Calculate profit, breakeven, max gain, and max loss at expiration for calls, puts, covered calls, and cash secured puts. Type your trade in, see the whole payoff instantly.
| Stock Price | Move | P/L ($) | Return |
|---|
Every result is calculated at expiration. Breakeven is the stock price where you walk away flat. For a long call that is strike plus premium. For a long put it is strike minus premium. For a covered call it is your stock price minus the premium collected. For a cash secured put it is strike minus premium.
Return is measured against the capital the trade actually ties up: the premium paid for long options, the full cost of 100 shares for covered calls, and the cash collateral (strike x 100) for cash secured puts. Short calls without stock have unlimited risk, which is why the calculator shows no max loss for them. Most brokers will not even let newer accounts sell naked calls.
Selling covered calls and cash secured puts for income is the same engine behind the funds in our Covered Call ETF rankings and Put Selling Income ETF breakdown. If you want the strategy explained from zero, start with What Is a Cash Secured Put.
This tool models price at expiration only. It does not model early assignment, dividends, or how the option price moves before expiration. It is educational, not investment advice.
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