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Tools — Options Profit Calculator

Options Profit Calculator

Max profit, max loss, breakeven and ROI for the six most common options strategies — long call, long put, short call, short put, covered call and protective put.

Trade Setup

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Results

Max Profit —
Max Loss —
Breakeven Price —
Return on Capital —

Assumes the position is held to expiration with no early exercise or assignment, and ignores commissions and fees.

How to use this calculator

Pick a strategy, then enter the strike price, the option premium per unit, and the number of contracts. Covered Call and Protective Put also need your underlying cost basis, since their profit depends on where you bought the stock or coin. Max Profit and Max Loss show the best- and worst-case outcome at expiration; "Unlimited" means that side of the trade has no cap (a long call's upside, or a short call's downside). Breakeven is the underlying price at expiration where the position neither gains nor loses money. Return on Capital compares the maximum profit to what you paid or put at risk, where that comparison is meaningful — it's left blank for strategies with unlimited profit or undefined risk.

Frequently Asked Questions

What's the difference between a call and a put?
A call option gives the buyer the right to buy the underlying at the strike price, and profits when the price rises above the strike plus premium. A put option gives the buyer the right to sell at the strike, and profits when the price falls below the strike minus premium. Selling (writing) either one flips the position: you collect the premium upfront and profit if the option expires worthless.
Why is my max profit or max loss shown as "Unlimited"?
A long call has no ceiling on how high the underlying can rise, so its profit is theoretically unlimited. A short (naked) call has no ceiling on how high the underlying can rise either, so the seller's loss is theoretically unlimited. Puts are bounded on that side because the underlying price can't go below zero.
What is a covered call or protective put used for?
A covered call means you already own the underlying and sell a call against it to collect premium income, capping your upside in exchange for that income. A protective put means you own the underlying and buy a put as insurance, capping your downside for the cost of the premium. Both require entering your underlying cost basis so the calculator can measure profit relative to what you paid.

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