Options Profit Calculator
Estimate profit or loss for up to four option or stock legs at any price and any date before expiration. Values before expiration use the Black-Scholes model with each leg's implied volatility.
| Type | Side | Qty | Strike | Premium | IV % | |
|---|---|---|---|---|---|---|
Estimate fills a leg's premium: Estimated with Black-Scholes from the IV you enter. For exact prices, use your broker's quote. Greeks shown are per share (theta per day, vega per 1% IV).
Premium is per share (contracts = 100 shares). For a stock leg, put your entry price in Premium and use Qty in shares.
P&L table by price × date
How to use
- Enter the current stock price, days to expiration, and the risk-free rate.
- Fill in up to four legs: type (call, put, or stock), buy or sell, quantity, strike, the premium you paid or received per share, and the implied volatility of that option.
- Drag the valuation-date slider to see the estimated P&L curve on any day before expiration.
- Read the summary for net debit/credit, breakevens, max profit/loss, and position Greeks, and scan the price × date table.
Formulas explained
T is the years remaining between the valuation date and expiration (days/365). Each leg uses its own IV, and IV is held constant over time, which real markets do not do. The chart covers ±30% around the current price.
Worked example Hypothetical
Hypothetical only. Stock at $100, 45 days to expiration. Buy one $100 call for $3.60 and sell one $110 call for $0.90, a bull call spread for a net debit of $2.70 ($270).
- At expiration: max profit = ($110 − $100 − $2.70) × 100 = $730 at or above $110. Max loss = $270 at or below $100. Breakeven = $102.70.
- Before expiration the spread is worth less than its expiration value when the stock is high, because the short $110 call still has time value. That is why the yellow "selected date" curve sits under the expiration line on the right side.
FAQ
Why does my P&L before expiration differ from my broker?
Brokers use live option quotes, possibly with a different model, IV skew, and dividends. This calculator uses a constant IV per leg in Black-Scholes, which is a theoretical estimate.
Does it handle American early exercise?
No. Black-Scholes prices European options. For most calls on non-dividend stocks the difference is small, but deep ITM puts and calls just before ex-dividend can differ.
What IV should I enter?
Use the implied volatility your broker shows for each option. If you are unsure, the at-the-money IV is a reasonable starting point.
Can I model a covered call?
Yes. Add a stock leg (Buy, Qty 100, Premium = your stock cost) and a Sell call leg.
Options profit calculator explained for beginners
What this tool does
It shows how much an options position could make or lose at different stock prices and on different dates. You can combine up to four legs (calls, puts, or shares) to model anything from a single call to a spread or iron condor. If you do not know an option's price, the Estimate button fills in a Black-Scholes estimate from the IV you enter.
What each input means
- Stock price
- The price the stock trades at right now. Use the last price from your broker or a quote site.
- Days to expiration
- Calendar days until the option expires. Count from today to the expiration date on the contract.
- Risk-free rate
- The interest rate you could earn on cash with essentially no risk, such as a short-term US Treasury bill. It has a small effect on option prices.
- Dividend yield
- The stock's yearly dividend as a percent of its price. Dividends slightly lower call values and raise put values. Use 0 if the stock pays none.
- Type
- Call (the right to buy at the strike), put (the right to sell at the strike), or stock (shares).
- Side
- Buy if you pay for the option, Sell if you collect money for it.
- Qty
- Number of contracts. One contract usually covers 100 shares. For a stock leg, enter shares.
- Strike
- The price at which the option lets you buy (call) or sell (put) the stock.
- Premium
- The price of the option per share. A $2.00 premium costs $200 for one contract. Type your broker's quote, or press Estimate.
- IV %
- The implied volatility for that specific option.
- Valuation date slider
- Picks a day between today and expiration so you can see what the position might be worth on that day.
How to read the results
The dark line on the chart is profit or loss at expiration. The yellow line is your selected date, and the gray dashed line is today. Anything above zero is a profit and anything below is a loss. Where the expiration line crosses zero is your breakeven. The summary lists your net debit (money paid) or credit (money received), max profit and loss, and the position Greeks. The table shows P&L by price (rows) and date (columns), green for gains and red for losses.
A short worked example (hypothetical)
Stock at $100, 30 days left. You buy one $100 call. Pressing Estimate with IV 30% and a 4% rate fills about $3.59. At expiration, if the stock is at $110, the call is worth $10, so profit is ($10 − $3.59) × 100 = $641. If the stock is at or below $100, the call expires worthless and the loss is the full $359.
Common mistakes
- Entering the premium for the whole contract ($359) instead of per share ($3.59).
- Using Buy when you actually sold the option, which flips the chart upside down.
- Assuming the before-expiration curve is a prediction. It assumes IV stays constant, which real markets do not do.
- Forgetting commissions, and that American options can be assigned early.
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