Options Profit Calculator
Calculate profit/loss, breakeven, and max gain/loss for call and put options. Enter your position details to see potential outcomes at expiration.
Select option type and position, enter your trade details, then click Calculate P/L to see potential profit/loss at expiration.
For educational purposes only. Not financial advice. Read full disclaimer
Related Tools
Options Probability Calculator
Estimate chance of expiring ITM or OTM
Expected Move Calculator
Calculate expected price range from IV
Max Pain Calculator
Find the price where most options expire worthless
Not sure whether to use P/L or Greeks? Compare Options Greeks vs Options P/L →
Want the full context? See the full trade planning workflow →
Options P/L Formulas (at expiration)
Long Call: P/L = max(0, Stock - Strike) - Premium
Long Put: P/L = max(0, Strike - Stock) - Premium
Short Call/Put: P/L = Premium - Intrinsic Value
Worked Examples
Example 1: Buying an AAPL Call
AAPL is trading at $148. You buy the 150 call expiring in 30 days for a premium of $5.00 per share (1 contract = $500 total cost).
- Breakeven = Strike + Premium = 150 + 5.00 = $155.00
- Max loss = Premium paid = $500 (if AAPL expires below $150)
- Max profit = Unlimited — increases $100 per contract for every $1 above $155
- At expiration with AAPL at $160: P/L = (160 − 150 − 5) × 100 = +$500
Example 2: Selling a SPY Put
SPY is at $450. You sell the 440 put for a premium of $3.00 per share ($300 credit received per contract).
- Breakeven = Strike − Premium = 440 − 3.00 = $437.00
- Max profit = Premium received = $300 (if SPY expires above $440)
- Max loss = (Strike − Premium) × 100 = $437 × 100 = $43,700 (if SPY goes to zero)
- At expiration with SPY at $435: P/L = (3.00 − (440 − 435)) × 100 = −$200
How to Use This Calculator
- Select call or put — choose based on the type of option you're analyzing.
- Choose buy or sell — buying means you pay the premium; selling means you receive it as credit.
- Enter the strike price — the price at which the option can be exercised at expiration.
- Enter the premium — the per-share price you paid (long) or received (short). Multiply by 100 to get the dollar cost or credit for one contract.
- Enter the number of contracts — each standard equity options contract covers 100 shares.
- Click Calculate — the calculator outputs breakeven price, max profit, max loss, and P/L at various expiration prices.
Frequently Asked Questions
- What is the max profit for a call buyer?
- For a long call, max profit is theoretically unlimited because the underlying stock can rise indefinitely. Your profit increases by $100 per contract for every $1 the stock closes above your breakeven price at expiration.
- What is the max loss for a put seller?
- A short put's maximum loss occurs if the underlying falls to zero. It equals the strike price minus the premium received, multiplied by 100 shares per contract. This can be a very large dollar amount, which is why short puts require margin.
- How do you calculate options breakeven?
- For a long call, breakeven = strike price + premium paid. For a long put, breakeven = strike price − premium paid. For short positions, the same formulas apply, but you're profitable when the stock stays on the other side of the breakeven.
- Why is selling options risky?
- Option sellers collect limited premium upfront but face large or unlimited losses if the underlying makes a big move against them. A short call has theoretically unlimited loss potential, while a short put can lose up to the full strike price minus the premium received.
- What about time decay?
- This calculator shows P/L at expiration only. Before expiration, an option's market price includes time value (extrinsic value) in addition to intrinsic value. Time decay (Theta) erodes this extrinsic value daily, benefiting sellers and hurting buyers as expiration approaches.