Free calculator
Options Profit Calculator
Work out the profit, loss and breakeven of a call or put at expiry, long or short, with a payoff diagram showing exactly where the position turns.
Profit / loss at expiry
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Enter your contract details.
- Breakeven
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- Maximum profit
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- Maximum loss
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- Cost / credit
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- Option value at expiry
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Shows value at expiry only. Before expiry an option carries extra time value that this does not model.
How option payoff works at expiry
At expiry every option is worth exactly its intrinsic value, because all time value has gone. That makes the arithmetic simple:
- Call value = stock price − strike, or zero if negative
- Put value = strike − stock price, or zero if negative
Then adjust for what you paid or received, and multiply by 100 per contract.
Worked example
You buy one $50 call for $3.00, a cost of $300. At expiry the stock is $58.
- Intrinsic value: $58 − $50 = $8.00 per share
- Contract value: $8.00 × 100 = $800
- Profit: $800 − $300 = $500
- Breakeven was $50 + $3 = $53
The four basic positions
| Position | You want | Max profit | Max loss |
|---|---|---|---|
| Long call | Stock up | Unlimited | Premium paid |
| Long put | Stock down | Strike − premium | Premium paid |
| Short call | Stock flat or down | Premium received | Unlimited |
| Short put | Stock flat or up | Premium received | Strike − premium |
Read the two right-hand columns together. Buying gives you a small, defined loss and a large potential gain. Selling gives you a small, defined gain and a potentially very large loss. Neither is better, but they are not mirror images, and treating them as though they are is how accounts get destroyed.
What this calculator deliberately ignores
- Time value. Before expiry an option is worth more than intrinsic value. Close a position early and you will get a different number than this shows.
- Implied volatility. A change in IV moves the premium without the stock moving at all, which is the main reason options bought before earnings often lose despite a correct call on direction.
- Assignment risk. American-style options can be exercised early, particularly around dividends.
- Commissions. Per-contract fees matter on small positions and multi-leg trades.
For how premium is constructed and what the Greeks measure, read how options work. For which strategies are survivable while learning, see options strategies ranked by risk.
Frequently asked questions
How do you calculate profit on a call option?
At expiry, a long call is worth the stock price minus the strike, or zero if the stock is below the strike. Subtract the premium you paid and multiply by 100 per contract. A $50 call bought for $3 with the stock at $58 is worth $8, so the profit is $5 per share, or $500 on one contract.
What is the breakeven on an option?
For a long call it is the strike plus the premium paid. For a long put it is the strike minus the premium. For short positions the same levels apply but the profit and loss are reversed. Breakeven is the price at expiry where you get your money back, not where the trade becomes worth holding.
What is the maximum loss on an option?
If you bought the option, your maximum loss is the premium paid, defined and known in advance. If you sold it, the picture changes entirely: a short put can lose the full strike value, and a short uncovered call has theoretically unlimited loss because there is no ceiling on the stock price.
Does this calculator account for time decay?
No, and that is an important limitation. It calculates value at expiry, when all extrinsic value is gone. Before expiry an option is worth more than its intrinsic value, and that extra decays a little every day. To model a position you plan to close early, you need an options pricing model rather than an expiry payoff.
Why is one contract 100 shares?
It is the standard equity option contract size in the US market. Quoted premiums are per share, so a contract quoted at $3.20 costs $320. Forgetting this factor of 100 is one of the most common and most expensive beginner errors in options trading.