Options Profit Calculator
Build any options position — from a single long call to a four-leg iron condor — and see exactly what it pays at expiration: max profit, max loss, every breakeven, and the full payoff curve.
How the payoff math works
At expiration an option is worth only its intrinsic value: max(S − K, 0) for a call, max(K − S, 0) for a put. A long leg's P/L is that value minus the premium you paid; a short leg's is the premium you collected minus that value.
Sum the premiums: pay more than you collect and the position opens for a debit (your max risk on defined-risk structures); collect more and it's a credit (your max reward on most spreads). This calculator labels which one applies.
The breakeven is the underlying price where total P/L crosses zero. Single legs have one; condors and butterflies have two. We scan the full price range and interpolate each crossing exactly.
A naked long call has uncapped upside; a naked short call has uncapped loss. The calculator detects net call exposure at the extremes and flags those tails as Unlimited instead of a finite number.
This models value at expiration only — it does not price the position before expiry, where time value and implied volatility still matter. For pre-expiry greeks and theoretical pricing, use the Greeks Calculator. To learn the structures themselves, see bull call spreads, iron condors, and the credit spread guide.
OptionsDeck builds and prices the structure for you.
The calculator needs you to enter every strike and premium by hand. Inside the terminal, the AI Strategist reads live dealer positioning and snaps each leg to a real listed contract — then ships the structure with Monte-Carlo probability of profit, aggregated greeks, and live mark-to-market P/L.