What are the most helpful ways you find to understand and remember the breakeven points and maximum profit/loss for all the option strategies? Do you just try to memorize? Or picture it from the charts? I think I understand the strategies OK, and can picture the payoff charts, but still struggling with these 3 key points. Have to derive them every time. Looking for suggestions. Thanks.

Some say deriving the formulas from the charts is the best way to remember. As for me, I take too much time to derive the formulas (who knows how much time i may take in the stressful conditions of the exams!), so i opted for memorization. Every 3 day, or so, I am writing all the formulas to maintain memory retention… So far, so good…

Maximum loss for all option strategies that does not involve any underlying stock (bear spread, bull spread, butterfly spread, straddle) is fairly straightforward to memorize. Maximum loss is simply the net cost of all options bought/sold. Special case is Box spread where there is no maximum loss…

I agree with flashback, there’s no need to do that. If you know what each position involves you can calculate the payoff of each individual option position and figure it out…they’re all just long/short puts and calls