How is the breakeven price calculated on an option?

For a call option, breakeven equals the strike price plus the premium paid. For a put option, breakeven equals the strike price minus the premium paid. At breakeven, the option position ends at zero profit and zero loss at expiration, ignoring fees and commissions.

What is the maximum loss on a long call or put?

For any long option — call or put — the maximum loss is limited to the premium paid multiplied by 100 shares and by the number of contracts. You can never lose more than you paid for the option.

What is the maximum loss on a short call or put?

A naked short call has theoretically unlimited maximum loss because the underlying price can rise without bound. A short put has a defined maximum loss equal to (strike minus premium) times 100 times number of contracts, realized if the underlying goes to zero.

Does this calculator include Greeks like delta or theta?

No. This tool shows profit and loss at expiration. It does not model time decay (theta), implied volatility, or other Greeks. For pre-expiration valuation you need a Black-Scholes or binomial pricing model.

Why does one options contract equal 100 shares?

Standard U.S. equity options contracts control 100 shares of the underlying stock. That is why quoted premiums are multiplied by 100 to compute the total dollar cost and the total dollar P&L.

Options P&L Calculator

Visualize profit, loss, breakeven, and max risk for long or short call and put options. Adjust any input and the chart updates in real time. No signup required.

Quick Scenarios

Trade Inputs

Option Type

Call Put

Call = right to buy. Put = right to sell.

Position

Long (bought) Short (sold)

Long = you paid a premium. Short = you received a premium.

Underlying Spot Price ($)

Current market price of the stock or ETF.

Strike Price ($)

The price at which you can buy (call) or sell (put) the underlying.

Premium per Share ($)

Price of the option per share. (Contract cost = premium × 100.)

Number of Contracts

One standard U.S. equity contract = 100 shares.

Days to Expiration

Informational only — this MVP shows P&L at expiration (no theta).

Max Profit

—

Max Loss

—

Breakeven

—

Net Debit

—

P&L at Current Spot (at expiry)

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Payoff Chart

P&L at expiration across price range

P&L at Price Points

Underlying Price	% from Spot	P&L ($)	Return on Premium

Green rows = profit. Red rows = loss. Highlighted row is closest to breakeven.

How to use the Options P&L Calculator

An options profit-and-loss (P&L) calculator translates the four core inputs of any single-leg trade — option type, position, strike, and premium — into the numbers every trader actually cares about: the most you can make, the most you can lose, where you break even, and how the trade behaves across a range of possible closing prices.

This tool computes the payoff at expiration. It does not model time decay (theta), implied-volatility changes (vega), or early-assignment risk. That means the outputs are the "worst case / best case at expiry" view. Before expiry the actual mark-to-market P&L will differ because the option still has extrinsic value.

The four payoff formulas

Long Call: P&L = (max(0, Spot − Strike) − Premium) × 100 × Contracts. Max loss = premium paid. Max profit = unlimited (price can rise without bound).
Long Put: P&L = (max(0, Strike − Spot) − Premium) × 100 × Contracts. Max loss = premium paid. Max profit = (Strike − Premium) × 100 × Contracts (if stock goes to zero).
Short Call (naked): P&L = (Premium − max(0, Spot − Strike)) × 100 × Contracts. Max profit = premium received. Max loss = unlimited.
Short Put: P&L = (Premium − max(0, Strike − Spot)) × 100 × Contracts. Max profit = premium received. Max loss = (Strike − Premium) × 100 × Contracts (if stock goes to zero).

Breakeven for a call = Strike + Premium. Breakeven for a put = Strike − Premium. These formulas hold for both long and short positions; the direction just flips whether you want the underlying to stay on one side of breakeven or the other.

Worked examples

Example 1 — Long Call: Spot $100, strike $105, premium $2.00, 1 contract. Breakeven = $107. At expiry with spot at $110 → profit = (110 − 105 − 2) × 100 = +$300. With spot at $100 → option expires worthless → loss = −$200 (the premium you paid).

Example 2 — Long Put: Spot $100, strike $95, premium $3.00, 1 contract. Breakeven = $92. At expiry with spot at $85 → profit = (95 − 85 − 3) × 100 = +$700. Max loss = $300 (the premium) if spot stays above $95.

Example 3 — Short Call: Spot $100, strike $110, premium $1.50, 1 contract. Breakeven = $111.50. At expiry with spot at $100 → you keep the full premium: +$150. With spot at $115 → loss = (110 − 115 + 1.5) × 100 = −$350.

Options P&L Calculator

Trade Inputs

Payoff Chart

P&L at Price Points

How to use the Options P&L Calculator

The four payoff formulas

Worked examples

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