Options payoff diagram
A picture of the arithmetic of an option position at expiration: what each leg pays, minus or plus the premium, across a range of prices.
No market data is loaded. Every number comes from what you type, and nothing you type is sent anywhere.
Inputs
Results
Enter your own strikes and premiums to see the arithmetic.
Profit or loss at expiration
Scenario A Scenario B
Enter your own numbers to draw the chart.
The same values as a table
How it's calculated
At expiration, an option is worth only what it pays at that price: a call pays the amount the price is above the strike, and a put pays the amount it is below. Subtract the premium paid, or add the premium received, and multiply by the contract multiplier and the number of contracts. The chart shows that result across a range of prices at expiration. It says nothing about the value before expiration or about which price is likely.
Call value at expiration: max(S − K, 0). Put value: max(K − S, 0).Leg P/L per unit: s · (value − P)Position P/L: Σ legs × m × qNet premium: −Σ s·P × m × q (negative = paid)Symbols: S = underlying price at expiration, K = strike, P = premium per unit, m = multiplier, q = contracts. Long legs have sign s = +1 and short legs s = −1.
What this leaves out
- This shows value at expiration only, from the numbers you entered. It leaves out fees, assignment, early exercise, dividends and the price changes before expiration, and it says nothing about how likely any price is. Not a recommendation.
- The premiums are numbers you enter, not current prices. Slippage, fees and taxes are not included.
Educational only. This calculator does arithmetic on the hypothetical numbers you enter. It is not financial advice or a recommendation, and it does not predict any result. Real trading includes costs and conditions this math leaves out.