Options Profit/Loss Calculator
P/L at expiration for a long call, long put, covered call, or cash-secured put.
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About the Options Profit/Loss Calculator
Calculates profit or loss at expiration for a single long call, long put, covered call, or cash-secured put options position, including breakeven price and max profit/loss for the chosen strategy.
- Choose a strategy.
- Enter the strike price, premium per share, and number of contracts.
- For a covered call, also enter the stock's cost basis.
- Enter the underlying's expected price at expiration to see P/L, breakeven, and max profit/loss.
Long call: strike $50, premium $3 paid, 2 contracts, expiring at $60 → P/L per share = $7, total P/L = $1,400, breakeven = $53, max loss = $600.
| Strategy | Max profit | Max loss | Breakeven |
|---|---|---|---|
| Long Call | Unlimited | Premium paid | Strike + Premium |
| Long Put | Strike − Premium | Premium paid | Strike − Premium |
| Covered Call | (Strike − Cost basis) + Premium | Cost basis − Premium | Cost basis − Premium |
| Cash-Secured Put | Premium received | Strike − Premium | Strike − Premium |
This is an expiration-only payoff model — it ignores commissions, assignment fees, time value remaining before expiration, taxes, and dividends. A long call's max profit is unlimited since the underlying has no price ceiling.
- • A long call or put's entire risk is the premium paid.
- • A cash-secured put obligates you to buy 100 shares per contract at the strike if the underlying finishes below it.
- • A covered call caps your upside at the strike price in exchange for the premium.
- Investopedia — Covered Call: How It Works and Examples — accessed 2026-08-30
Illustrative estimate only, not financial or tax advice. Verify figures with a licensed adviser or your local tax authority.