Options Profit Calculator
Pick a strategy, type in the strikes and premiums from your option chain, and see the breakeven price, the maximum profit, the maximum loss and a profit-and-loss chart at expiration. Works for single calls and puts and for the four vertical spreads. Free, no account.
Your trade
Profit or loss at expiration
How the calculator works
At expiration an option is worth only its intrinsic value: a call is worth the stock price minus the strike (never less than zero), and a put is worth the strike minus the stock price (never less than zero). Your profit on each leg is what it is worth minus what you paid, or what you collected minus what it is worth if you sold it. The calculator adds the legs together for every stock price from the chart range and reads the breakevens, the best case and the worst case off that line.
Premiums are entered per share, the way an option chain shows them, and multiplied by 100 shares per contract. Nothing here uses a pricing model or a forecast. It is arithmetic on the numbers you enter, so the result is only as good as those numbers. Commissions, taxes, dividends and early assignment are not included.
Worked example: a bull call spread
You buy a $50 call for $3.00 and sell a $55 call for $1.00. The net debit is $2.00 per share, or $200 for one contract. Your breakeven is $50 + $2.00 = $52.00. The most you can lose is the $200 you paid, if the stock ends at or below $50. The most you can make is the $5.00 distance between the strikes minus the $2.00 debit, which is $3.00 per share or $300, if the stock ends at or above $55. That is $300 of possible profit for $200 of risk.
Frequently asked questions
How do you calculate the breakeven price of an option?
The breakeven is the stock price at expiration where you neither make nor lose money. For a call you bought it is the strike plus the premium you paid. For a put you bought it is the strike minus the premium. Selling an option has the same breakeven. For a spread, use the net debit or credit: a bull call spread breaks even at the lower strike plus the net debit.
What are the maximum profit and maximum loss of a vertical spread?
For a debit spread the most you can lose is the debit you paid, and the most you can make is the distance between the strikes minus that debit. For a credit spread the most you can make is the credit you received, and the most you can lose is the distance between the strikes minus the credit. Multiply by 100 shares and by the number of contracts.
Why do I multiply the premium by 100?
One standard option contract covers 100 shares. A premium of $1.75 on the option chain therefore costs $175 for one contract, before commissions.
Does this show my profit before expiration?
No. It shows the result if you hold to expiration. Before then, the value of an option also depends on the time left and on implied volatility, so the real profit or loss on any earlier day is a curve, not these straight lines. The paper-trading payoff table in Signal Desk shows a modeled estimate of that curve.
Learn the idea behind it
- Lesson 1.1: Call options, buying and selling
- Lesson 1.2: Put options, buying and selling
- Lesson 5.0: Vertical spreads
Want to try it on a real option chain? Signal Desk has option chains (about 15 minutes delayed) and a paper-trading account, so you can practice with simulated money.
Try it with your own numbers
Free calculators, no account needed.
This calculator is for education. It does simple arithmetic on the numbers you type, shows nothing about whether a trade is a good idea, and leaves out commissions, taxes, dividends and early assignment. Options involve risk and you can lose the money you put in. It is not financial advice.