if you have a 1mth straddle you can easily get the breakeven points. You can see what movement in the underlying stock/exchange rate/etc. you need in order to break even, so you could divide that by say 24 trading days (1 month) to see on average the daily movement required to break even. Now what about the imp vol side of things. If the spot rate just sat there at the strike (i.e. the straddle was struck ATM), you'd be paying decay and eventually after 1 month ur option would be worth 0. So what jump in imp vol is needed to breakeven i.e. a "Break even imp vol" (is that what this term actually means)? Can you simply look at the BS formula and find the level of the imp vol that would give you twice the current option premium (so that if the IV increased to that new level just before expiry, your option position would be back to where you started at ) ? And to add to that, you can get combinations of the two i.e. if IV rises by a bit, then the spot needs move somewhat less than earlier in order to break even? Any excel sheet/formulae to calculate this stuff?