Free tools · calculator
Breakeven, max profit, max loss and the payoff at expiration for a long or short call or put. Everything runs in your browser — no account, and nothing you type leaves the page. At-expiration math only: exact and assumption-free, no pricing model pretending to know tomorrow’s volatility.
Option
Side
One contract covers 100 shares. A $2.50 premium costs $250 per contract.
Breakeven at expiry
$102.5
Max profit
Unlimited
Max loss
−$250
P&L at expiration · strike ±20%
| Price at expiry | P&L |
|---|---|
| $80 | −$250 |
| $85 | −$250 |
| $90 | −$250 |
| $95 | −$250 |
| $100 | −$250 |
| $102.5 · breakeven | $0 |
| $105 | +$250 |
| $110 | +$750 |
| $115 | +$1,250 |
| $120 | +$1,750 |
At expiration an option is worth its intrinsic value: for a call, the underlying price minus the strike (if positive); for a put, the strike minus the underlying price (if positive). Profit for a buyer is that intrinsic value minus the premium paid, times 100 shares per contract, times the number of contracts. A seller's profit is the mirror image: premium kept minus intrinsic value paid out.
For a call, breakeven at expiration is the strike plus the premium paid. For a put, it is the strike minus the premium. Below (call) or above (put) that price at expiry, a bought option loses money — including the case where it expires worthless and the whole premium is lost.
No — deliberately. This calculator shows profit and loss at expiration only, which is exact and assumption-free. Valuing an option before expiry requires a pricing model and a volatility input, and small changes in those assumptions swing the result. The at-expiry payoff is the honest baseline every options position should be judged against first.
Yes. It runs entirely in your browser, needs no account, and none of the numbers you type are sent anywhere.
The other side of the options market — where dealer gamma concentrates by strike — is what I publish free every trading day: today’s ES levels, NQ levels and the live levels page. No account for any of it.
