CluenexOptions profit calculator
How do I calculate the profit on a call or put option?
At expiry, a bought call makes (stock price − strike − premium) × 100 per contract when the stock finishes above the strike, and loses the premium paid if it does not. A bought put makes (strike − stock price − premium) × 100 when the stock finishes below the strike. Breakeven is strike + premium for a call and strike − premium for a put. Enter your option below to see the profit or loss at any stock price, the breakeven, and the most you can make or lose, whether you buy or sell.
How the calculator works
An option contract covers 100 shares. At expiry it is worth only its intrinsic value:
- Call: the larger of (stock price − strike) and zero
- Put: the larger of (strike − stock price) and zero
Profit for a buyer = (value at expiry − premium paid) × 100 × contracts. A seller's profit is the same number with the sign flipped.
Worked example
You buy one call with a $100 strike for $4.00, so it costs $400. If the stock is at $110 at expiry the call is worth $10, or $1,000, for a profit of $600. Your breakeven is $104. Below $100 the call expires worthless and you lose the $400, which is the most you can lose.
Buying versus selling
| Position | Most you can make | Most you can lose | Breakeven |
|---|---|---|---|
| Buy a call | No limit | The premium | Strike + premium |
| Buy a put | Strike − premium, × 100 | The premium | Strike − premium |
| Sell a call (uncovered) | The premium | No limit | Strike + premium |
| Sell a put | The premium | Strike − premium, × 100 | Strike − premium |
Selling a call on shares you own (a covered call) caps your upside instead of exposing you to an unlimited loss.
What it does not show
- Value before expiry. Before expiry an option also has time value, which depends on implied volatility and days left. This calculator shows the result at expiry.
- Commissions and early assignment. American style options can be exercised early, most often just before a dividend.
- Odds. A wide profit range can still be unlikely. To see how far the market expects the stock to move by expiry, use the expected move calculator.
On Cluenex: Cluenex shows real option chains for about 1,000 US stocks, the move options expect before earnings, and strategies tested on real past prices.
Check any of 1,000 US stocks, free
No account needed. See the business, the price, insiders and the trend in plain words, with the price that would change our view.
Want alerts and a watchlist? Create a free account.
Questions people ask
How do you calculate profit on a call option?
At expiry: (stock price − strike − premium) × 100 per contract when the stock is above the strike. Below the strike the call expires worthless and you lose the premium you paid.
What is the breakeven price of an option?
For a call, strike plus the premium paid. For a put, strike minus the premium paid. At that stock price on expiry day the option's value equals what you paid for it.
What is the most you can lose buying an option?
The premium you paid, times 100 shares per contract. Selling options is different: an uncovered call has no limit on its loss, and a sold put can lose the strike minus the premium.
Why is my option losing money when the stock goes up?
Before expiry, an option's price also depends on time left and implied volatility. Time value shrinks every day, and implied volatility often drops after earnings, so an option can lose value even when the stock moves your way.
Education, not investment advice. A calculator is only as good as its inputs.