What does this options profit calculator compute?

It computes the at-expiration profit or loss for a single-leg option position — long call, short call, long put, or short put. Enter the strike price, premium per share, and number of contracts. The calculator returns max profit, max loss, breakeven price, and a P&L table across a price range you set.

Does this calculator account for time value or implied volatility?

No. This calculator computes intrinsic P&L at expiration only, based on where the underlying closes relative to the strike. It does not model theta decay, delta, gamma, vega, or any other Greek. P&L at any point before expiration will differ from the figures shown here because the option still has time value remaining.

How is the breakeven price calculated?

For a long call or short call: breakeven = strike + premium. For a long put or short put: breakeven = strike minus premium. These are the at-expiration prices at which the position has exactly zero profit or loss, before commissions.

What is the maximum loss on a long call?

For a long call, the maximum loss is the total premium paid: premium per share times 100 times the number of contracts. This occurs when the underlying closes at or below the strike price at expiration and the call expires worthless.

What is the maximum loss on a short put?

For a short put, the maximum loss is (strike minus premium) times 100 times contracts. This is realized if the underlying falls to zero. Example: short put strike $95, premium $2, 1 contract — max loss = ($95 minus $2) times 100 = $9,300.

Options Profit Calculator — P&L at Expiration

By Diego Alducin · Published 2026-06-04

This options profit calculator computes the at-expiration profit or loss for a long call, short call, long put, or short put; enter your strike, premium, and number of contracts and it returns max profit, max loss, breakeven, and a P&L table across any price range. All calculations are intrinsic value only — this tool does not model time value or Greeks before expiration.

JavaScript is required for the interactive calculator. The educational content below — formulas, worked examples, and a full explanation of at-expiration P&L — is available without JavaScript.

P&L Calculator

Option type

Position

Strike price ($)

Premium per share ($)

Contracts

Max Profit —

Max Loss —

Breakeven —

P&L at expiration across a price range

Underlying from $

to $

Underlying at expiry	Total P&L
Enter inputs above to compute.

How This Calculator Works

At expiration, an option's value is purely its intrinsic value — the difference between the underlying price and the strike, or zero if that difference is negative. This calculator applies the four single-leg payoff formulas exactly.

Position	At-expiration P&L per share	Max profit	Max loss
Long call	max(0, S − K) − premium	Unlimited	Premium × 100
Short call	premium − max(0, S − K)	Premium × 100	Unlimited
Long put	max(0, K − S) − premium	(K − premium) × 100	Premium × 100
Short put	premium − max(0, K − S)	Premium × 100	(K − premium) × 100

S = underlying price at expiration; K = strike price. The total position P&L multiplies the per-share figure by 100 times the number of contracts.

Worked Example: Long Call

Inputs: long call, strike $100, premium $3.00, 1 contract.

Breakeven = K + premium = $100 + $3.00 = $103.00

Max loss = $3.00 × 100 = $300 (call expires worthless at or below $100)

Max profit = unlimited (rises $100 per $1 the stock moves above $103)

Stock at expiry	Intrinsic value	P&L per share	Total P&L (1 contract)
$90	$0	$0 − $3 = −$3	−$300 (max loss)
$100	$0	−$3	−$300 (max loss)
$103	$3	$3 − $3 = $0	$0 (breakeven)
$110	$10	$10 − $3 = $7	+$700
$120	$20	$20 − $3 = $17	+$1,700

Worked Example: Short Put

Inputs: short put, strike $95, premium $2.00, 1 contract.

Breakeven = K − premium = $95 − $2.00 = $93.00

Max profit = $2.00 × 100 = $200 (put expires worthless at or above $95)

Max loss = ($95 − $2.00) × 100 = $9,300 (underlying to zero)

Stock at expiry	Intrinsic (put)	P&L per share	Total P&L (1 contract)
$80	$15	$2 − $15 = −$13	−$1,300
$93	$2	$2 − $2 = $0	$0 (breakeven)
$95	$0	$2 − $0 = $2	+$200 (max profit)
$100	$0	$2	+$200 (max profit)
$110	$0	$2	+$200 (max profit)

Worked Example: Long Put

Inputs: long put, strike $95, premium $4.00, 1 contract.

Breakeven = K − premium = $95 − $4.00 = $91.00

Max loss = $4.00 × 100 = $400 (put expires worthless at or above $95)

Max profit = ($95 − $4.00) × 100 = $9,100 (underlying to zero)

Stock at expiry	Intrinsic (put)	P&L per share	Total P&L
$100	$0	−$4	−$400 (max loss)
$95	$0	−$4	−$400 (max loss)
$91	$4	$4 − $4 = $0	$0 (breakeven)
$85	$10	$10 − $4 = $6	+$600
$75	$20	$20 − $4 = $16	+$1,600

Worked Example: Short Call

Inputs: short call, strike $105, premium $3.00, 1 contract.

Breakeven = K + premium = $105 + $3.00 = $108.00

Max profit = $3.00 × 100 = $300 (call expires worthless at or below $105)

Max loss = unlimited (rises $100 per $1 the stock moves above $108)

Stock at expiry	Intrinsic (call)	P&L per share	Total P&L
$100	$0	$3 − $0 = $3	+$300 (max profit)
$105	$0	$3	+$300 (max profit)
$108	$3	$3 − $3 = $0	$0 (breakeven)
$115	$10	$3 − $10 = −$7	−$700
$125	$20	$3 − $20 = −$17	−$1,700

Expiration vs Before Expiration

This calculator models at-expiration intrinsic P&L only. Before expiration, an option's market value includes time value (extrinsic value) on top of intrinsic value. If you close a position before expiration, your actual P&L will depend on how much time value remains, the current implied volatility, and any dividends — none of which this calculator models. Use this tool to understand the expiration-day payoff structure; use a live broker platform or options pricing model for pre-expiration mark-to-market values.

The at-expiration model is still useful for planning because it sets the profit and loss boundaries of any position. Knowing the max loss before entering a trade is a prerequisite for sizing a position correctly. Knowing the breakeven tells you how far the stock must move — in dollar terms — before the position is profitable at expiration.

Model These Strategies

Covered Call — long stock + short OTM call (income overlay)
Cash-Secured Put — short put + full cash collateral
Protective Put — long stock + long put (downside hedge)
Bull Put Spread — short higher-strike put + long lower-strike put
Bear Call Spread — short lower-strike call + long higher-strike call
Iron Condor — short OTM put spread + short OTM call spread
Iron Butterfly — short ATM straddle + long OTM wings
Calendar Spread — short near-dated + long far-dated, same strike
Wheel Strategy — CSP to assignment to covered call cycle

Frequently Asked Questions

What does this options profit calculator compute?: It computes the at-expiration profit or loss for a single-leg option position — long call, short call, long put, or short put. Enter the strike price, premium per share, and number of contracts. The calculator returns max profit, max loss, breakeven price, and a P&L table across a price range you set.
Does this calculator account for time value or implied volatility?: No. This calculator computes intrinsic P&L at expiration only, based on where the underlying closes relative to the strike. It does not model theta decay, delta, gamma, vega, or any other Greek. P&L at any point before expiration will differ from the figures shown here because the option still has time value remaining.
How is the breakeven price calculated?: For a long call or short call: breakeven = strike + premium. For a long put or short put: breakeven = strike minus premium. These are the at-expiration prices at which the position has exactly zero profit or loss, before commissions.
What is the maximum loss on a long call?: For a long call, the maximum loss is the total premium paid: premium per share times 100 times the number of contracts. This occurs when the underlying closes at or below the strike price at expiration and the call expires worthless.
What is the maximum loss on a short put?: For a short put, the maximum loss is (strike minus premium) times 100 times contracts. This is realized if the underlying falls to zero. Example: short put strike $95, premium $2, 1 contract — max loss = ($95 minus $2) times 100 = $9,300.

Sources

OCC — Characteristics and Risks of Standardized Options (option exercise, assignment, and expiration mechanics)
Cboe — Options Education Center (option pricing fundamentals and payoff diagrams)
FINRA — Options Investing Overview