Option Payoff Calculator (Call and Put, Long and Short)
Profit or loss of a call or put option held to expiry, bought or sold, with its break-even price, from the strike, the premium and the share price at expiry.
Results
The dashed line marks the value you entered.
What this tool does
At expiry a call is worth the amount the share finishes above the strike (never less than zero), a put the amount it finishes below; the premium paid or received then turns that into profit or loss. The buyer's loss is capped at the premium while the gain can be large — for a call, unlimited — and the seller faces the mirror image: a capped gain and a loss that can be very large, which is why selling options uncovered is the risky side. The break-even is the strike plus the premium for a call and the strike minus it for a put. The chart shows the familiar hockey-stick shape; it ignores fees and any value before expiry.
Formula
call: max(S − K, 0) · put: max(K − S, 0) · profit = ±(value at expiry − premium) × shares · break-even = K ± premium
Variables
| Symbol | Meaning | Unit |
|---|---|---|
ty | Type of option | — |
sd | Your position | — |
k | Strike price | — |
pr | Premium per share | — |
st | Share price at expiry | — |
q | Number of shares covered (a contract is usually 100) | — |
PL | Profit or loss at expiry | — |
PS | Profit or loss per share | — |
BE | Break-even share price at expiry | — |
IV | Value of the option at expiry (per share) | — |
PC | Result as % of the premium | % |
Worked example
- Type of option1
- Your position1
- Strike price100
- Premium per share4
- Share price at expiry110
- Number of shares covered (a contract is usually 100)100
- Profit or loss at expiry600.00
- Profit or loss per share6.00
- Break-even share price at expiry104.00
- Value of the option at expiry (per share)10.00
- Result as % of the premium150 %
Limitations
- This is an informational calculator, not personalised financial advice. Rates, fees, taxes and contract conditions vary between institutions and countries.
- The tool works with whatever currency you use for the inputs; it does not convert between currencies.