GS Options Profit Calculator
Calculate profit, loss, breakeven, and max gain/loss for Goldman Sachs (GS) call and put options at expiration.
Goldman options reflect trading revenue volatility. IV expands around earnings and during periods of elevated market-making activity.
Over the last three months GS has been moving at a moderate pace: 35.6% annualized realized volatility (25–45% band). When the chain's IV runs well above this realized figure, sellers are being paid for movement that hasn't been happening; when it's near or below, buyers aren't paying up relative to recent movement.
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 GS $900.00 Call
GS last quoted at $902.56 (as of October 2, 2026). Take one near-the-money $900.00 call expiring in 30 days, priced with Black-Scholes using GS's own 3-month realized volatility of 35.6% (rates and dividends set to zero): a theoretical premium of $37.98 per share, or $3,798.00 per contract. Real premiums are priced off implied volatility, which usually runs higher — check your broker's quote.
Cost = max loss
$3,798.00
Breakeven at expiration
$937.98
+3.9% from today
30-day 1σ move at this volatility
±10.2%
| If GS at expiration… | Price | P/L (1 contract) | Return |
|---|---|---|---|
| Falls by the 1σ move | $810.44 | −$3,798.00 | −100.0% |
| Unchanged | $902.56 | −$3,542.00 | −93.3% |
| Rises by the 1σ move | $994.68 | +$5,669.71 | +149.3% |
| Rises by the 2σ move | $1,086.79 | +$14,881.42 | +391.8% |
Breakeven = $900.00 strike + $37.98 premium = $937.98
- To break even, GS needs +3.9% by expiration — about 0.38× the ±10.2% one-standard-deviation move the same volatility implies. The premium is the price of that move; direction alone doesn't pay.
- This expiration spans GS's earnings on October 13, 2026. Real premiums carry an event premium, so this call would likely cost more than $37.98 — pushing breakeven higher.
Options P/L for Similar Tickers
Compare GS Head-to-Head
Trading GS Options: Strategies & P/L Patterns
Goldman's higher share price and wider expected move than peer banks produces richer absolute premium, which favors traders who want bigger dollar credits per contract. Short iron condors and short strangles work but require attention to trading-revenue surprises that have repeatedly produced outsized prints. Covered calls collect meaningful premium at the thirty-delta strike. Cash-secured puts tie up substantial buying power, pushing most traders toward put credit spreads as the capital-efficient substitute. Liquidity in monthlies is solid, though weeklies are thinner than the largest banks. Calendar spreads benefit from the term structure during earnings windows. When rolling losing short premium, Goldman's chain depth is adequate but you may give up more in slippage than on a JPM-style position.
Recent GS Earnings History
Last 4 quarters of EPS estimate vs actual.
| Quarter | Estimate | Actual | Surprise |
|---|---|---|---|
| Q2 2026 | $14.91 | $20.98 | Beat +40.71% |
| Q1 2026 | $16.99 | $17.55 | Beat +3.31% |
| Q4 2025 | $12.02 | $14.01 | Beat +16.53% |
| Q3 2025 | $11.33 | $12.25 | Beat +8.14% |
EPS values from Finnhub. Refreshes daily.
Options P/L Formulas (at expiration)
Long Call: P/L = max(0, GS − Strike) − Premium
Long Put: P/L = max(0, Strike − GS) − Premium
Short Call/Put: P/L = Premium − Intrinsic Value
How to Use This Calculator for GS
- Select call or put — choose based on which GS contract you're analyzing.
- Choose buy or sell — buying GS options means you pay the premium; selling means you receive it as credit.
- Enter the strike price — pull this from GS'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 GS options contract covers 100 shares.
- Click Calculate — see breakeven, max profit, max loss, and P/L at various GS expiration prices.
Frequently Asked Questions
- How do I calculate P/L on a GS call option?
- For a long GS call, P/L at expiration = max(0, GS 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, GS price − strike) × 100.
- What is the breakeven for a GS put?
- For a long GS put, breakeven = strike price − premium paid. The position becomes profitable when GS closes below this level at expiration. For a short put, the same level applies, but you profit when GS stays above it.
- What's the maximum loss when buying GS options?
- When you buy GS 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 GS moves against you.
- Why are GS option premiums so different across strikes?
- GS'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, Goldman Sachs 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.