Option Payoff Calculator
Chart profit and loss at expiry for single options and common two-leg strategies, with max profit, max loss and break-evens.
Quick answer
Option payoff at expiry is intrinsic value minus premium for a long option, and premium minus intrinsic value for a short one. Spreads combine two legs; results are scaled by contracts and shares per contract.
Option Payoff Calculator
Leg A and leg B are explained under the inputs.
Single options use leg A only. Bull call spread: A = long call (lower strike), B = short call (higher strike). Bear put spread: A = long put (higher strike), B = short put (lower strike). Straddle: strike A, A = call premium, B = put premium. Strangle: A = put strike (lower), B = call strike (higher), with premiums matching their legs.
Max Profit
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Max Loss
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Break-even Price(s)
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Net Premium
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Educational only, not trading or investment advice. Estimates before fees and taxes.
Profit / Loss by Price at Expiry
| Price at expiry | P/L per share | Total P/L |
|---|
Assumptions & method
- Long option P/L per share = intrinsic value at expiry − premium. Short option P/L = premium − intrinsic value.
- Call intrinsic = max(price − strike, 0); put intrinsic = max(strike − price, 0). Total P/L = per-share P/L × contracts × multiplier.
- Max profit, max loss and break-evens are found from the kinks of the payoff at 0 and at the strikes. Beyond the highest strike the payoff is a straight line, so it is unlimited if its slope is not zero.
- European-style payoff at expiry only. No time value, early assignment, margin, commissions or taxes are included.
- Net premium is shown per position: negative is a debit paid, positive is a credit received.
- Educational only; this is not trading or investment advice.
Results are estimates based on the figures you enter. They are not guarantees and not financial advice.
How option payoffs work
At expiry a call is worth the amount the underlying finishes above its strike, and a put is worth the amount it finishes below its strike, never less than zero. Your profit is that value minus the premium you paid, or the premium you received minus that value if you sold the option. Combining legs reshapes the risk: a spread caps both profit and loss, while a straddle or strangle gains when the price moves far in either direction. This calculator adds the legs together across a range of prices so you can see the shape, the extremes and the break-evens.