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.