Options Strategy P&L Calculator
Calculate profit, loss, breakeven, and max gain/loss for single-leg options strategies: long call, long put, short call, and short put at expiration.
Options P&L
Stock Options Basics
An option is a contract giving the right (but not obligation) to buy or sell 100 shares of a stock at a specific price (the strike) before expiration.
- Call option: right to buy at the strike price
- Put option: right to sell at the strike price
- Premium: the price paid/received for the option contract (per share × 100)
The Four Basic Single-Leg Strategies
Long Call — Bullish strategy
- Pay premium upfront. Profit if stock rises above strike + premium.
- P&L = max(S − K, 0) − Premium
- Max loss: premium paid. Max gain: unlimited.
Long Put — Bearish strategy
- Pay premium upfront. Profit if stock falls below strike − premium.
- P&L = max(K − S, 0) − Premium
- Max loss: premium paid. Max gain: K − Premium (if stock hits zero).
Short Call (Covered Call) — Neutral-to-slightly-bullish
- Receive premium. Keep it if stock stays below strike.
- P&L = Premium − max(S − K, 0)
- Max gain: premium received. Max loss: unlimited (if uncovered).
Short Put — Bullish strategy
- Receive premium. Keep it if stock stays above strike.
- P&L = Premium − max(K − S, 0)
- Max gain: premium received. Max loss: K − Premium (if stock hits zero).
Breakeven Prices
| Strategy | Breakeven |
|---|---|
| Long Call | Strike + Premium |
| Long Put | Strike − Premium |
| Short Call | Strike + Premium |
| Short Put | Strike − Premium |
Note: all P&L values assume the position is held to expiration. Early exercise and time value are not reflected here.