable
region at expiry (lognormal at the legs' average chain IV — an estimate, not a promise).
Breakeven — the price(s) where the trade turns from loss to profit.
Saving & tracking trades
Save a built trade to your account to follow it over time. Each saved position shows its
performance since entry, and you can update it, mark it
closed, and keep a notes journal (trade plan, management rules,
review) against it. Your saved trades and notes are private to your account.
Concepts & glossary
Leg — one option contract in a multi-part strategy.
Payoff / risk curve — profit or loss plotted against the underlying price.
Breakeven — the underlying price at which the trade neither makes nor loses.
Implied volatility (IV) — the market's expected volatility priced into options;
the biggest driver of an option's time value.
Theta decay — the erosion of an option's time value as expiry approaches, shown
by the gap between the today and expiry curves.
Related: pull ready-made structures from the Trades tab or any
scanner's Trade Ideas pane, and build on the daily plan levels. Everything is
on the Help hub.