Max profit
$66.53
Options profit calculator
Pick a strategy, enter your strikes and see the max profit, max loss, breakevens, profit chance and expected value at expiration. Free, no sign-up.
Leave the price empty to estimate it from implied volatility. Results are per contract (100 shares), held to expiration.
Estimated credit: $66.53 per contract (from implied volatility; type your real price above)
Max loss
−$433.47
Breakevens
$91.33 / $109.67
Profit chance ?
79.8%
Expected value ?
+$34.91
Reward to risk
0.15 to 1
Get the full verdict on this trade
Free, no account. The app adds volatility skew, exit plans, position sizing and a plain-English verdict.
Calculators by strategy
Sell premium
- Iron condorCollects a credit by betting the price stays inside a range.
- Put credit spreadCollects a credit by betting the price stays above a level.
- Call credit spreadCollects a credit by betting the price stays below a level.
- Iron butterflyCollects a larger credit by betting the price pins near today's level.
Buy
- Bull call spreadPays a debit for a capped profit if the price rises.
- Bear put spreadPays a debit for a capped profit if the price falls.
- Long callPays a premium for gains if the price rises past the strike.
- Long putPays a premium for gains if the price falls past the strike.
- Long straddlePays for both a call and a put to profit from a large move either way.
- Long strangleA cheaper straddle: out-of-the-money options on both sides.
Butterflies & condors
- Call butterflyPays a small debit for a big payout if the price pins near the middle strike.
- Put broken-wing butterflyA butterfly with a wider lower wing, often opened for a credit, with no risk if the price rises.
Uncapped risk
- Cash-secured putSells a put, with cash set aside to buy the shares if assigned.
- Short strangleSells a put and a call outside the range for a bigger credit, with no protection on either side.
- Short straddleSells a put and a call at the same strike for the largest credit, betting the price barely moves.
- Jade lizardA short put plus a call credit spread, with no risk on the upside if the credit is big enough.
- Risk reversalSells a put to pay for a call: a bet on direction, often for little or no money.
With shares
- Covered callOwns 100 shares and sells a call against them for income.
- CollarOwns shares, buys a put for protection, and sells a call to pay for it.
- Protective putOwns shares and buys a put as insurance.
Tools
- Expected value calculatorWhat a trade makes on average, from realized volatility.
- Probability of profit calculatorThe market-implied chance a trade ends with a profit.
- Position size calculatorHow many contracts fit your risk rules.
- Expected move calculatorHow far the market expects a stock to move.
Why expected value, not just profit chance
Most calculators stop at the payoff chart and a probability. But a trade that wins 85% of the time can still lose money overall if its losses are big enough. Expected value puts the size of wins and losses together with how likely each is. It turns on one question: is the stock moving more or less than the options are pricing in? Enter the stock's realized volatility and the calculator answers it.
Questions
How does an options profit calculator work?
It adds up what each option is worth at expiration for every possible stock price, then subtracts what you paid or adds what you collected. That gives the payoff line on the chart, the max profit and loss, and the breakevens where the line crosses zero.
How is profit chance calculated?
From implied volatility: the calculator assumes the stock's price at expiration follows a lognormal distribution as wide as option prices imply, and adds up the probability of every price where the trade makes money.
What is expected value for an options trade?
The average profit or loss per contract across all the outcomes, weighted by how likely each one is. This calculator uses the realized volatility you enter, so it shows what the trade makes on average if the stock keeps moving the way it has been.
Is this financial advice?
No. It's a calculator. It shows the math for the numbers you enter and doesn't recommend any trade.