Options profit calculator

Enter your own strikes and premiums. This computes what your position pays at expiry. It does not 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 will say so right here, in this spot, before anything else.

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

Strategy

Underlying price

Days to expiry

Realized vol (annual %)

Leg	Type	Side	Strike	Price per share	Qty

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

–

Max profit

–

Max loss

–

Breakeven

–

Prob. of profit

–

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 you do not own stock against	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 the spread is fully in the money and nothing more is added, which is the trade-off you accepted when you sold the 110 call to cut the cost of the 100.

Why this disagrees with your broker

The payoff at expiry is arithmetic and every calculator agrees on it. The probability of profit is not: it needs a volatility input, and there is no single correct 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

Probability of profit is not one number Why implied and realized volatility give different answers, and which one flatters you.
Futures calculator Tick values, P/L and position sizing across 25 CME contracts.
Stock average calculator Average cost across every buy, and what averaging down really costs.
8 best trading apps for beginners Where to actually place any of this.
All the free tools Futures, dividend, stock average, margin call and net worth calculators, none of them gated.
The trading journal Real trades, real size, and the drawdown that produced these rules.

Want the spreadsheet version?

The calculator stays free and open either way. If you want the underlying model as a spreadsheet you can edit, plus a note when I add another tool, leave your email. No sequence, no pitch, no selling your address to anybody.

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 is a model estimate: it assumes the underlying price at expiry is lognormally distributed with zero expected drift and the annual volatility you typed in the box. That is not implied volatility from the market, and it is 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.