Options Profit Calculator: Calls, Puts and Payoff

Option payoff at expiration

Options Profit Calculator

Calculate profit or loss at expiration for a long or short call or put. Enter the strike, premium, expiration stock price, contracts, multiplier and fees to see break-even, maximum outcome and a payoff table.

Formatting only; this tool does not convert currencies.
Amount paid for a long option or received for a short option.
Standard US equity options usually represent 100 shares; adjusted contracts can differ.
Enter the total opening-plus-closing fee for one contract.

This is an expiration payoff calculator. It does not estimate an option’s value before expiration, implied volatility, time decay, Greeks, assignment risk or early exercise.

Options profit formulas

At expiration, an option’s payoff depends on intrinsic value. A call has value when the underlying price is above the strike; a put has value when it is below the strike. A long position pays the premium, while a short position receives it and has the opposite gross payoff.

Call intrinsic value per share = max(underlying price − strike, 0)
Put intrinsic value per share = max(strike − underlying price, 0)
Long gross P&L = (intrinsic value − premium) × multiplier × contracts
Short gross P&L = (premium − intrinsic value) × multiplier × contracts
Net P&L = gross P&L − round-trip fees

Call break-even is strike plus premium. Put break-even is strike minus premium. Fees are included in net outcomes but not in the conventional quoted break-even price; divide total fees by total shares and adjust the conventional break-even if a fee-inclusive break-even is needed.

Verified examples

Long call

A long call with a 100 strike, 5 premium and expiration stock price of 120 has 20 of intrinsic value per share. Two 100-share contracts produce gross profit of (20 − 5) × 100 × 2 = 3,000. With 1.50 in round-trip fees per contract, net profit is 2,997. The conventional break-even is 105, maximum loss is 1,003 including entered fees, and maximum profit is unlimited.

Long put

A long put with a 100 strike, 4 premium and expiration stock price of 80 has 20 of intrinsic value per share. One 100-share contract produces gross profit of 1,600. With 1.50 in fees, net profit is 1,598.50. Break-even is 96; maximum net profit at an underlying price of zero is 9,598.50, and maximum loss is 401.50.

Short call

A short call with a 50 strike, 2 premium and expiration stock price of 60 has 10 of intrinsic value per share. Three 100-share contracts produce gross P&L of (2 − 10) × 100 × 3 = −2,400. After 1 per contract in fees, net loss is 2,403. Break-even is 52, maximum net profit is 597, and maximum loss is unlimited.

Maximum profit and loss by position

PositionMaximum profitMaximum loss
Long callUnlimited as the underlying rises.Premium paid plus entered fees.
Short callPremium received minus entered fees.Unlimited as the underlying rises.
Long putStrike minus premium, multiplied by shares, less fees; reached if the underlying is zero.Premium paid plus entered fees.
Short putPremium received minus entered fees.Strike minus premium, multiplied by shares, plus fees; reached if the underlying is zero.

Expiration payoff versus option pricing

This calculator models one call or put held to expiration. It is not an option pricing model and does not estimate the position’s market value on an earlier date. Before expiration, volatility, time remaining, interest rates, dividends, liquidity and the Greeks can materially change the option price even if the underlying price is unchanged.

Limits and assumptions

  • Strike and premium support up to eight decimal places. Strike must be positive, and the expiration underlying price may be zero.
  • For puts, premium must not exceed strike so the nonnegative-price break-even and maximum-loss display remain meaningful.
  • Contracts and shares per contract must be whole numbers from 1 to 1,000,000.
  • Fees may be zero and are entered per contract for the full round trip. Exercise, assignment, regulatory and per-share fees are not modeled separately.
  • The payoff table includes the same entered fee at each price and is not a probability forecast.
  • Taxes, bid-ask spread, slippage, dividends, interest, early exercise, assignment, collateral requirements and currency conversion are excluded.
  • The scenario ratio divides net P&L by the premium cash amount. For short options it is not return on margin or collateral and should not be treated as ROI.
Educational estimate: Short options can create losses far beyond the premium received, and uncovered short calls have theoretically unlimited loss. This calculator is not financial, investment or trading advice. Verify contract adjustments, exercise style, fees, collateral and assignment treatment with the exchange and broker.

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