Options Profit Calculator
Free, no login · By OptionClaws · Updated 2026-09-28
Pick any of 23 options strategies, type in the stock price, strikes, premiums, and days to expiration, and this calculator draws the profit and loss at expiration and works out max profit, max loss, breakevens, a model-based probability of profit, return on risk, and annualized return. The math runs in your browser on the numbers you enter: no sign-up and no market data.
Illustrative inputs; enter your own. Results are calculated in your browser from the numbers you enter.
Find these trades across the market
The OptionClaws scanner runs this same math on real option chains and ranks every candidate by return, probability, and liquidity.
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How to use the options profit calculator
- Choose a strategy. The legs fill in with illustrative strikes around a $100 stock and premiums estimated from the implied volatility.
- Enter the stock price and implied volatility you want to model. Implied volatility drives the probability of profit and the premium estimates.
- Edit each leg: strike, premium per share, quantity (the butterfly body is 2, for example), and days to expiration. Use the premiums from your broker's option chain for real numbers.
- Set the number of contracts. Every dollar figure scales with it; percentages do not.
- Read the results and the chart. Hover or tap the chart to see profit or loss at any stock price. Copy the page link to share the exact inputs.
How it's calculated
The calculator uses the same option math as the OptionClaws scanner. At expiration each option is worth its intrinsic value, so the position's profit or loss per share is the sum over legs of the leg's direction times its quantity times intrinsic value minus the premium. Strategies that include shares, covered calls and married puts, add 100 shares bought at the stock price you enter. Dollar figures are per share times 100, times the number of contracts.
Between strikes the payoff is a straight line, so the calculator finds everything exactly rather than by sampling. Calendars and diagonals are the exception: their long leg is still alive at the front expiration, so they are valued at the front expiration with the long leg priced by Black-Scholes at its own implied volatility and remaining days, and their breakevens are found numerically.
- Net debit or credit: premiums paid minus premiums received, times quantity. Shares are excluded, so a covered call shows the call credit.
- Max profit and max loss: the payoff checked at a stock price of zero and at every strike. If the line keeps rising above the highest strike, max profit is unlimited; if it keeps falling, max loss is unlimited.
- Breakevens: the exact prices where the payoff line crosses zero.
- Probability of profit: the chance the stock finishes inside the profitable ranges under a lognormal (Black-Scholes) model, using the implied volatility you enter, a 4.5% risk-free rate, and days to expiration over 365.
- Return on risk: max profit divided by max loss. For naked puts and for undefined-risk credit trades (short straddles, short strangles, call ratio spreads) it is max profit divided by the Reg-T margin requirement instead, the same basis the scanner uses.
- Annualized return: return on risk times 365 divided by days to expiration (the nearest expiration for calendars and diagonals). Simple scaling, no compounding.
- Margin or capital required (credit trades): max loss for defined-risk spreads, condors, and covered calls; the Reg-T formula from the options margin calculator for naked legs.
Assumptions and limitations
- Payoff is at expiration only (the front expiration for calendars and diagonals). The chart does not show the position's value before then.
- Probability of profit is a model output, not a forecast. It assumes lognormal prices at a constant implied volatility, and real stocks gap, trend, and change volatility.
- Fees, commissions, and bid-ask slippage are excluded. So are early assignment, dividends, and taxes.
- Premiums you type are taken as your fill prices. The starting premiums are estimates for illustration, not quotes.
- Return on risk compares the best case to the worst case; it is not an expected return.
Frequently asked questions
- Is this options profit calculator free?
- Yes. It needs no account, loads no market data, and does the math in your browser on the numbers you type.
- Why is my probability of profit different from my broker's?
- Brokers use different models, volatility inputs, and interest rates, and some quote the probability of touching a price rather than finishing past it. This calculator uses a lognormal model at the single implied volatility you enter, so change that input to match your broker's assumption.
- What does unlimited max profit or max loss mean here?
- The payoff line keeps sloping up (or down) above the highest strike, so there is no ceiling (or floor) as the stock rises. A long call has unlimited profit; a short call or short strangle has unlimited loss.
- Why does the annualized return look huge on some trades?
- Annualized return scales the best-case return on risk to a year. On a short-dated debit trade that pays several times its cost at best, that number gets very large. Treat it as a way to compare trades with different expirations, not as a likely outcome.
- How are calendars and diagonals handled?
- They are valued at the front expiration. The short front leg is worth its intrinsic value and the long back leg is priced with Black-Scholes using the IV you enter on that leg, so the payoff curve bends instead of being straight lines.
- Can I share a calculation?
- Yes. The page link updates as you edit, so copying it shares the strategy, stock price, implied volatility, and every leg.
Related
For education only, not investment advice. Results are model-based estimates from the inputs you enter and exclude fees, early assignment, and dividends. Options involve substantial risk and are not suitable for every investor. See our Terms of Service.