Options Profit Calculator

How it works

This calculator computes profit and loss at expiration for a position made of any combination of long/short calls and puts (plus optional stock legs, which lets it model covered calls and collars). It does not price options before expiry (there is no time value or volatility input), which is exactly what makes the result exact and model-free.

Each leg's value at an underlying price S is its intrinsic value minus the premium you paid (or plus the premium you received for a short leg), scaled by the contract multiplier (100 by default) and the number of contracts. The position P&L is just the sum of the legs. Breakevens, max profit and max loss come from a single generic walk over the position's payoff line, never per-strategy shortcuts, so an iron condor and a covered call use the same trusted engine.

Worked example

Buy one $100 call for $5.00 (multiplier 100). Your cost is $5.00 × 100 = $500. That's also your maximum loss.

• At expiry with the stock at $120: intrinsic = max(120 − 100, 0) = $20; profit = (20 − 5) × 100 = +$1,500.
• Breakeven = strike + premium = 100 + 5 = $105.
• Max loss = the premium paid = −$500; max profit is unlimited (the stock can keep rising).

The formula

For a leg with side s (+1 long, −1 short), strike K, premium p, multiplier m, quantity q:

call intrinsic = max(S − K, 0)
put  intrinsic = max(K − S, 0)
leg P&L(S) = s × (intrinsic − p) × m × q
position P&L(S) = Σ legs

Net debit/credit = Σ s × p × m × q (positive = you paid a net debit).

FAQ

Does this include time value or Greeks?

No, it shows profit/loss at expiration, which is exact. Pre-expiry pricing (Black-Scholes, delta, theta) is a separate tool.

What's the contract multiplier?

US equity options control 100 shares per contract, so the default multiplier is 100. You can change it for other contract sizes.

Can I model multi-leg strategies?

Yes, add as many legs as you like (spreads, straddles, iron condors) or a stock leg for covered calls and collars.