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Options Profit Calculator
Build any multi-leg strategy, see payoff at expiry, and explore how price, time and IV affect your trade. Free forever.
Read the full how-to guide →AAPL$247.10
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or build from scratch belowBullish
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Neutral
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Prices fill automatically. Type over to customise.All expiries
AAPL · —
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Net debit
$0
Max profit
$0
Max loss
$0
Breakeven
—
Chance of profit
—
Hover the chart to read any price━ At expiry╌ Today▮ ±1σ
What-if
Price$247.10 (+0.0%)
DateToday
IV shift0 pts
Strategy finder
Enter your target price. We'll rank all 12 strategies by how well each performs.
Rank by
1Bull call spreadBullish
At target+243% · +$1,023Profit odds40%Cost$422Max loss−$422
2Long callBullish
At target+227% · +$1,003Profit odds34%Cost$442Max loss−$442
3Long straddleBig move
At target+125% · +$782Profit odds34%Cost$663Max loss−$626
4Protective putBearish
At target+99% · +$1,214Profit odds51%Cost$24,731Max loss−$1.2k
5Covered callBullish
At target+5% · +$1,255Profit odds51%Cost$24,690Max loss−$25k
6Iron condorNeutral
At target+3% · +$41Profit odds93%Credit$41Max loss−$1.5k
Estimates use Black-Scholes with each leg's implied volatility. Chance of profit assumes a log-normal move at current ATM IV. Quotes may be delayed. For education only, not investment advice.
Net debit$0
Max profit$0
Max loss$0
Profit odds—
How the options profit calculator works
How the options profit calculator works
This calculator prices every leg of your strategy using Black-Scholes in real time, directly in your browser. Enter a ticker, pick a strategy or build your own, and the payoff chart updates instantly as you drag strikes or adjust parameters. IV fills from the live options chain when you are signed in; the calculator falls back to a volatility-smile approximation so it always returns a price.
The P&L heat map shows every combination of price and time to expiry on one grid, useful for spreads and condors where the profitable zone is narrow. The What-if sliders let you shock price, date and IV independently to stress-test the trade before you place it. Greeks update live alongside the chart so you always know how the position responds to a $1 move, a day of decay or a vol spike.
The 12 strategy templates
Long call
Buying a call gives you the right to purchase 100 shares at the strike. Max loss is limited to the premium paid; max profit is theoretically unlimited. The position profits when the stock rises above your breakeven (strike + premium) before expiry.
Bull call spread
Buy a lower-strike call and sell a higher-strike call at the same expiry. The short call reduces cost and caps the upside. Max gain equals the spread width minus the net debit. Breakeven is the long strike plus the net debit. Best when you expect a moderate move up.
Cash-secured put (CSP)
Sell a put and hold enough cash to buy 100 shares if assigned. You keep the premium if the stock stays above the strike. Assignment is fine if you wanted to own the stock at that price. Max loss is the strike minus the premium received.
Covered call
Own 100 shares and sell a call against them. The premium lowers your cost basis but caps gains if the stock rallies past the strike. A classic income strategy when you are willing to part with shares at the target price.
Long put
A long put profits when the stock falls below the breakeven (strike minus premium). Max loss is the premium; max profit approaches the strike price if the stock goes to zero. Useful as a directional bearish trade or a portfolio hedge.
Bear put spread
Buy a higher-strike put and sell a lower-strike put. The spread reduces cost and caps the profit. Breakeven is the long strike minus the net debit. Max gain equals the spread width minus the net debit. Best when you expect a moderate move down.
Protective put
Own 100 shares and buy a put below the current price. The put sets a floor on losses while keeping all the upside of the stock. Total cost equals stock price plus put premium. Effectively insurance on a position you want to keep.
Iron condor
Sell an out-of-the-money call spread and an out-of-the-money put spread. Collect premium on both sides; profit as long as the stock stays in the middle range at expiry. Max loss is the wider wing width minus total credit received.
Call butterfly
Buy two calls (one below and one above the center strike) and sell two calls at the center strike. Maximum profit occurs if the stock pins exactly at the center strike at expiry. Cheap to enter; the range of profitability is narrow.
Calendar spread
Sell a near-term option and buy the same strike at a later expiry. Profits from IV expansion or the stock staying near the strike, since near-term theta decays faster. Max loss is the net debit if the stock moves far away from the strike.
Long straddle
Buy both a call and a put at the same strike and expiry. Profits from a large move in either direction. Breakevens are the strike plus or minus total premium paid. A popular pre-earnings play when you expect a big move but do not know the direction.
Long strangle
Buy an out-of-the-money call and an out-of-the-money put at different strikes. Cheaper than a straddle because both options are OTM, but the stock needs a bigger move to reach either breakeven. Suitable when a large move is likely.
Glossary
- Breakeven price
- The underlying price at which the strategy earns exactly zero at expiry. A strategy can have one or two breakeven prices. The payoff chart shows them as vertical dashed lines.
- Max profit
- The largest gain possible from the position, assuming it is held to expiry and prices move in your favor. For uncapped strategies (long calls, long puts) this is theoretically unlimited.
- Max loss
- The worst-case loss if all legs expire at their worst outcome. For defined-risk strategies (spreads, condors, butterflies) this is capped at the net debit or spread width minus credit. For uncapped short naked options the loss is theoretically unlimited.
- Chance of profit (CoP)
- A theoretical estimate of the probability that the strategy finishes above breakeven at expiry, based on a log-normal distribution at current ATM implied volatility. Higher CoP trades typically involve lower premium and smaller potential returns.
- Net debit / Net credit
- The net cash flow of the position at entry. A debit means you pay to open the trade; a credit means you receive cash. The net debit is also the max loss for defined-risk long strategies.
- DTE (days to expiry)
- Calendar days from today to the option expiration date. Options lose time value faster in the last 30 days. The Date what-if slider lets you see the P&L at any DTE.
Frequently asked questions
Is the options profit calculator free?
Yes, fully free with no account required. Enter any ticker, build a multi-leg strategy, and see the payoff chart, breakevens, max profit/loss and Greeks instantly. A TraderMatrix account unlocks live bid/ask fills and IV from the options chain, but the calculator works on its own without one.
What is the breakeven price on an options trade?
The breakeven is the underlying price at which your strategy earns exactly zero at expiry. A long call breakeven is the strike plus the premium paid. A long put breakeven is the strike minus the premium. Spreads can have two breakevens that define the profitable range.
How is max loss calculated for a bull call spread?
For a bull call spread (buy lower-strike call, sell higher-strike call), the max loss equals the net debit paid. You lose this entire amount if the stock finishes below both strikes at expiry.
How does the calculator estimate chance of profit?
Chance of profit is estimated using a log-normal price distribution at the nearest expiry, parameterised by the ATM implied volatility. It answers: given a normal distribution of returns at current IV, what fraction of outcomes leave the strategy above breakeven at expiry? This is a theoretical estimate, not a guarantee.
How does Black-Scholes work in this calculator?
Black-Scholes prices an option from five inputs: underlying price, strike, time to expiry (DTE), implied volatility and the risk-free rate. The calculator uses it for every leg in real time. When server IV is unavailable it approximates IV from a volatility smile curve based on ATM IV, so pricing is always available even without a live chain.
How is this different from Ticker Lab?
The Profit Calculator shows what a trade does: payoff at any price, time and IV scenario. Ticker Lab tells you which trade to make: it grades every contract on the live chain as cheap or rich against its own fair value, ranks multi-leg structures by edge and risk/reward, and scores IV regime so you know whether to buy or sell volatility. The calculator is a planning tool; Ticker Lab is where you find the edge.
Can I share a strategy with someone?
Yes. Click Copy link in the calculator. The URL encodes your ticker and all legs (side, type, strike, expiry, premium and IV for each). Anyone with the link sees the exact same strategy loaded immediately, no account needed.
Does the calculator work for stock positions?
Yes. Add a +100 shares leg to model covered calls, protective puts or collars. The payoff chart combines the stock leg with any option legs, so you see the net P&L of the whole position at any price.
Ready to go further? Ticker Lab grades every contract on the chain as cheap or rich against its own fair value, and ranks multi-leg structures by edge and risk/reward. Or visit the Learn hub for concept guides on options basics.
Educational information, not investment advice.