Options · Interactive calculator
Options Profit Calculator
Choose a strategy, enter the strikes, premiums and number of contracts, and see the maximum profit, maximum loss, break-even price and payoff chart for the whole position.
How to use it: pick a strategy under Pre-built positions (bullish, bearish or neutral), then edit each leg’s strike, premium and lots. Add or remove legs to build any other position.
Each row reprices every live leg independently. Entry premiums stay fixed.
| Underlying price | Move | Profit / loss |
|---|
Dollar-scaled for each leg's quantity, multiplier, expiry, and IV. Theta is per day; vega and rho are per one percentage-point move.
| Leg | Delta | Theta/day | Vega |
|---|
Model, not advice. Results depend on entered premiums, volatility, rates, expiry assumptions, and the standard 100-share option multiplier.
Reference
Max profit, max loss and break-even by strategy
Each row is the calculator’s own default example for that strategy: one contract, the underlying near $100, and the strikes and premiums shown, evaluated at expiration. Open a strategy to see its payoff and edit it.
| Strategy | Example position | Max profit | Max loss | Break-even |
|---|---|---|---|---|
| Long Call | Buy 1 $100 call for $5 | Unlimited | −$500 | $105 |
| Long Put | Buy 1 $100 put for $5 | $9,500 | −$500 | $95 |
| Covered Call | Buy 100 shares at $100 · Sell 1 $110 call for $2 | $1,200 | −$9,800 | $98 |
| Cash-Secured Put | Sell 1 $95 put for $3 | $300 | −$9,200 | $92 |
| Bull Call Spread | Buy 1 $95 call for $8 · Sell 1 $105 call for $3 | $500 | −$500 | $100 |
| Iron Condor | Buy 1 $85 put for $1 · Sell 1 $95 put for $3 · Sell 1 $105 call for $3 · Buy 1 $115 call for $1 | $400 | −$600 | $91 and $109 |
Method
How the options profit calculator works
At expiration every option is worth its intrinsic value: a call pays the amount the underlying finishes above the strike, and a put pays the amount it finishes below. The calculator adds up each leg’s intrinsic value, subtracts premiums paid, adds premiums received, and multiplies by 100 shares per contract and the number of lots. When every option leg shares one expiration, the maximum profit, maximum loss and break-even prices are found exactly from the strikes, where the payoff line changes slope, rather than estimated from the chart.
Before expiration, the chart and the valuation scenarios price each live leg with the Black–Scholes model using its own days to expiry and implied volatility, plus the risk-free rate and dividend yield you set. Those figures are model estimates; the expiration figures depend only on the strikes and premiums you entered.
Worked example: buying one $100 call for $5 costs $500. At expiration the break-even is $105. If the stock finishes at $115 the call is worth $15, so the profit is ($15 − $5) × 100 = $1,000. If it finishes at or below $100 the call expires worthless and the loss is the $500 premium.
FAQ
Options profit calculator FAQ
How is profit on an option calculated at expiration?
At expiration a call is worth the stock price minus the strike, or zero if that is negative, and a put is worth the strike minus the stock price, or zero. For a bought option, profit is that value minus the premium paid; for a sold option it is the premium received minus that value. Both are multiplied by the shares per contract (100 here) and the number of contracts.
What is the break-even price?
It is the underlying price at expiration where the position neither makes nor loses money. For a long call it is the strike plus the premium paid; for a long put it is the strike minus the premium. Multi-leg positions can have two break-evens, such as the lower and upper break-even of an iron condor.
Why does a long call show unlimited maximum profit?
A call's value keeps rising as the underlying rises, with no cap, so the calculated maximum profit is unbounded. The maximum loss of a bought call is limited to the premium paid.
Does the calculator include commissions, fees or taxes?
No. Results use only the strikes, premiums, contracts and model inputs you enter. Commissions, exchange fees, assignment fees and taxes would reduce the profit shown.
How many shares does one contract represent?
The calculator uses the standard multiplier of 100 shares per contract. Contracts adjusted after a corporate action, and some index or mini products, use a different deliverable, so check the contract specifications before relying on the figures.
Can I estimate profit before expiration?
Yes. The valuation scenarios and the chart reprice every live leg with the Black–Scholes model using the days to expiry and implied volatility you set. That is an estimate under those assumptions, not a quote: real option prices also move with changes in volatility and market supply and demand.
Where can I learn when each strategy is used?
Every strategy in the picker has its own page with the payoff shape, Greeks profile and common variations.
Is anything I enter saved or sent anywhere?
No. Every calculation runs in your browser. Positions are not stored, sent to a server or written into the page address.