Option profit calculator
Pick a strategy or build your own, from a single call to an iron condor. You get the cost, max profit, max loss, breakevens and the chance of profit, a payoff chart, and what the trade is worth on any day before expiry, not just at expiry.
- Max profit
- Unlimited
- Max loss
- −$359.00
- Breakeven at expiry
- $103.59
- Chance of profit
- 34%
Chance of profit and the Greeks use the Black-Scholes model with the implied volatility you set. It's an estimate, not a forecast.
| Price | Today | Day 8 | Day 15 | Day 23 | Expiry |
|---|---|---|---|---|---|
| $120.00 | +$1,679 | +$1,667 | +$1,658 | +$1,649 | +$1,641 |
| $115.00 | +$1,192 | +$1,173 | +$1,160 | +$1,149 | +$1,141 |
| $110.00 | +$730 | +$698 | +$672 | +$650 | +$641 |
| $105.00 | +$321 | +$274 | +$228 | +$173 | +$141 |
| $100.00 | $0 | −$53 | −$108 | −$189 | −$359 |
| $95.00 | −$208 | −$250 | −$290 | −$337 | −$359 |
| $90.00 | −$312 | −$333 | −$349 | −$358 | −$359 |
| $85.00 | −$349 | −$355 | −$358 | −$359 | −$359 |
Before expiry, each option is priced with Black-Scholes at the implied volatility you set, so the table moves when you change it. US stock options can be exercised early and dividends aren't counted, so treat the days before expiry as a close estimate.
How option profit is calculated
At expiry an option is only worth what it's in the money. That makes the maths simple:
put value at expiry = max(0, strike − stock price)
profit = (value at expiry − premium paid) × 100 × contracts
call breakeven = strike + premium · put breakeven = strike − premium
Example: you buy one 100 strike call for $3.50 on a $100 stock. It costs $350. If the stock is at $110 at expiry, the call is worth $10, so you make (10 − 3.50) × 100 = $650. Your breakeven is $103.50, and the most you can lose is the $350 you paid.
If you sold the option instead, flip every sign: you keep the premium when it expires worthless, and you lose when it ends deep in the money. For spreads, add up each leg. The calculator does that for up to six legs, including stock for covered calls.
Why the P/L before expiry is different
Most options trades get closed before expiry, so the expiry line alone can be misleading. Before expiry an option has time value on top of what it's in the money. That time value shrinks every day (theta) and grows when implied volatility rises (vega).
Take the same 100 call. Two weeks before expiry with the stock at $100, it's still worth around $2 to $3 at 30% implied volatility, even though at expiry it would be worth nothing. Move the slider under the chart and watch the dashed line slide down onto the expiry line as the days run out. The table puts several days side by side, so you can see when a trade needs the move to happen.
What changes the numbers most
- Implied volatility: higher volatility makes options pricier and widens the range the stock is expected to cover.
- Days to expiry: more time means more time value, and slower decay at first.
- The premium you really paid: type your fill into the premium box and the whole page uses it.
Common options strategies at a glance
All of these are in the strategy list above, set up around the current price. Change any strike or premium to match your trade.
| Strategy | When people use it | Max profit | Max loss |
|---|---|---|---|
| Long call | You expect the stock to rise | Unlimited | The premium paid |
| Long put | You expect the stock to fall | Strike minus premium | The premium paid |
| Covered call | You own the stock and want income | Up to the call strike plus the premium | Stock falling to zero, less the premium |
| Cash-secured put | You'd buy the stock lower | The premium received | Strike minus premium, if the stock goes to zero |
| Bull call spread | A rise, but only so far | Width of the strikes minus the debit | The debit paid |
| Bear put spread | A fall, but only so far | Width minus the debit | The debit paid |
| Bull put spread | The stock stays above a level | The credit received | Width minus the credit |
| Bear call spread | The stock stays below a level | The credit received | Width minus the credit |
| Long straddle | A big move, either way | Unlimited | Both premiums |
| Iron condor | The stock stays in a range | The credit received | Wider wing minus the credit |
Before fees. Short calls without stock and short straddles can lose without limit, which the calculator shows as Unlimited.
The payoff you planned isn't the payoff you take
A calculator shows what a trade can do. What it does in your account depends on you. When I go through a trader's journal, the same habits show up in every market: winners closed at the first bit of profit, losers held to expiry hoping they come back, and size that grows after a loss.
Write down your plan before you place the trade: the exit, the max loss and why you're in. Then check afterwards whether you followed it. That's what a journal is for. Our options trading journal guide covers what to log for options, and the risk reward calculator and win rate calculator show what your results need to look like to make money.
Questions people ask
Import your trades and Actal shows where you follow your plan and where you don't, and puts a dollar figure on every mistake. Free during beta, no card.
Made by Joakim Jusell, trader and coach at Jusell Trading Academy.