Options Payoff Calculator
See the profit or loss at expiration of buying or selling a call or put, a covered call, or a protective put, with the break-even, the most that can be gained, and the most that can be lost.
Pick a position, then set the strike price, the premium, and, for the strategies that include shares, the price paid for the stock. The calculator draws the result at expiration for one contract of 100 shares and lists the break-even, the most that can be gained, and the most that can be lost.
Results at expiration only, before commissions. Before expiration an option's price also depends on time and volatility, which this chart doesn't show.
Things to compare
- Buying versus selling the same option. One side's gain is the other's loss. A sold call has no limit on its loss.
- A covered call and a sold put with the same strike have the same shape.
- A protective put and a bought call have the same shape too. Comparing the pairs shows how options can be combined.
Before using real options
An option is the right to buy or sell a specified amount of an underlying interest at a fixed price before a set expiration date, and for most options on shares one contract covers 100 shares.1 Small moves in the shares can mean large percentage gains or losses on the premium. Calls and Puts starts from the beginning.
The lessons behind it
- Calls and PutsDerivatives (depth track) · Free
- Strike, Expiration, and PremiumDerivatives (depth track)
- Covered Calls and Protective PutsDerivatives (depth track) · Free
Notes and sources
- The Options Clearing Corporation. Characteristics and Risks of Standardized Options. Checked 2026-10-13. Back to text