Options Profit Calculator
Build 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.
At expiration with the stock at $105.00
+$307.00
Max loss -$193.00
At expiration with the stock at $105.00
+$307.00
Max profit
+$307.00
Max loss
-$193.00
Break-even
$101.93
Solid green and red: at expirationAmber: day 15, modeledDotted line: current price
- Net debit
- $193.00
- Modeled on day 15 at $105.00
- +$131.35
- Max profit as a share of max loss
- 159.1%
- Delta (shares)
- 21.9
- Gamma
- 0.50
- Theta per day
- -$0.84
- Vega per point
- +$1.24
Modeled profit and loss by stock price and day
| Stock | Day 0 | Day 8 | Day 15 | Day 23 | Expiry |
|---|---|---|---|---|---|
| $108.40 | $175 | $192 | $214 | $256 | $307 |
| $106.30 | $136 | $149 | $166 | $205 | $307 |
| $104.20 | $93 | $99 | $108 | $130 | $227 |
| $102.10 | $47 | $46 | $44 | $39 | $17 |
| $100.00 | $0.00 | -$8.40 | -$20 | -$50 | -$193 |
| $97.90 | -$44 | -$59 | -$78 | -$119 | -$193 |
| $95.80 | -$84 | -$102 | -$124 | -$162 | -$193 |
| $93.70 | -$118 | -$136 | -$156 | -$183 | -$193 |
| $91.60 | -$144 | -$160 | -$175 | -$190 | -$193 |
How to calculate options profit and loss
An option's profit at expiration is its value at that stock price minus what you paid, times 100 shares per contract. A call is worth the stock price minus the strike, a put is worth the strike minus the stock price, and either one is worth zero if that figure is negative. A multi-leg trade is the sum of its legs, with the sign flipped on anything you sold.
That total is a straight line between strikes, so this calculator finds the maximum profit, maximum loss and break-evens exactly instead of reading them from the edge of a chart. When a position has no ceiling or floor, as a long call or a short call does, it says unlimited.
Before expiration an option also holds time value, which no payoff diagram can show. The amber line and the table estimate that with the Black-Scholes model, using the volatility implied by each premium you typed, so the modeled result today starts near zero and converges on the expiration line.
Call P&L = (max(0, stock − strike) − premium) × 100 × contracts. Put P&L = (max(0, strike − stock) − premium) × 100 × contracts. Sold legs reverse the sign.
Worked example
Buy the $420 call for $8.00 and sell the $430 call for $4.00 with the stock near $420. The net debit is $4.00 a share, or $400 a spread, and that is the maximum loss.
The spread is worth at most the $10 between the strikes, so the maximum profit is $600. The break-even is $424, the lower strike plus the debit. With the stock at $427 at expiration, the $420 call is worth $7 and the $430 call expires worthless, for a profit of $300.
What the result does not account for
- American-style early exercise and assignment, which matter most for short options near a dividend date.
- Dividends, which the Black-Scholes view leaves out and which lower call values and raise put values.
- Different expirations on different legs, because one days-to-expiration figure applies to the whole trade.
- Changes in the bid-ask spread and the cost of closing early. Commissions apply once, at entry.
- Future volatility. The time-decay view holds each leg's implied volatility constant unless you enter a change.
Frequently asked questions
How do you calculate options profit at expiration?
For a call, take the stock price minus the strike, floor it at zero, subtract the premium and multiply by 100 per contract. For a put, start with the strike minus the stock price instead. An option that finishes out of the money loses the whole premium.
What is a multi-leg options strategy?
It is a position built from two or more options at once, such as a bull call spread, which buys one call and sells a higher one. The combined payoff is the sum of the legs, which lets you set both the risk and the reward in advance.
Does this calculator account for time decay (theta)?
Yes, as a model. The amber line, the table and the theta figure use Black-Scholes with each leg's implied volatility. The expiration line needs no model and is exact for the numbers you type.
Related calculators
- Bull Call Spread CalculatorPrice a call debit spread from two strikes and see net debit, capped profit, break-even and return on risk.
- Iron Condor CalculatorEnter four strikes and premiums to see the credit, the width of the profit zone, both break-evens and the loss if a wing is breached.
- Covered Call CalculatorSee the premium income, adjusted cost, return if the shares are called away and return if the stock goes nowhere.
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