Calculate options P&L with payoff diagrams for calls, puts, spreads, straddles, and multi-leg strategies with Greeks.
This calculator turns one or more option legs into a profit-and-loss curve across possible underlying prices. Define long or short calls and puts using their strikes, premiums, quantities, and valuation assumptions. It can represent standalone contracts, spreads, straddles, and custom combinations while showing strategy Greeks. The common surprise is that an expiration payoff and a pre-expiration estimate are different: before expiration, remaining time value and implied volatility can materially change the position's modeled value.
A concrete input and expected output from the current implementation.
Input
Long 1 call; strike: $100; premium paid: $5 per share; contract multiplier: 100; evaluate at expiration with the underlying at $112
Expected output
Expiration option value: $1,200. Net P&L: +$700. Break-even underlying price: $105. Maximum loss: $500. Maximum profit: no fixed upper limit.
The call has $12 of intrinsic value per share. Subtracting the $5 premium leaves $7 per share, or $700 for 100 shares; the $105 break-even equals the $100 strike plus the $5 premium.
For an expiration view, a long call contributes max(underlying price - strike, 0), while a long put contributes max(strike - underlying price, 0). A short leg reverses that payoff. Premiums, quantities, and contract multipliers convert option value into net position P&L. Adding every leg at each underlying price produces the strategy curve and its break-even crossings.
Before expiration, an option can retain value beyond its immediate exercise value. The result therefore depends on the selected date and assumptions such as implied volatility, time remaining, and the underlying price. Greeks describe local sensitivity to changes in those inputs. Multi-leg strategy Greeks combine the signed exposure of each long or short leg, scaled by its quantity.
Not reliably by itself. An expiration curve removes remaining time value, so it can differ materially from a position closed earlier. For a pre-expiration estimate, select the intended valuation date and appropriate pricing assumptions. Even then, the result is a scenario calculation, not a prediction of the option's future market price.
No. It describes the modeled strategy under the entered legs, premiums, quantities, and multiplier. Actual results can differ because of bid-ask spreads, commissions, liquidity, exercise or assignment, and incorrect or nonstandard contract details. Confirm that every open leg is included and that the diagram's valuation date and units match the intended trade.
The example and behavioral notes were checked against the browser implementation. Standards and primary references below define the relevant format, formula, or platform behavior.
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