Free Alternatives to OptionStrat and OptionsProfitCalculator

The two best-known web options-strategy tools are OptionStrat and OptionsProfitCalculator. Both are real tools with real users. But if what you actually want is a clean, free calculator for the trade you are placing today - a covered call, a cash-secured put, the wheel, an iron condor, a spread - each of those lives on The Options Bench for free, with the math shown, no signup, and no daily limit. Here is how the comparison plays out, honestly.

vs OptionStrat

OptionStrat is a paid options-analytics platform: strong multi-leg visualisation, a scanner, and a strategy-builder UI. There is a free tier with daily limits; the paid plans unlock the scanner, alerts and deeper analytics. If your workflow involves screening thousands of contracts or living inside a charting tool, that fee buys real features.

What The Options Bench gives you for free instead: a strategy-specific calculator for each trade a retail seller actually places - Covered Call, Cash-Secured Put, Wheel, Iron Condor, Bull Put Spread, Call Spread, Calendar and Diagonal spreads, Butterfly and Iron Butterfly, Collar, Protective Put, Poor Man's Covered Call, Straddle & Strangle, Long Call/Put - plus a free Payoff Diagram Builder for arbitrary up-to-four-leg positions. No signup, no daily limit. The math each one uses is published openly on How We Calculate.

vs OptionsProfitCalculator

OptionsProfitCalculator is the established free options-profit web tool - one multi-leg calculator with a strategy menu, supported by display ads. It is faithful at the basics: pick a strategy, enter the legs, get the P&L curve.

Where The Options Bench differs: one calculator per strategy, with a plain-English verdict on every result ("Rich premium with thin downside cushion", "Iron condor profit zone is moderate"), a Strategy Finder that picks one for you from a short quiz, an IV Rank check before you sell, and the full formula behind every number. Built for the retail income seller who wants to understand the answer, not just see it.

What you get on The Options Bench, free

• Income strategies - covered call, cash-secured put, the wheel, rolling, and poor man's covered call.
• Defined-risk & spreads - iron condor, iron butterfly, bull put / call spreads, calendar, diagonal, butterfly, collar, protective put, straddle/strangle, long call/put.
• Decision & analysis - IV Rank, Expected Move, Probability, Black-Scholes, expiration calendar.
• Position sizing - Kelly and a Monte-Carlo simulator.
• A general payoff builder - up to four legs, with breakevens and max profit/loss.

The full grid lives on /tools/.

When a paid tool is still worth it

Be honest with yourself. If your workflow is daily scanning of hundreds of underlyings for a specific setup, alerting on IV crush or price triggers, or interactive visualisation of complex four-leg positions across a portfolio, a paid platform like OptionStrat (or your broker's tool, e.g. thinkorswim or tastytrade) earns its fee. The Options Bench is built around the single trade you are sizing up now, not around a scanner workflow - if that mismatch matters to you, the paid tools are doing real work.