Options Profit Calculator
P/L at expiration = Σ (option value at expiry − premium) × 100 × contracts for bought legs, reversed for sold legs. A long call breaks even at strike + premium; max loss is the premium. Build up to 4 legs (calls, puts, stock) or load a spread, straddle or iron condor to see breakevens, max profit, max loss, a payoff chart and a price table. Educational only, not financial advice.
Use the Options Profit Calculator
Position
Premium is per share as quoted; 1 contract = 100 shares. For a stock leg, enter the share price paid; 1 = 100 shares.
Educational tool, not financial advice. Results show value at expiration only and ignore time value, early assignment, dividends, margin and taxes.
Enter premiums for each leg and click Calculate P&L.
Payoff at expiration
P/L by price at expiration
| Price | Change | P/L | Return on risk |
|---|
Option strategy cheat sheet (at expiration)
Per share; multiply by 100 per contract. Width = distance between the strikes of a spread.
| Strategy | Legs | Breakeven | Max profit | Max loss |
|---|---|---|---|---|
| Long call | Buy call | Strike + premium | Unlimited | Premium paid |
| Long put | Buy put | Strike − premium | Strike − premium (stock at 0) | Premium paid |
| Short (naked) call | Sell call | Strike + premium | Premium received | Unlimited |
| Short put | Sell put | Strike − premium | Premium received | Strike − premium (stock at 0) |
| Covered call | Own 100 shares, sell call | Stock cost − premium | Call strike − stock cost + premium | Stock cost − premium (stock at 0) |
| Bull call spread | Buy lower call, sell higher call | Lower strike + net debit | Width − net debit | Net debit |
| Bear put spread | Buy higher put, sell lower put | Higher strike − net debit | Width − net debit | Net debit |
| Bull put credit spread | Sell higher put, buy lower put | Short strike − credit | Net credit | Width − credit |
| Bear call credit spread | Sell lower call, buy higher call | Short strike + credit | Net credit | Width − credit |
| Long straddle | Buy call and put, same strike | Strike ± total premium | Unlimited | Total premium |
| Long strangle | Buy OTM call and OTM put | Put strike − premium, call strike + premium | Unlimited | Total premium |
| Iron condor | Sell put spread and call spread | Short put − credit, short call + credit | Net credit | Wider spread width − credit |
Worked examples
Long call. Buy 1 × 150 call at $3.50 ($350). Stock at $165 on expiration: (165 − 150 − 3.50) × 100 = +$1,150. At $150 or below the call expires worthless: −$350. Breakeven $153.50.
Bull call spread. Buy the 100 call at $4.00, sell the 110 call at $1.50: net debit $2.50 ($250). Max profit (10 − 2.50) × 100 = $750 at $110 or above; max loss $250 at $100 or below; breakeven $102.50; return on risk 300%.
Iron condor. Buy 90 put $0.50, sell 95 put $1.50, sell 105 call $1.50, buy 110 call $0.50: net credit $2.00 ($200). Max profit $200 between 95 and 105; max loss (5 − 2) × 100 = $300; breakevens $93 and $107.
Educational content only, not investment advice. Options carry substantial risk; see the OCC's Characteristics and Risks of Standardized Options.
Summary
This calculator computes the profit or loss of an option position at expiration. Pick a single call or put, a covered call, a vertical spread, a straddle, a strangle or an iron condor, or build up to four legs yourself. Enter strikes, premiums and contracts; the tool finds every breakeven, the maximum profit and loss (including unlimited cases), the net debit or credit, and draws the payoff diagram with a P/L table across underlying prices. It models expiration value only, not time value or early assignment, and is for education, not investment advice.
How it works
- Enter the current underlying price and pick a strategy; strikes are suggested around that price.
- Edit each leg: buy or sell, call, put or stock, strike, premium per share (or stock entry price) and contracts.
- Optionally enter the price at expiration and a commission per contract.
- Each leg pays max(0, S − K) for a call or max(0, K − S) for a put at expiration, minus the premium, times 100 shares per contract; sold legs are the negative.
- The tool sums the legs, finds where total P/L crosses zero (breakevens), checks every strike and the slope beyond the highest strike for maximum profit and loss, and plots the result.
Use cases
- See the breakeven and worst case of a call or put before placing an order.
- Compare a long call with a bull call spread that caps profit but costs less.
- Check the credit, breakevens and maximum loss of an iron condor or credit spread.
- Find how far the stock must move for a straddle or strangle to pay off.
- Model a covered call: stock plus a sold call, and where the upside is capped.
- Check the math in an options course or trading journal.