Options Profit & Breakeven Calculator
Breakeven, max profit, max loss, and P&L at your target price
This calculator computes the breakeven stock price, maximum profit, maximum loss, and profit or loss at a target price for a single call or put position, long or short, at expiration.
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Breakeven Price
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Max Profit
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Max Loss
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P&L at Target Price
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Profit/Loss by Stock Price at Expiration
Total Premium (paid/received)
Contract multiplier100 shares/contract
📖 Understanding Options Payoff
An option's value at expiration depends entirely on where the stock price ends up relative to the strike price. The math is fixed and mechanical once you know the type (call or put) and position (long or short) — this calculator applies those fixed relationships directly.
Breakeven Price
Call Breakeven = Strike + Premium
Put Breakeven = Strike − Premium
Put Breakeven = Strike − Premium
Breakeven is the same whether the position is long or short — it's the stock price at which the option's intrinsic value exactly equals the premium paid or received, so the position neither gains nor loses money (ignoring commissions).
Long Call: Limited Risk, Unlimited Upside
Buying a call risks only the premium paid — if the stock finishes below the strike, the option expires worthless and the loss is capped at the premium. Above the strike, profit grows with the stock price with no theoretical ceiling.
Long Put: Limited Risk, Large (Capped) Upside
Buying a put also risks only the premium paid. Profit increases as the stock falls below the strike, capped at the point where the stock reaches zero — a large but technically finite maximum, since a stock price can't go negative.
Short Call: Limited Profit, Unlimited Risk
Selling (writing) a call collects the premium upfront, which is the maximum possible profit if the stock stays below the strike. Above the strike, losses grow without a theoretical ceiling, since the seller must deliver shares at the strike price regardless of how high the stock climbs.
Short Put: Limited Profit, Large (Capped) Risk
Selling a put also collects the premium as the maximum profit, realized if the stock stays above the strike. Below the strike, losses grow as the stock falls, capped (in theory) at a stock price of zero.
💡 Every "unlimited" or "large" loss scenario here is at expiration and ignores that most option positions are closed or adjusted before expiration in practice — this calculator shows the mechanical payoff, not a trading recommendation.
❓ Frequently Asked Questions
How do you calculate an option breakeven price?
Call Breakeven = Strike + Premium | Put Breakeven = Strike − PremiumThis is the stock price at which the position neither gains nor loses money, ignoring commissions.
What is the max loss on a long call or long put?
Buying a call or put risks only the premium paid. If the option expires worthless, the maximum loss is the total premium paid, and no more.
What is the max loss on a short (written) call?
Selling (writing) a call has theoretically unlimited risk, since the stock price has no upper bound and the seller must deliver shares at the strike price regardless of how high the stock rises.
How much does one options contract represent?
One standard equity options contract represents 100 shares of the underlying stock, so premiums and profit/loss are typically multiplied by 100 per contract.