Call & Put Option Calculator — Payoff, Breakeven & P&L at Expiry
See the payoff diagram, breakeven price, and profit or loss at expiry for a long call or put option. Enter the strike, premium and number of contracts, and simulate any hypothetical stock price at expiry.
Option type
$
$ per share
$
Total P&L at expiry for all contracts, at the stock price entered above
- 1
Intrinsic value per share (call)
max(0, 110 − 100) = 10Value at expiry if exercised; zero if out-of-the-money. - 2
Net P&L per share
10 − 5 = 5 - 3
Total P&L (all contracts)
5 × 1 × 100 = 500
How does this calculator work?
Long call P&L at expiry = max(S − K, 0) − premium; long put = max(K − S, 0) − premium. Breakeven: K + prem (call) or K − prem (put). Maximum loss = premium paid. One contract = 100 shares. The payoff diagram shows the classic hockey-stick shape across stock prices.
Formula
How this is calculated
An option gives the buyer the right — but not the obligation — to transact at the strike price (K) by expiry. A call is the right to buy the underlying stock at K; you exercise it when the stock price at expiry (S_T) is above K, earning S_T − K per share. A put is the right to sell at K; you exercise it when S_T < K, earning K − S_T per share. In both cases your cost is the premium you paid upfront, so net profit = intrinsic value − premium.
For a long call, the breakeven is K + premium — the stock must rise enough to cover the cost of the option. The maximum loss is the premium paid (if the stock finishes at or below K, the option expires worthless). Profit is theoretically unlimited as the stock rises. For a long put, the breakeven is K − premium. Maximum loss is again the premium; maximum profit is K − premium (if the stock goes to zero).
This calculator computes payoff at expiry only — it shows intrinsic value minus cost with no time-value component. Real market prices before expiry include time value and are better estimated with a Black-Scholes or binomial model. One standard US equity options contract covers 100 shares, so total dollar amounts are multiplied by 100 × number of contracts.
Frequently asked questions
A long call means you buy the option and pay the premium — your loss is capped at the premium, and your gain is unlimited. A short (written) call means you sell the option and collect the premium — your gain is capped at the premium received, but your potential loss is unlimited if the stock rises sharply. This calculator covers long (buying) positions only.
Most US equity options are automatically exercised if they are in-the-money by $0.01 or more at expiry (under CBOE Rule 805). The call buyer receives 100 shares at the strike price; the put buyer delivers 100 shares at the strike price. Brokers may have specific procedures — check with your broker if you hold options close to expiry.
No. The payoff shown here is the intrinsic value minus premium at expiry. Before expiry, an option has additional time value that can only be estimated with a pricing model such as Black-Scholes. See the Black-Scholes Calculator on this site for pre-expiry pricing, Greeks, and implied volatility.
TG we-Calculate Editorial Team. (2026). Call & Put Option Calculator — Payoff, Breakeven & P&L at Expiry [Online calculator]. TG we-Calculate. https://we-calculate.com/calculator/call-put-option-calculator
TG we-Calculate Editorial Team. "Call & Put Option Calculator — Payoff, Breakeven & P&L at Expiry." TG we-Calculate. 2026. https://we-calculate.com/calculator/call-put-option-calculator.
TG we-Calculate Editorial Team, "Call & Put Option Calculator — Payoff, Breakeven & P&L at Expiry," TG we-Calculate, 2026. [Online]. Available: https://we-calculate.com/calculator/call-put-option-calculator
@misc{wecalculate_call_put_option_calculator, title = {Call & Put Option Calculator — Payoff, Breakeven & P&L at Expiry}, author = {{TG we-Calculate Editorial Team}}, howpublished = {\url{https://we-calculate.com/calculator/call-put-option-calculator}}, year = {2026}, note = {TG we-Calculate} }
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