Options Profit Calculator
Model a call or put, long or short, and see profit, breakeven, max gain and loss, and a full payoff curve at expiration.
Payoff at expiration only, ignoring commissions, assignment, dividends and early exercise. One contract controls 100 shares.
| Stock at expiration | P/L per share | P/L total |
|---|
The table spans 30% below to 30% above the strike in 8 steps. Unlimited values are capped in the chart for display.
How option payoff works at expiration
Every option position at expiration comes down to one comparison: the stock price versus the strike. A call has value only when the stock finishes above the strike, worth the difference; a put has value only when the stock finishes below it. That intrinsic value is then adjusted for the premium. Buyers subtract the premium they paid; sellers add the premium they collected. Because one contract controls 100 shares, a $1.00 move in per-share profit is $100 per contract. For a long call struck at $100 with a $5 premium, a stock at $115 returns (115 - 100 - 5) x 100 = $1,000 per contract, and the breakeven sits at $105.
Long and short are mirror images around the zero line. The long call's unlimited upside is the short call's unlimited risk; the long put's maximum gain (strike minus premium, reached only if the stock hits zero) is exactly the short put's maximum loss. The premium flips sign too: it is the long's worst case and the short's best case. This is why selling calls without owning the shares, or selling puts without cash to buy them, can produce losses far larger than the premium received.
Reading the payoff table and ROI
The payoff table walks the stock price from 30% below the strike to 30% above it in eight steps, so you can see where the position stops losing and starts earning, and how quickly. The flat region is where the option expires worthless: the P/L there is simply the premium, negative for buyers and positive for sellers. Past the breakeven, each dollar of stock movement moves the position by $100 per contract.
ROI on premium divides the profit by the premium at risk, which is why option percentages look extreme. Paying $5 for a call that finishes $10 in the money is a 100% return on premium while the stock itself moved only 10%. That leverage cuts both ways: a finish anywhere below the strike turns the entire premium into a 100% loss for the buyer. ROI on premium is a useful yardstick for comparing trades, but it says nothing about the probability of the outcome, so pair it with your own view of where the stock can realistically go before expiration.
Frequently asked questions
How do you calculate profit on a call option?
For a long call at expiration, profit per share equals max(0, stock price minus strike) minus the premium paid. Multiply by 100 shares per contract and by the number of contracts. Example: strike $100, premium $5, stock at $115 gives (115 - 100 - 5) x 100 = $1,000 per contract. Below the strike the call expires worthless and the loss is the premium paid. A short call has the exact mirror image: the premium is kept unless the stock rises past the strike.
How do you calculate profit on a put option?
For a long put at expiration, profit per share equals max(0, strike minus stock price) minus the premium paid, times 100 shares per contract. Example: strike $100, premium $5, stock at $85 gives (100 - 85 - 5) x 100 = $1,000 per contract. If the stock stays above the strike, the put expires worthless and the loss is limited to the premium. A short put keeps the premium as long as the stock finishes above the strike.
What is the breakeven price of an option?
The breakeven is the stock price at expiration where the option trade nets zero. For a call, it is strike plus premium: the stock must rise enough for the intrinsic value to repay the premium. For a put, it is strike minus premium. The breakeven is the same whether you are long or short; what changes is which side of it makes money.
What are the max profit and max loss on each position?
A long call has unlimited upside and a max loss of the premium paid. A short call keeps the premium at best but has unlimited loss potential as the stock rises. A long put profits up to the strike minus the premium (if the stock goes to zero) and loses at most the premium. A short put keeps the premium at best and can lose up to the strike minus the premium if the stock goes to zero, per share.
Is this options profit calculator free?
Yes. It is completely free, requires no sign-up, and all calculations run locally in your browser. Nothing you type is uploaded anywhere.