About the Options Payoff Calculator
An option's value at expiry follows simple rules, but combining several legs in a spread or straddle makes the shape hard to picture. Type each position on its own line, such as buy call 100 5 1 or sell put 95 1.20 2, and this calculator adds them up. It shows the net premium you pay or receive, the most you can make, the most you can lose, every break-even price and the profit or loss at a ladder of prices, with a small chart. It treats the position as held to expiry, so it ignores time value, fees, taxes and early assignment. Everything is calculated in your browser.
Updated October 2026
How to use the Options Payoff Calculator
- 1Write one position per line: buy or sell, call, put or stock, the strike, the premium, and the quantity.
- 2Choose how many shares one contract covers (100 for US equity options).
- 3Add more lines for the other legs of a spread, straddle or collar.
- 4Read the maximum profit, maximum loss and break-even prices.
- 5Check the table and chart to see the result at other prices at expiry.
How option payoffs work
A call gives the right to buy at the strike price and a put gives the right to sell. At expiry a call is worth the amount the share price is above the strike, or nothing, and a put is worth the amount it is below the strike, or nothing. Your profit is that value minus the premium you paid, and the sign flips if you sold the option instead.
Because every leg is a straight line that bends at its strike, the total payoff of a spread is also made of straight segments. The calculator checks the corners, the strikes and zero, and the slope far above the last strike, which is enough to find the true maximum, minimum and break-even points.
Common strategies you can test
- Long call: buy call 100 3 1. Risk is limited to the premium; the gain is unlimited.
- Bull call spread: buy call 100 5 1 and sell call 110 2 1. Cheaper than a single call, with capped profit.
- Long straddle: buy call 100 4 1 and buy put 100 3 1. It profits if the price moves a lot in either direction.
- Cash-secured put: sell put 95 2 1. You keep the premium unless the price falls below the strike.
- Protective put: buy stock 100 0 100 and buy put 95 2 1. A floor under a share position.
Reading the numbers with care
The result is a picture of a single moment, the expiry date. Real positions are often closed early, and the price before expiry depends on volatility and time. To see those effects, use the Black-Scholes Calculator for the model price of one option and its Greeks. To compare the cost of the trade with its reward, the Expected Value Calculator and the Probability Calculator help you weigh chances, and the Break-Even Calculator covers the same idea for a business instead of a trade. For plain share trades, the Stock Profit Calculator covers fees and percentages. None of this is investment advice.
Features
- Calls, puts and shares in one position
- Up to eight lines for spreads and combinations
- Maximum profit and maximum loss, including unlimited cases
- All break-even prices found for you
- Payoff table and small chart
- Net debit or credit shown
- Free and private, nothing is uploaded
Frequently asked questions
What does the payoff at expiry mean?
It is the profit or loss you would have if you hold every position until the options expire and settle them at the price shown. Before expiry the value also depends on time left and volatility, which this page does not model.
How do I write a line?
Start with buy or sell, then call, put or stock, then the strike price, the premium per share and the quantity. For stock, use the price you paid as the strike and 0 as the premium.
Why is my maximum profit unlimited?
A long call has no upper limit on its gain because the share price can keep rising. A short call has an unlimited possible loss for the same reason, and the page says so instead of inventing a number.
What is a break-even price?
It is the price of the underlying at expiry where your total profit is exactly zero. A single long call breaks even at the strike plus the premium; spreads and straddles can have two.
Why multiply by 100?
One standard US equity option contract covers 100 shares, so a premium of 2.50 per share costs 250 per contract. Pick 1 if you want results per share.
Does it include commissions or taxes?
No. Add your own costs to the premium if you want them in the result, and keep in mind this is a learning tool, not advice.
Can it handle a covered call?
Yes. Enter the shares as buy stock with your purchase price and a quantity of the share count, then add sell call for the option leg using the same multiplier thinking.