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Options Profit Calculator

See the profit or loss at expiration, breakeven price, maximum profit and loss, and return on capital for calls, puts, covered calls, cash-secured puts and vertical spreads, with a payoff table.

Updated November 4, 2026. Free, no sign-up; everything runs in your browser and nothing you type is stored.

Options profit calculator

StrategyStrike ($)Premium ($ per share; paid, or received if selling)Second strike, spreads ($)Second premium received, spreads ($)

Stock purchase price, covered call ($)Contracts (100 shares each)Stock price at expiration to test ($)

Profit / loss at that price

–

–Breakeven at expiration

–Maximum profit

–Maximum loss

–Return on capital at risk

Options profit calculator: payoff at expiration

At expiration a call is worth max(0, stock price − strike) and a put max(0, strike − stock price); subtract what you paid (or add what you received) and multiply by 100 shares per contract. Example: a $100 call bought for $3 breaks even at $103 and makes $700 per contract if the stock is at $110; the most you can lose is the $300 premium.

Breakeven, max profit and max loss by strategy

Strategy	Breakeven	Max profit	Max loss
Long call	Strike + premium	Unlimited	Premium paid
Long put	Strike − premium	Strike − premium	Premium paid
Covered call	Stock cost − premium	Strike − stock cost + premium	Stock cost − premium (stock goes to $0)
Cash-secured put	Strike − premium	Premium received	Strike − premium
Bull call spread	Lower strike + net debit	Strike width − net debit	Net debit
Bear put spread	Higher strike − net debit	Strike width − net debit	Net debit

A bull call spread (buy the $100 call for $3, sell the $110 call for $1) costs $2 a share, breaks even at $102 and makes at most $800 per contract. Selling a $100 cash-secured put for $3 keeps $300 if the stock stays above $100 and breaks even at $97 if you're assigned.

What this calculator doesn't show

The results are at expiration. Before expiration an option's price also depends on time left and implied volatility, so you can be ahead or behind before the expiration value. Commissions, early assignment on short options, and dividends (which can trigger early exercise of calls) aren't included. Options carry substantial risk; read the Options Clearing Corporation's Characteristics and Risks of Standardized Options before trading.

For detailed income-strategy math, see the covered call calculator and the cash secured put calculator.

Common questions

How is options profit calculated?

At expiration, a call is worth max(0, price − strike) and a put max(0, strike − price); subtract the premium paid and multiply by 100 per contract.

What is the breakeven on a long call?

Strike plus the premium paid: a $100 call bought for $3 breaks even at $103.

What is the most I can lose buying an option?

The premium you paid. Selling options can lose much more (up to the strike minus premium on a short put).

Does this include time value?

No; it shows profit or loss at expiration only.

Sources

More investing and trading calculators: JEPQ Dividend Calculator · MSTY Dividend Calculator · SCHD Dividend Calculator

General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.