About the Options Profit Calculator
See the profit or loss of an options trade at expiry for every possible share price. Pick a strategy such as a long call, a covered call, a spread, a straddle or an iron condor, or build your own from up to eight calls, puts and share positions, and get the break-even prices, the maximum profit and loss, and a payoff chart.
Premiums are per share, as quoted on the option chain, and one contract covers 100 shares.
How it works
At expiry a call is worth the share price minus the strike if that is positive, and nothing otherwise; a put is worth the strike minus the share price. Each leg's profit is that value minus the premium paid, or the premium received minus the value for an option you sold, times 100 shares per contract.
Adding the legs gives the strategy's payoff. It only changes direction at the strikes, so the page finds every break-even exactly on each stretch between strikes, and checks the slope above the highest strike to tell whether the profit or the loss is unlimited.
A bull call spread buying the 100 call for 5 and selling the 110 call for 2 costs 3 a share, breaks even at 103, and makes at most 700 per contract above 110. The tests compare every result with a scan of the payoff at every cent of share price.
Assumptions and limits
- Values are at expiry; before then each option also has time value, so the trade can be worth more.
- All options in a strategy expire on the same day; calendar spreads aren't covered.
- Commissions and fees aren't included.
Worked examples
A long call
Buying the 100 call for 5: break-even 105, a loss of at most 500 per contract, unlimited profit above that.
A long straddle
Buying the 100 call and the 100 put for 5 each: break-evens at 90 and 110, at most 1,000 lost if the shares end at 100.
An iron condor
Selling the 95 put and 105 call for 2 each and buying the 90 put and 110 call for 0.50 each: 300 of credit, break-evens at 92 and 108, at most 200 lost.
How to use the Options Profit Calculator
- Pick a strategy. Or start from one and change the legs.
- Enter strikes and premiums. Premiums per share, quantities in contracts.
- Read the payoff. Break-evens, maximum profit and loss, chart.
Frequently asked questions
How do I calculate the profit on a call option?
At expiry, take the share price minus the strike, or zero if the share price is below the strike, then subtract the premium you paid and multiply by 100 for each contract. A 100 call bought for 5 makes 1,500 per contract if the shares end at 120.
What is the break-even price of an option?
For a long call it is the strike plus the premium paid; for a long put, the strike minus the premium. For strategies with several legs the page finds every price where the total payoff at expiry crosses zero.
What is the maximum loss on an options trade?
When you buy options it is the premium paid. When you sell them it can be much larger, and for a short call it is unlimited because the share price has no upper limit. The page shows unlimited when the loss keeps growing.
Does it show the profit before expiry?
No. Before expiry an option's price also includes time value, which depends on volatility and the time left. Use the Black-Scholes Calculator to estimate an option's value before expiry.
Can I add shares to a strategy?
Yes. Add a leg of shares, bought or sold at a price you enter, to model covered calls, protective puts and collars. Share quantities are in shares, while option quantities are in contracts of 100 shares.
This tool runs entirely in your browser. What you enter or upload stays on your device and is never sent to our servers.