Options Profit Calculator
Choose a call or put, long or short, then enter the strike, premium, and an assumed price of the underlying at expiration to see the profit or loss, break-even price, and intrinsic value.
Model an options position
The option's strike (exercise) price.
Assumed price of the underlying at expiration.
Whole number from 1 through 100,000. Each controls 100 shares.
Long 2 call contracts at a $100 strike.
- Break-even price
- $105.00
- Intrinsic value
- $4,000.00
- Cost basis
- $1,000.00
How options profit at expiration is calculated
At expiration, an option is worth only its intrinsic value. A call is worth the amount the underlying price is above the strike; a put is worth the amount it is below. That per-share value is multiplied by 100 shares per contract and by the number of contracts. A long position profits by that intrinsic value minus the premium paid; a short position is the mirror image, keeping the premium unless the option finishes in the money.
Intrinsic (call) = max(0, Underlying − Strike) × 100 × Contracts
Intrinsic (put) = max(0, Strike − Underlying) × 100 × Contracts
Cost basis = Premium × 100 × Contracts
Profit (long) = Intrinsic − Cost basis
Profit (short) = Cost basis − Intrinsic
Break-even (call) = Strike + Premium
Break-even (put) = Strike − Premium- Strike
- The option's exercise price
- Premium
- Price per share paid or received
- Underlying
- Assumed price at expiration
- Contracts
- Each represents 100 shares
Long 2 call contracts, $100 strike, $5 premium, $120 underlying
Suppose you are long 2 call contracts with a $100 strike, paid $5 per share in premium, and the underlying finishes at $120 at expiration. Each call is worth 120 − 100 = $20 per share, so intrinsic value is 20 × 100 × 2 = $4,000. Cost basis is 5 × 100 × 2 = $1,000. Profit is 4,000 − 1,000 = +$3,000.00. The break-even price is 100 + 5 = $105.
This models the outcome at expiration only. It does not account for time value before expiration, early assignment, or commissions, and it is not a trading recommendation.
What this calculator assumes
- Profit and loss are measured at expiration only — time value (extrinsic value) before expiration is ignored.
- A single-leg position: one option type, one strike, and one expiration. Multi-leg spreads are not modeled.
- Each contract represents 100 shares, the standard US equity-option multiplier.
- No commissions, assignment fees, taxes, or early-exercise effects are included.
Options profit FAQ
Why does this only show profit at expiration?
Before expiration, an option also carries time value, which depends on volatility, interest rates, and time remaining and requires a pricing model to estimate. This tool deliberately keeps to the simpler, exact case at expiration, where an option is worth only its intrinsic value.
How risky is a short options position?
A short position can lose far more than the premium received. A short call has theoretically unlimited loss if the underlying keeps rising, and a short put can lose down to the strike. Short options are considered high-risk and are not suitable for all investors.
Sources and review notes
Methodology last checked Jul 14, 2026. Formula implementation is covered by deterministic unit tests. No financial professional review is claimed yet.