Options Calculators
The numbers that decide a trade — what it makes, what it risks, where it breaks even, and how likely that is — worked out properly and explained. Free, no account, no email.
Which calculator do you need?
They answer different questions, and the usual mistake is reaching for a profit calculator when the real question is about probability or volatility.
- “If I put this trade on, what can it make and lose?”
- The options profit calculator. Give it your legs — strike, expiry, side, quantity, price paid — and it returns max profit, max loss and every break-even, with the payoff drawn. It is the right tool for any multi-leg structure: a vertical, an iron condor, a collar. Needs no volatility input, because the outcome at expiry does not depend on one.
- “I own the stock — what does writing a call against it pay?”
- The covered call calculator. A payoff diagram is not what an income seller is comparing strikes on — they want the static return if the stock sits still, the if-called return if it is assigned, both annualised, and how far the stock can fall first. It takes your real cost basis, so it works on shares you already hold and not only on a fresh buy-write. See covered call.
- “I just want to buy a call — what does the stock have to do?”
- The long call calculator. Break-even is the strike plus the premium, not the strike, and the gap between the two is why a call can be right about direction and still expire worthless. It gives the move needed to clear break-even, the max loss, and how much of the premium is time value that decays away. See long calls.
- “How likely is that to actually happen?”
- The probability-of-profit calculator. A payoff diagram tells you the shape, not the odds. This gives the chance of finishing past break-even — which is not the same as delta and not the same as finishing in the money, the two substitutions that make a credit spread look better than it is. Needs an implied volatility and a holding period.
- “What is the option itself worth, and why?”
- The Black-Scholes calculator. Model price plus the full greek set for the call and the put side by side, so you can see which input your position is actually exposed to — theta, vega, gamma.
- “How far can the stock move by then?”
- The expected-move calculator. It converts the option market’s own pricing into a range by a chosen date — the implied move — which is the number to check before buying a strike outside it.
- “What happens to this through earnings?”
- The IV crush calculator. A long option can be right about direction and still lose, because implied volatility collapses the morning after the print. This prices that in advance — see IV crush.
All seven are free, need no account, and run in the browser — nothing you type is sent anywhere. The profit, covered-call and long-call calculators accept #symbol= and #spot= in the URL, so the links from any ticker page arrive already filled in. Traders usually shorten the whole set to “options calc”; the profit one is the options profit calc.
Looking for max pain?
Max pain needs a full open-interest ladder, not four inputs — so rather than ask you to type one in, we compute it from live open interest for every optionable US name. Try NVDA, SPY or TSLA, or swap in any ticker.