Reading the Portfolio page

Your broker shows you legs. This page shows you structures: the shares and the call written against them are one position with one break-even, and that is the level at which a decision gets made.

How legs become strategies

The Portfolio page with an account expanded, showing stock and option legs with quantity, average cost, underlying price and greeks. — One account opened up. The shares and the calls written against them, the put spread, the long-dated call with a nearer one sold against it — each read as a structure, with its own entry cost, maximum profit and break-even.

Those figures come from the legs' own payoff at expiry rather than a formula written per strategy type, which is why they hold for structures nobody named in advance.

That derivation matters in one visible way: risk figures are for the whole position. Twenty-five short puts risk twenty-five contracts' worth, not one.

When a long covers a short with a different expiry

A long call bought for next year with a nearer call written against it is a diagonal. It is fully covered, and describing it as a naked short would be wrong. Positions are paired only where the long genuinely protects: it must outlive the short and sit on the protective side of it — at or below a short call's strike, at or above a short put's.

A diagonal's payoff curve is an approximation A single at-expiry curve assumes one expiry, and a diagonal has two. The near leg expires while the far leg still holds time value the chart cannot show. The dashboard flags this rather than drawing a confident line — read the shape, not the exact level.

When both a stock and a long call could be covering

Hold shares and a long call in the same name, and which asset backs which short is a genuine choice rather than a fact. Shares take the lowest strikes, long calls take the rest, and the position is marked as ambiguous until you pin it. Pinning matters because the two roll differently: a covered call rolls against a cost basis, a diagonal rolls against the long call's strike plus what you paid for it.

The payoff curve

Selecting a position draws its profit and loss at expiry across a range of prices, framed on the strikes themselves rather than a blanket percentage — a tight spread's kink is the whole point of looking, and a ±50% window buries it.

The shaded bands are where the underlying can land: ±1σ darker, ±2σ around it. They are true quantiles of the price distribution, not the straight-line approximation, which matters at long tenors where the two diverge badly.
The dot is today's live profit and loss. It sits off the curve by the remaining time value — and that gap is the point of showing it.
E[P&L] and P(profit) integrate the payoff over that distribution. Drift is deliberately zero: adding an expected market return would quietly flatter every long-delta position on the page.

Numbers that mislead if read the obvious way

What you see	What it actually means
Maximum profit is empty	Not computable from what was given — usually a stock leg with no cost basis. It is not zero, and it is not unlimited.
A "bull put spread" with negative max profit	Correct, and worth understanding: a far-dated protective put over a weekly short cannot win if simply held to expiry. The thesis is the repeated weekly writes, not this structure sitting still.
P(profit) near certain	Measured from entry, not from today's mark. A position already deep in the money has, in that sense, mostly already happened.
Break-even on a multi-lot position	A price per share. It does not scale with size — twenty-five contracts break even at the same price one does.

What to do next

With the book reading correctly, the rest of the dashboard has something to work on: Symbols for one name and its chain, Income Rolls for what to do with what you hold, and Risk for where the whole thing could end up.