I’ve just started my final study session (derivatives) and decided to look at the options material first as I found it broadly ok at level 2.

I am however really struggling with the max profit/loss and breakeven point(s) for each of the strategies - Does anyone have any tips on how to become more comfortable with these? Its really the first part of level 3 I’'ve found very challenging thus far…

For max profit / loss, think of the underlying stock going to 0 or infinity or unchanged and how that affects the total payoff. Won’t work always (e.g. for some strategies combining long/short calls/puts.)

For breakeven, echoing S2000 somehwat, mentally memorize the payoff graphs.

Don’t bother learning all the formulae by rote. There are too many.