Protective put calculator

Calculate the expiration profit or loss of stock protected by a long put. See the put cost, effective basis, break-even, protected floor, maximum loss, put payoff and upside participation.

CurrencyFormatting only; no exchange-rate conversion.
Stock cost per shareYour purchase price or chosen comparison basis.
Stock price at expirationUse 0 to test complete downside.
Protective put strikeThe put establishes the minimum terminal value per share.
Put premium paid per share
Number of protective putsEach put protects the entered contract multiplier of shares.
Shares per option contractUS equity options commonly use 100; verify your contract.
Total feesEnter stock and option fees included in this comparison.

Profit / loss at expiration—

Put cost with fees—

Effective stock basis—

Break-even at expiration—

Maximum loss—

Maximum profitUnlimited

Protected floor value—

Put payoff at expiration—

Return on effective outlay—

Stock price at expiration	Stock value	Put payoff	Protected position value	Profit / loss

What a protective or married put does

A protective put, also called a married put when stock and put are acquired together, combines long stock with a long put. The put preserves the right to sell the protected shares at its strike, establishing a terminal floor while the stock keeps its upside above the strike.

This page consolidates protective put, married put, option protection, payoff, profit, loss, break-even and maximum-loss calculations in one URL. A collar also sells a covered call and caps the upside; this calculator does not.

Protective put profit and break-even formulas

Terminal protected value per share = max(stock price at expiration, put strike)

Profit = shares × [terminal protected value − stock cost − put premium] − fees

Effective basis = stock cost + put premium + fees ÷ shares
Maximum loss = max(0, shares × [effective basis − put strike])
Protected floor value = put strike × shares

The effective basis is the break-even stock price when it is at or above the put strike. If the put strike exceeds the effective basis, every modeled expiration outcome is profitable and the tool reports the minimum gain instead of a zero crossing. Maximum profit is unlimited in the model because the stock remains uncapped.

Checked examples

Protected downside: stock cost US$100, expiration stock US$90, put strike US$95 with a US$3 premium, two puts protecting 100 shares each and US$4 fees. The put costs US$604 with fees, the effective basis is US$103.02 and the protected floor is US$19,000. The expiration loss and maximum loss are US$1,604.

Stock above break-even: with the same inputs but expiration stock US$105, the put expires without intrinsic value and profit is US$396. Break-even remains US$103.02 and upside above that price is uncapped in the expiration model.

How to interpret the results

Put cost with fees equals premium per share multiplied by protected shares, plus the entered total fees.
Protected floor value is strike multiplied by protected shares. It is the minimum terminal position value modeled before comparing with initial outlay.
Put payoff is intrinsic value at expiration: the positive difference between strike and stock price, multiplied by shares.
Return on effective outlay compares expiration profit or loss with stock cost, put premium and fees. It is not annualized.

Assumptions and limits

The calculator models expiration payoff. It excludes remaining time value, early exercise, dividends, taxes, bid-ask spreads, borrowing costs and margin requirements.
Each put protects the entered contract multiplier of shares. Premium is entered per share; total fees cover both stock and option transactions.
The stock cost is a comparison basis entered by the user, not a live quote. A tax cost basis may differ after wash sales, prior premiums or corporate actions.
Results are educational estimates, not investment advice. Confirm contract specifications and exercise rules with your broker.

Related calculators

Use the Options Collar Calculator when a covered call helps finance the put; the Options Profit Calculator for a standalone call or put; the Covered Call Calculator for premium income without a protective put; and the Black-Scholes Calculator for theoretical European option value and Greeks.