Options profit calculator

Enter your own strikes and premiums. This computes what your position pays at expiry. It doesn't tell you what to trade.

Disclosure: I earn nothing from this page. There are no affiliate links here, no broker deals, and nothing is gated. If that ever changes, I'll put it right here.

The probability number here won't match your broker's. Probability of profit is not one number explains why, and which one flatters you.

Strategy

Stock price now ($)

Days to expiry

Volatility, how much it swings (% a year)

Leg	Type	Bought or sold	Strike price	Price per share	Qty

The strike is the price a call lets you buy at, or a put lets you sell at.

Stock legs use 100 shares per unit of quantity, so one covered call is 1 stock unit against 1 short call. Option prices are per share, the way your broker quotes them.

Net debit / credit

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Max profit

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Max loss

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Breakeven

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Prob. of profit

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Profit and loss at expiry across underlying price. Shaded green above the zero line, brown below.

Table view

Underlying at expiry	P/L	Return on risk

What each strategy pays

Every row is the payoff at expiry, which is what the diagram above draws. Width means the distance between the two strikes. Debit means you paid to open, credit means you were paid. Breakeven depends on the prices you enter, so the calculator computes it rather than listing it here.

Strategy	What it is	Max profit	Max loss
Long call	Buy a call	Unlimited	The premium paid
Long put	Buy a put	Strike minus premium, if the underlying goes to zero	The premium paid
Short call	Sell a call without owning the stock	The premium collected	Unlimited
Short put	Sell a put, cash secured	The premium collected	Strike minus premium, if the underlying goes to zero
Covered call	100 shares against one short call	Strike minus your cost basis, plus the premium	Cost basis minus premium, if the underlying goes to zero
Bull call spread	Buy a lower call, sell a higher one. Debit	Width minus the debit	The debit
Bear put spread	Buy a higher put, sell a lower one. Debit	Width minus the debit	The debit
Bull put spread	Sell a higher put, buy a lower one. Credit	The credit	Width minus the credit
Bear call spread	Sell a lower call, buy a higher one. Credit	The credit	Width minus the credit
Long straddle	Buy a call and a put at the same strike	Unlimited on the upside	Both premiums
Long strangle	Buy an out-of-the-money call and put	Unlimited on the upside	Both premiums
Iron condor	A bull put spread and a bear call spread together	The net credit	The wider width minus the credit

A worked example

A bull call spread on a stock trading at $100. Buy the 100 call for $4.20, sell the 110 call for $1.60.

Net debit$2.60 per share, $260

Width$10.00

Max profit$7.40 per share, $740

Max loss$260, the debit

Breakeven$102.60

Reward to risk2.85 : 1

Max profit is the width minus the debit, $10.00 less $2.60. Breakeven is the long strike plus the debit. Below $100 both calls expire worthless and you lose the $260. Above $110 you don't make any more, and that cap is what you gave up to get $1.60 for the 110 call.

Why this disagrees with your broker

Every calculator gets the same payoff at expiry. The probability of profit needs a volatility number, and there's no single right one. This tool uses the annual volatility you type in, which is usually realized volatility, the size of the moves that already happened. Your broker typically uses implied volatility, the size of the move the option market is pricing in, and implied is usually the higher of the two. The full explanation is here, including which of the two flatters a seller.

Where to go next

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How the numbers are produced. Payoff is computed at expiry only, from the strikes and prices you enter. It ignores commissions, assignment before expiry, dividends, and any change in the option's value before the expiry date. Probability of profit comes from a model that assumes no trend up or down (lognormal, zero drift) and the volatility you typed. That's not the market's implied volatility, and it's not a forecast. Real option prices reflect implied vol, which is usually higher than realized vol, so a probability computed this way will disagree with your broker's.

Nothing here is investment advice, a recommendation, or a solicitation. Options carry risk of total loss and short options carry risk beyond the premium collected. Check live quotes before trading anything.