Options P&L
Profit or loss at expiry for a long call or put, plus break-even.
Results
How it works
A long option can lose at most the premium you paid. At expiry a call is worth max(0, price - strike) and a put max(0, strike - price). Subtract the premium and multiply by 100 shares per contract.
The break-even is the strike plus the premium for a call, or the strike minus the premium for a put. This tool shows expiry value only, not time decay before expiry.
How a long option pays off at expiry
When you buy an option you pay a premium for the right, not the obligation, to trade at the strike price. At expiry a call is worth max(0, price - strike) per share and a put is worth max(0, strike - price). Each contract covers 100 shares, so your profit or loss is (value at expiry - premium) x 100 x contracts. The most you can lose when buying is the premium you paid.
A call example
You buy one call with a $100 strike for a $2.50 premium, which costs $250. If the stock finishes at $108, the call is worth $8 and you make ($8 - $2.50) x 100 = $550. Your break-even is the strike plus the premium, $102.50. At $101 the call is worth $1, so you lose $150. At $100 or below it expires worthless and you lose the full $250.
A put example
You buy one put with a $50 strike for $1.20, which costs $120. If the stock finishes at $44, the put is worth $6, so you make ($6 - $1.20) x 100 = $480. The break-even is the strike minus the premium, $48.80. Above $50 the put expires worthless and you lose $120.
What this calculator does not show
This tool shows the value at expiry only. Before expiry, an option's price also depends on time value, implied volatility and the Greeks, so a position can be profitable or not long before the expiry date. It does not include commissions, early assignment on short options, or multi-leg strategies such as spreads. Treat the result as the end-of-the-road payoff, not a forecast of what your position is worth today.
Options P&L FAQ
What is the most I can lose on a long call or put? The premium paid, multiplied by 100 and by the number of contracts.
Why is the break-even above the strike on a call? The stock must first rise enough to cover the premium before you are profitable at expiry.
Does the premium I enter get multiplied by 100? Enter the quoted per-share premium, such as 2.50. The calculator applies the 100-share multiplier.
Can I use it for selling options? No. Short options have different, sometimes unlimited, risk. This tool covers buying a single call or put.
Is this financial advice? No. It is an educational calculator, and options trading involves risk of loss.