Options payoff calculator
Move the sliders to see what a bought call or put is worth at expiration, where it breaks even, and the most it can lose.
Stock price at expiration
- Profit / loss per share
- ▲ $15.00
- Per contract (×100)
- $1,500.00
- Break-even
- $185.00
- Maximum loss
- $5.00 / share
For learning only; example numbers, not market prices.
Key points
- A call gains value when the stock finishes above the strike; a put when it finishes below.
- The premium is the most a buyer can lose, per share.
- Break-even is the strike plus the premium for a call, or minus the premium for a put.
- One contract usually covers 100 shares, so multiply per-share amounts by 100.
- This shows value at expiration only; before then, prices also reflect time left and volatility.
How people use options
- Calls to put a fixed, limited amount at risk on a price rising.
- Puts as insurance against a drop in shares already owned.
- Covered calls to collect premium on shares already owned.
- Every one of these carries risk: an option can expire worthless, losing the full premium.
Related lessons
For entertainment and education, not investment advice. Nothing here recommends buying or selling any security.