Options profit calculator
A single call or put leg, priced off strike, premium, and the underlying price: dollar P&L, breakeven, the full payoff line, and what the position can and cannot do.
Worked example — A $100 call bought for $2.50, with the underlying at $105, is: +$250. Up 100% on the $250 premium paid, breakeven at $102.50.
ITM call (default): The page's own worked example: a call already in the money.
Multiple contracts 1
Assumes each contract covers 100 shares and the position is held to the current price with no commissions, bid-ask spread, fees, or early assignment. An option can expire worthless.
P&L at other underlying prices
The default position: a $100 call bought for $2.50 a share, 1 contract. Every row below is the same position priced at a different underlying price.
| Underlying price | Intrinsic value | P&L | Return on premium |
|---|---|---|---|
| -20% ($84.00) | $0.00 | -$250.00 | -100% |
| -10% ($94.50) | $0.00 | -$250.00 | -100% |
| Current ($105.00) | $5.00 | +$250.00 | +100% |
| +10% ($115.50) | $15.50 | +$1,300.00 | +520% |
| +20% ($126.00) | $26.00 | +$2,350.00 | +940% |
Call and put payoff formulas
A call pays the excess of the underlying over the strike: max(0, S − K). A put pays the excess of the strike over the underlying: max(0, K − S). P&L per share is that intrinsic value minus the premium paid, and each contract covers 100 shares.
Breakeven at expiry is the strike plus the premium for a call, and the strike minus the premium for a put. Below breakeven a bought call's loss is flat and capped at the premium; above it, profit is unlimited on the upside. A bought put's loss is capped the same way, with profit capped at the strike minus the premium, since the underlying cannot fall below zero.
This prices the position at expiry, not a live trade: a real position carries a bid-ask spread and commissions, the quoted premium embeds time value that decays toward zero before expiry even if the underlying does not move, and early assignment or a dividend can force an in-the-money call to exercise before then. Treat the result as the terminal payoff, not the path. Size the position before pricing it with the position size calculator, and price the leverage in a margin account with the margin interest calculator.
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