Options Profit Calculator
Build a single option or a multi-leg position and see its profit and loss instantly. This options P&L calculator plots the payoff graph, marks the breakeven points, and works out maximum profit and maximum loss — free, with no signup, and no live market data involved. Every number below is one you enter.
Payoff Graph
Profit and loss at expiration across a range of underlying prices.
Illustrative example — not live market data.
Worked Examples
Each row is calculated by the same engine as the calculator above, using an underlying price of $100 and 100 shares per contract. Results are at expiration. Load the matching preset above to explore any of them interactively.
| Strategy | Legs | Net Debit / Credit | Max Profit | Max Loss | Breakeven(s) |
|---|---|---|---|---|---|
| Long Call | Buy 1 × 100 call @ $5.00 | Net Debit $500.00 | Unlimited | $500.00 | 105 |
| Long Put | Buy 1 × 100 put @ $5.00 | Net Debit $500.00 | $9,500.00 | $500.00 | 95 |
| Bull Call Spread | Buy 1 × 100 call @ $7.00 Sell 1 × 110 call @ $3.00 | Net Debit $400.00 | $600.00 | $400.00 | 104 |
| Straddle | Buy 1 × 100 call @ $6.00 Buy 1 × 100 put @ $6.00 | Net Debit $1,200.00 | Unlimited | $1,200.00 | 88, 112 |
| Iron Condor | Buy 1 × 80 put @ $1.00 Sell 1 × 90 put @ $3.00 Sell 1 × 110 call @ $3.00 Buy 1 × 120 call @ $1.00 | Net Credit $400.00 | $400.00 | $600.00 | 86, 114 |
How the Calculator Works
Enter the underlying price and the number of shares each contract controls, then add one or more legs. Each leg is a call or a put, bought or sold, with a strike price, a premium per share, and a number of contracts.
At expiration, a call is worth the underlying price minus the strike (or zero, if that's negative), and a put is worth the strike minus the underlying price (or zero). A bought leg's profit or loss is that value minus the premium paid; a sold leg's is the premium received minus that value. Each is multiplied by shares per contract and the number of contracts, and the legs are added together into a single options payoff graph.
Between strikes, this payoff is a straight line, so the calculator evaluates it exactly at every strike instead of sampling points. Add or remove legs to model and compare different option positions.
What the Results Mean
- Net Debit / Net Credit
- The total premium paid (debit) or received (credit) to open the position.
- Max Profit and Max Loss
- The best and worst possible result at expiration. Defined-risk positions, such as spreads and iron condors, show a fixed dollar amount; unbounded outcomes are shown as Unlimited.
- Unlimited
- Shown when the result has no limit as the underlying keeps rising — the profit of a long call or a long straddle, or the loss of a short call.
- Breakeven(s)
- The underlying price at expiration where the position's profit or loss is exactly zero — where the payoff graph crosses zero. A position can have one, two, or none.
Important Limitations
- Results are at expiration only. Before expiration an option also has time value, so its market price — and your profit or loss if you close early — will usually differ.
- All legs are assumed to share one expiration date. Calendar and diagonal spreads are not modeled here.
- Breakevens are read from where the graph crosses zero within the displayed price range; one far outside that range is not listed.
- Commissions, fees, taxes, margin and early assignment are not included.
- Prices and premiums are the numbers you enter; no live market data is used. Results are for education and illustration, not investment advice.
Frequently Asked Questions
Is the calculator free?
Yes. It runs in your browser with no signup.
Does it use live option prices?
No. You enter the underlying price and every premium yourself, so you can model any market — including quotes from your own broker.
Why does Max Profit or Max Loss say “Unlimited”?
When a position holds more long call contracts than short ones, its profit keeps growing as the underlying rises; with more short calls than long calls, its loss does. Puts can't produce an unlimited result, because the underlying price can't fall below zero.
What should I enter for shares per contract?
The number of units of the underlying that one contract controls: 100 for standard US equity options. For other markets, use the exchange's contract multiplier.
How do I model a spread or an iron condor?
Add one leg per option — an iron condor uses four — or start from a preset above and edit the strikes and premiums.
From a Calculation to a Full Strategy in OptionLab
This calculator is a standalone tool for modeling a position with your own numbers. OptionLab itself goes further: build multi-leg option strategies from built-in templates, connect real option chains, and keep your positions saved between visits.
Manual Market — Go Beyond a Single Expiration
Manual Market lets you set expiration dates independently for each leg and model positions with your own inputs — without depending on OptionLab's built-in US or Israel market data. Explore more advanced positions shaped by both price and time.
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