CVX Options Profit Calculator
Calculate profit, loss, breakeven, and max gain/loss for Chevron Corp. (CVX) call and put options at expiration.
Chevron options track energy sector dynamics similar to XOM, with IV driven by commodity prices and capital allocation decisions.
Over the last three months CVX has been on the calmer end for individual stocks: 24.1% annualized realized volatility (under 25% band). Options priced off a similar IV are relatively cheap in dollar terms, but a long option needs the stock to break out of its recent quiet range to pay off.
Quote refreshes every 6h. Use as context — not a real-time price.
IV typically expands into earnings and crushes on the report. Plan your position size and expiration accordingly.
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
Worked Example: Buying a CVX $205.00 Call
CVX last quoted at $206.95 (as of October 2, 2026). Take one near-the-money $205.00 call expiring in 30 days, priced with Black-Scholes using CVX's own 3-month realized volatility of 24.1% (rates and dividends set to zero): a theoretical premium of $6.70 per share, or $670.00 per contract. Real premiums are priced off implied volatility, which usually runs higher — check your broker's quote.
Cost = max loss
$670.00
Breakeven at expiration
$211.70
+2.3% from today
30-day 1σ move at this volatility
±6.9%
| If CVX at expiration… | Price | P/L (1 contract) | Return |
|---|---|---|---|
| Falls by the 1σ move | $192.65 | −$670.00 | −100.0% |
| Unchanged | $206.95 | −$475.00 | −70.9% |
| Rises by the 1σ move | $221.25 | +$954.87 | +142.5% |
| Rises by the 2σ move | $235.55 | +$2,384.74 | +355.9% |
Breakeven = $205.00 strike + $6.70 premium = $211.70
- To break even, CVX needs +2.3% by expiration — about 0.33× the ±6.9% one-standard-deviation move the same volatility implies. The premium is the price of that move; direction alone doesn't pay.
- This expiration spans CVX's earnings on October 23, 2026. Real premiums carry an event premium, so this call would likely cost more than $6.70 — pushing breakeven higher.
Options P/L for Similar Tickers
Compare CVX Head-to-Head
Trading CVX Options: Strategies & P/L Patterns
Chevron's options profile mirrors XOM in many ways, with similar dividend appeal making the wheel strategy popular. Covered call writers collect reasonable premium at the thirty-delta strike with a solid expire-worthless rate during stable crude regimes. Cash-secured puts at prior support fill cleanly. The Hess acquisition arbitrage has produced occasional non-earnings IV pops worth keeping in mind when sizing positions across uncertain windows. Defined-risk iron condors print steadily during calm OPEC cycles. Liquidity is good in monthlies and adequate in weeklies. Pair trades against XOM isolate company-specific risk like Permian-versus-Kazakhstan production exposure. Calendar spreads benefit from front-month IV elevation around major project sanctions and capital-allocation announcements that have historically produced multi-day drifts.
Recent CVX Earnings History
Last 4 quarters of EPS estimate vs actual.
| Quarter | Estimate | Actual | Surprise |
|---|---|---|---|
| Q2 2026 | $5.62 | $6.06 | Beat +7.93% |
| Q1 2026 | $0.96 | $1.41 | Beat +46.52% |
| Q4 2025 | $1.46 | $1.52 | Beat +3.91% |
| Q3 2025 | $1.70 | $1.85 | Beat +8.93% |
EPS values from Finnhub. Refreshes daily.
Options P/L Formulas (at expiration)
Long Call: P/L = max(0, CVX − Strike) − Premium
Long Put: P/L = max(0, Strike − CVX) − Premium
Short Call/Put: P/L = Premium − Intrinsic Value
How to Use This Calculator for CVX
- Select call or put — choose based on which CVX contract you're analyzing.
- Choose buy or sell — buying CVX options means you pay the premium; selling means you receive it as credit.
- Enter the strike price — pull this from CVX's option chain on your broker.
- Enter the premium — the per-share cost. Multiply by 100 to get the total dollar cost or credit per contract.
- Enter the number of contracts — each CVX options contract covers 100 shares.
- Click Calculate — see breakeven, max profit, max loss, and P/L at various CVX expiration prices.
Frequently Asked Questions
- How do I calculate P/L on a CVX call option?
- For a long CVX call, P/L at expiration = max(0, CVX price − strike) × 100 − total premium paid. Enter the strike, premium, and number of contracts above to compute it. For short calls, P/L = premium received − max(0, CVX price − strike) × 100.
- What is the breakeven for a CVX put?
- For a long CVX put, breakeven = strike price − premium paid. The position becomes profitable when CVX closes below this level at expiration. For a short put, the same level applies, but you profit when CVX stays above it.
- What's the maximum loss when buying CVX options?
- When you buy CVX calls or puts, the maximum loss is the premium you paid (per contract × 100 shares). This is the most attractive feature of long options — your downside is capped regardless of how far CVX moves against you.
- Why are CVX option premiums so different across strikes?
- CVX's premiums vary with strike based on implied volatility, time to expiration, and how far the strike is from the current price. At-the-money strikes carry the most time value; out-of-the-money strikes are cheaper but have lower probability of finishing in-the-money.
- Does this calculator show P/L before expiration?
- No — this calculator shows P/L at expiration only. Before expiration, Chevron Corp. option prices include time value (extrinsic premium) that depends on remaining DTE, implied volatility, and the Greeks. For pre-expiration analysis, use a Black-Scholes or Options Greeks calculator.