TradingCalcOptions Profit Calculator for Stock, ETF and Index Options
OPTIONS · PAYOFF AT EXPIRY IN DOLLARS
Breakevens, maximum profit and maximum loss for one to four option legs on a stock, ETF or index. It calculates from the prices you enter and fetches no quotes.
Premium is the price per share as quoted. One contract covers 100 shares. Prices are the ones you type, nothing is fetched. All legs expire on the same date and the result is the profit or loss held to expiry.
What you risk and what you can make, in dollars
An option position of one to four legs on a stock, an ETF or an index has a profit and loss that depends only on the price at expiry. This calculator takes your legs as you would read them off a broker screen (long or short, call or put, strike, premium per share, number of contracts) and returns the profit or loss in dollars, every breakeven price, the maximum profit and the maximum loss, or "unlimited" when a side has no cap. It works on the prices you type and takes no quotes from any exchange. For BTC and ETH options settled in coin on Deribit, use the options payoff calculator.
The formula
One contract covers 100 shares and the premium is quoted per share. For each leg at expiry price S, with side +1 for long and −1 for short:
- Call value = max(S − strike, 0), put value = max(strike − S, 0)
- Leg P&L = side × contracts × 100 × (value − premium)
- Shares held add shares × (S − cost per share)
The total bends only at the strikes, so the best and worst results sit at a strike or at a price of zero, and a breakeven is where the line crosses zero. If calls and shares add up to a long position above the highest strike, profit has no cap. If they add up to a short one, the loss has no cap.
Worked example
Bull call spread: buy one 100 call at $4.50, sell one 110 call at $1.20.
- Net debit: 100 × (4.50 − 1.20) = $330.00
- Max loss: $330.00, at any price at or below 100
- Max profit: $670.00, at any price at or above 110
- Breakeven: 100 + 3.30 = $103.30
- At 105: $170.00
What it assumes
The result is the position held to expiry, with every leg expiring on the same date. A calendar or diagonal spread is not covered. Commissions, early assignment, dividends and the time value before expiry are not in the figures. The strategy name is read from your legs, and a position that matches no standard form is shown as a custom position. A short call counts as covered when you hold at least 100 shares per contract; a protective put or collar is named only when the shares are exactly 100 per contract. The arithmetic was checked against an independent price-scan implementation in Python.
Where to go next
Sizing the trade? Run it through the Pre-Trade Check. Pricing a single option? Use the Black-Scholes Calculator.
Use via API or MCP
This calculation is available as a deterministic API call: useful for bots or AI agents that need the exact breakevens and limits of a position without working them out by hand.
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How do I calculate the profit of an options position?
For each leg take the value at expiry (call: price minus strike, put: strike minus price, never below zero), subtract the premium, multiply by the number of contracts and by 100, and flip the sign for a short leg. Add the legs. This calculator does that for up to four legs and also finds the breakevens and the limits.
Does it fetch option prices?
No. It calculates from the strikes and premiums you type, so it works for any stock, ETF or index option. No quotes are taken from any exchange and nothing you enter is stored.
What is the maximum profit and loss of an iron condor?
For a short iron condor the maximum profit is the net credit, kept when the price ends between the two inner strikes. The maximum loss is the wider wing width times 100 times the contracts, minus the credit. The calculator shows both for your own strikes.
When does it say the profit or loss is unlimited?
Above the highest strike only calls and shares still move the result. If long calls and shares outnumber short calls, profit has no cap. If short calls outnumber them, the loss has no cap, as with a naked short call or a short straddle. Downside is always bounded because a price cannot go below zero.
Is this the same as the Deribit options calculator?
No. Deribit BTC and ETH options are settled in coin, so premium and payoff are in the base coin. This page works in dollars with the 100-share contract multiplier used for stock, ETF and index options.