Long Call Options Calculator
See the cost, break-even and profit at any stock price for buying a call, and how much value it loses to time if the stock stands still.
At expiration with the stock at $105.00
+$141.00
Max loss -$359.00
At expiration with the stock at $105.00
+$141.00
Max profit
Unlimited
Max loss
-$359.00
Break-even
$103.59
Solid green and red: at expirationAmber: day 15, modeledDotted line: current price
- Net debit
- $359.00
- Modeled on day 15 at $105.00
- +$228.41
- Delta (shares)
- 53.2
- Gamma
- 4.62
- Theta per day
- -$6.24
- Vega per point
- +$11.40
Modeled profit and loss by stock price and day
| Stock | Day 0 | Day 8 | Day 15 | Day 23 | Expiry |
|---|---|---|---|---|---|
| $108.40 | $592 | $555 | $523 | $493 | $481 |
| $106.30 | $420 | $377 | $336 | $292 | $271 |
| $104.20 | $263 | $213 | $165 | $103 | $61 |
| $102.10 | $122 | $69 | $16 | -$61 | -$149 |
| $100.00 | $0.00 | -$53 | -$108 | -$190 | -$359 |
| $97.90 | -$102 | -$152 | -$204 | -$277 | -$359 |
| $95.80 | -$183 | -$227 | -$271 | -$326 | -$359 |
| $93.70 | -$244 | -$281 | -$314 | -$348 | -$359 |
| $91.60 | -$288 | -$316 | -$338 | -$356 | -$359 |
How the long call works
Buying a call gives you the right to buy 100 shares at the strike until expiration. The premium is the most you can lose, and the gain has no ceiling because the stock has none. You break even at expiration when the stock is at the strike plus the premium.
Time works against a long call, because the option loses value each day the stock stands still. Set the days from now and the theta figure to see how much the position loses to the clock.
Break-even = strike + premium. Max loss = premium × 100 × contracts. P&L at expiration = (max(0, stock − strike) − premium) × 100 × contracts.
Worked example
With a stock at $185, you buy the $185 call for $5.00, paying $500. The break-even at expiration is $190.
At $200 the call is worth $15, for a $1,000 profit, and at $185 or below you lose the full $500. A move from $185 to $189 still loses $100 at expiration, even though the stock went up.
What the result does not account for
- Dividends, which the time-decay model ignores and which reduce a call's value.
- The spread you pay to get in and out, and any commissions beyond the figure you enter.
- Future implied volatility, which can fall and lower the call's value even if the stock rises.
Frequently asked questions
When should I buy a call option instead of buying stock?
A call costs less and limits the loss to the premium, but it needs the stock to move far enough before expiration. Stock has no expiration and breaks even at its purchase price. The calculator shows that gap for your strike.
How does time decay affect long calls?
A long call loses time value every day, which the theta figure estimates in dollars per day. Move the days-from-now control to see how much a flat stock costs you.
Related calculators
- Options Profit CalculatorBuild a trade of up to six legs and see its payoff chart, break-evens, maximum profit and loss, and how time decay changes the result before expiration.
- Bull Call Spread CalculatorPrice a call debit spread from two strikes and see net debit, capped profit, break-even and return on risk.
- Long Put Options CalculatorSee the cost, break-even and downside profit for buying a put, including the maximum if the stock falls to zero.
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