Options Profit Calculator
An options contract gives the buyer the right, but not the obligation, to buy (call) or sell (put) 100 shares of a stock at the strike price before or at expiration. Understanding the profit and loss (P&L) profile at expiration is the foundation of options trading. This calculator computes the total profit or loss for a long call or long put at expiration for any stock price you enter. It also shows the break-even stock price, maximum profit, and maximum loss. Simply select whether you are buying a call or put, enter the strike price, the premium paid per share, the number of contracts, and the stock price at expiration. The results assume standard U.S. equity options contracts of 100 shares each.
Options payoff formulas
Long Call Profit = (max(0, Stock - Strike) - Premium) x 100 x Contracts
Long Put Profit = (max(0, Strike - Stock) - Premium) x 100 x Contracts
Call Break-Even = Strike + Premium
Put Break-Even = Strike - Premium
Max Loss = Premium x 100 x Contracts
Reading options P&L
- Long call: profit is theoretically unlimited as the stock rises above the break-even point.
- Long put: profit is capped at (Strike - Premium) x 100 per contract (stock cannot fall below zero).
- Both long calls and long puts have defined maximum loss equal to the total premium paid.
- In-the-money (ITM) at expiration: call when Stock > Strike; put when Stock < Strike.
- Out-of-the-money (OTM) at expiration: the option expires worthless and you lose the full premium.
Options profit: frequently asked questions
How is options profit calculated at expiration?
For a long call: profit = max(0, Stock Price - Strike Price) - Premium Paid. For a long put: profit = max(0, Strike Price - Stock Price) - Premium Paid. Multiply by 100 for a standard contract (100 shares). A positive result is profit; a negative result is a loss capped at the premium paid.
What is the maximum loss on a long option?
The maximum loss on a long call or put is limited to the premium paid. Unlike short options or stock positions, buying options gives you defined risk: you can lose 100% of the premium but never more than that.
What is the break-even price for a call option?
The break-even price for a long call at expiration is the strike price plus the premium paid per share. For example, a call with a $50 strike and $3 premium breaks even when the stock reaches $53. Above $53, every dollar gained in the stock is pure profit.
What is the break-even price for a put option?
The break-even price for a long put at expiration is the strike price minus the premium paid per share. For a put with a $50 strike and $3 premium, break-even is $47. Below $47, every dollar the stock falls adds to profit.
Does this calculator account for time value and Greeks?
No. This calculator shows the intrinsic value at expiration (the payoff diagram). Before expiration, options also have time value and are influenced by volatility (vega), time decay (theta), delta, and gamma. Those pre-expiration calculations require the Black-Scholes model or binomial trees.
Official sources
- OCC (Options Clearing Corporation): Options Education.
- CBOE: How Options Work.
Reviewed by the CalculatorHub team, edited by James Graham, 14 June 2026. See our methodology.