Options Payoff Calculator
This options payoff calculator plots the profit or loss of an option strategy at
This options payoff calculator plots the profit or loss of an option strategy at
How to use Options Payoff Calculator
- Enter the underlying price at expiration and the contract multiplier (usually 100).
- Add a leg for each option: pick buy or sell, call or put, then enter the strike, premium and number of contracts.
- Read the payoff diagram, breakeven price, max profit and max loss, and the profit or loss at your chosen price.
About Options Payoff Calculator
This options payoff calculator plots the profit or loss of an option strategy at expiration. Add one leg per option — choose buy or sell, call or put, then enter the strike, premium (price per share) and number of contracts. The tool sums the intrinsic value of every leg across a range of underlying prices and draws the resulting payoff diagram, along with the breakeven price(s), maximum profit, maximum loss, and the net debit or credit of the position. Enter an underlying price at expiration to read the exact profit or loss at that point.
The math is standard expiration-value math: for each contract, a long call pays max(price − strike, 0) − premium and a long put pays max(strike − price, 0) − premium, with short positions reversed, all multiplied by the number of contracts and the contract multiplier (100 by default). It handles multi-leg strategies such as spreads, straddles, strangles, condors and covered positions by combining legs. "Unlimited" appears when the payoff keeps rising or falling at the edge of the price range.
This is a payoff-at-expiration model only. It deliberately ignores time value, implied volatility, early assignment, dividends, commissions and taxes, so it is not a live option price or a Black–Scholes estimate. Everything is computed in your browser with plain JavaScript — no data is uploaded, and there is no account or network call.
Frequently asked questions
- How do I enter a multi-leg strategy like a spread or straddle?
- Use the Add leg button to create one row per option. Set each leg's action (buy or sell), type (call or put), strike, premium and number of contracts. The calculator combines all legs, so a vertical spread, straddle, strangle or iron condor is just two or more legs on the same underlying and expiration.
- Is the premium per share or per contract?
- Enter the premium per share, the way option quotes are shown (for example 2.50). The tool multiplies it by the contract multiplier — 100 by default — and by the number of contracts, so a 2.50 premium on one standard contract costs $250.
- How accurate is this calculator?
- The payoff numbers at expiration are exact for the inputs you enter. It does not model an option's value before expiration, so it excludes time value, implied volatility, early assignment, dividends, commissions and taxes. Treat it as a strategy payoff diagram, not a live pricing model.
- What does 'Unlimited' max profit or loss mean?
- It means the payoff keeps increasing (or decreasing) as the underlying price moves further, with no cap in the modeled range — for example a long call has unlimited upside, and a naked short call has unlimited upside risk. Defined-risk strategies show a specific dollar figure instead.
- Does this work for both American and European options?
- The expiration payoff is the same for both. The difference is early exercise: American options can be assigned before expiration, which this at-expiration model does not simulate. The note in the tool flags this.
- Is my data private?
- Yes. All calculations run entirely in your browser with JavaScript. Nothing you type is uploaded, stored on a server, or requires a sign-up.