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Options Profit and Loss Calculator

Find a single option's profit or loss at expiry, its break-even price, and the maximum profit and loss, for calls and puts, long or short.

An option's profit or loss at expiry is its intrinsic value minus the premium if you bought it, or the premium minus its intrinsic value if you sold it, times 100 shares per contract. A call's intrinsic value is the price above the strike; a put's is the price below it. This calculator shows the profit or loss at a price you choose, plus the break-even and the most you can make or lose.

A call profits when the price rises above the strike; a put when it falls below.

Long pays the premium; short collects it.

$

The price at which the option can be exercised.

$

The option price per share. One contract covers 100 shares, so the total is this times 100.

$

The price of the stock at expiration, for the profit or loss scenario.

Number of contracts. Each controls 100 shares.

Share
Xfin

Profit or loss at expiry

$500.00

The total gain or loss at the underlying price you entered.

Break-even price
$105.00
Maximum profit
Unlimited
Maximum loss
$500.00
Intrinsic value per share
$10.00
Capital at risk
$500.00
Return on capital
100.00%

Assumptions

  • This is the profit or loss at EXPIRATION for a single option leg, at the one underlying price you enter. It is a scenario, not a prediction: it shows what happens if the stock finishes at that price, not the probability of finishing there. Before expiration an option's value also depends on time and volatility, which this does not model.
  • Intrinsic value per share is the price above the strike for a call, or below the strike for a put (never negative). Profit or loss per share is the intrinsic value minus the premium for a long position, or the premium minus the intrinsic value for a short, then multiplied by 100 shares per contract.
  • Break-even is the strike plus the premium for a call, or the strike minus the premium for a put. Maximum profit and loss follow the position: a long call's loss is capped at the premium and its profit is unlimited; a short call's profit is capped at the premium and its loss is unlimited; a long put's profit is capped at the strike minus the premium; a short put's loss is capped at the strike minus the premium.
  • Capital at risk is the premium paid for a long position, or the cash-secured strike times 100 for a short. Return on capital is the profit or loss divided by that capital, at the price you entered. A naked short call has no defined capital at risk because its loss is unbounded; the strike is used only as a rough proxy.
  • Not modeled: time value and implied volatility before expiry, commissions and fees, early assignment on American-style options, dividends, multi-leg strategies, and taxes. All figures are nominal dollars.
  • This is an estimate for educational purposes only, not investment advice. Options can lose their entire value, and selling options can lose far more than the premium received. Consult a qualified professional and your broker's risk disclosures.

How it works

This calculates a single option’s profit or loss at expiration, for the one underlying price you enter. It is a what-if scenario, not a forecast of where the stock will finish.

Intrinsic value is how far the option is in the money:

  • Call: the underlying price minus the strike, but never below zero.
  • Put: the strike minus the underlying price, but never below zero.

Profit or loss per share depends on which side you are on:

  • Long (you bought it): intrinsic value minus the premium you paid.
  • Short (you sold it): the premium you collected minus the intrinsic value.

Multiply by 100 shares per contract for the dollar figure.

Break-even is the strike plus the premium for a call, or the strike minus the premium for a put. Maximum profit and loss follow the position: a long call’s loss is capped at the premium while its profit is unlimited; a short call’s profit is capped at the premium while its loss is unlimited; a put caps the other side at the strike minus the premium.

Worked example

Buy one call with a $100 strike for a $5 premium, and suppose the stock finishes at $110:

  • Intrinsic value: $110 minus $100 = $10 per share.
  • Profit per share: $10 minus the $5 premium = $5.
  • Total: $5 times 100 = $500 profit.
  • Break-even: $100 plus $5 = $105. Below that the call loses; the most you can lose is the $500 premium, and the upside is unlimited.

Now sell one put with a $100 strike for $5. The most you can make is the $500 premium. If the stock falls to zero, your loss is the strike minus the premium, $95 times 100 = $9,500. That asymmetry, a small capped gain against a large possible loss, is the heart of why selling options is risky.

Scope and limitations

This is the value at expiration only. Before expiry an option also carries time value and moves with implied volatility, which this does not model. Not modeled: commissions and fees, early assignment on American-style options, dividends, multi-leg strategies, and taxes. The profit shown happens only if the stock finishes at exactly the price you entered; it is a scenario, not a guarantee. This is an estimate for education, not investment advice.

Sources

Frequently asked questions

How is an option's profit or loss calculated at expiry?
Start with intrinsic value: the price above the strike for a call, or below it for a put. If you bought the option, profit is intrinsic value minus the premium you paid. If you sold it, profit is the premium minus the intrinsic value. Multiply by 100 shares per contract.
What does break-even mean for an option?
It is the underlying price at which the trade makes zero at expiry. For a call it is the strike plus the premium, because the stock must rise enough to recover what you paid. For a put it is the strike minus the premium. Past break-even, a long option starts to profit.
Why is the maximum loss on a short call unlimited?
Because a stock can rise without limit, and a short (naked) call obligates you to sell at the strike no matter how high the price goes. Your loss grows with the price, so there is no defined maximum. That is why selling uncovered calls is among the riskiest options trades.
Is this profit guaranteed if the stock hits that price?
It is the profit or loss only if the stock finishes at exactly that price at expiration. It is a what-if scenario, not a forecast or a guarantee. The stock could finish anywhere, and before expiry the option's value also moves with time and volatility, which this calculator does not show.

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Learn how this works

New to this topic? Our companion guide explains it in plain language: The Wheel Strategy: How the Options Income Cycle Actually Works

Last reviewed June 2026.