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.
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.
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This calculator runs entirely in your browser, so the numbers you enter stay on your device. The math behind it is written by hand and tested against worked examples and standard references before the page goes live.
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