Pick a strategy above, enter your strikes and premium, and the calculator updates max profit, max loss, and breakeven instantly — along with a payoff diagram showing profit and loss across a range of prices at expiration. Everything runs in your browser; nothing is sent anywhere.

How to Use This Options Profit Calculator

  1. Choose your strategy from the dropdown (long call, long put, covered call, cash-secured put, credit spread, debit spread, or iron condor).
  2. Enter the strikes and the premium you paid or received, per share — the price shown on your trade ticket.
  3. Read the results: max profit, max loss, and breakeven update as you type. For iron condors and other multi-leg trades, you’ll see both breakeven points.
  4. Use the chart to see how profit and loss change as the underlying moves, not just at the two or three critical price points.

All figures are calculated at expiration and assume standard 100-share option contracts. They don’t account for commissions, assignment fees, or early exercise — see the notes for each strategy below.

Covered Call Calculator

Select Covered Call to work out your return on a covered call before you sell it. Enter your stock’s cost basis, the strike you’re selling, and the premium you’ll collect.

The calculator gives you three numbers most covered call sellers actually care about:

  • Static return — what you keep if the stock doesn’t move and the call expires worthless.
  • Return if called away — your total return if the stock finishes above the strike and your shares are called.
  • Downside protection — how far the stock can drop before you’re at a loss, expressed as a percentage of your cost basis.

For the full walkthrough of the math behind these numbers, see how to calculate covered call breakeven and return.

Cash-Secured Put Calculator

Select Cash-Secured Put to see your max profit, breakeven, and — importantly — your annualized return on capital, since a put sold with 7 days to expiration and one sold with 45 days can have very different capital efficiency even at the same premium.

Enter the strike, the premium received, and days to expiration. The calculator shows the capital required to secure the put (strike × 100 × contracts), your return on that capital, and what your effective cost basis becomes if you’re assigned the shares.

More detail in how to calculate cash-secured put return and breakeven.

Iron Condor Max Loss Calculator

Select Iron Condor and enter all four strikes plus the net credit received. The calculator automatically finds the wider of your two wings (put side or call side) — max loss on an iron condor is always based on the wider wing, not the average — and subtracts your credit to get true max loss.

You’ll also get both breakeven points: short put strike minus credit, and short call strike plus credit. For the full explanation of why max loss uses the wider wing, see how to calculate max loss and max profit on an iron condor.

Credit Spread and Debit Spread Calculator

The same calculator handles vertical spreads. Choose Credit Spread for bull put spreads or bear call spreads (you collect a credit), or Debit Spread for bull call spreads or bear put spreads (you pay a debit). Enter your two strikes and the net premium, and it returns max profit, max loss, and breakeven based on the width between strikes.

Related reading: credit spread vs debit spread: when to use each.

Long Call and Long Put Calculator

For a simple directional bet, select Long Call or Long Put. These have the simplest math of any option position: max loss is capped at the premium you paid, and breakeven is the strike plus (for calls) or minus (for puts) that premium.

What This Calculator Doesn’t Account For

  • Commissions and fees. Add your broker’s per-contract commission to max loss and subtract it from max profit for a more realistic number.
  • Early assignment. Short options — the call in a covered call, the put in a cash-secured put, or either short leg in a spread — can be assigned before expiration, especially around dividend dates. See options assignment risk for when this actually matters.
  • Taxes. Realized gains on options are taxed differently depending on holding period and whether you’re assigned; this calculator only shows pre-tax P&L.
  • Path dependence. The chart shows the payoff at expiration. Before expiration, an option’s value also depends on time decay and implied volatility, so your position’s current market value will differ from this diagram until expiration day.

Frequently Asked Questions

Does this calculator account for dividends? No. For covered calls and cash-secured puts on dividend-paying stocks, dividends received (or missed, if your shares are called away before the ex-dividend date) are not included in the return figures above.

Why is my breakeven different from what my broker shows? Most brokers include estimated commissions in their breakeven display. This calculator uses raw strike and premium math; subtract your commission cost per contract to match your broker’s number exactly.

Can I model multi-leg strategies other than iron condors? This calculator covers the most commonly searched single- and two-leg strategies plus the iron condor. For strategies like iron butterflies, calendars, or diagonals, the options strategy glossary explains the payoff structure, and the credit/debit spread modes here can approximate one side of a butterfly or condor if you model it as two separate spreads.