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Options profit calculator that shows its work
Model any options strategy, from a single call to an eight-leg spread. See the exact breakeven, what you can actually lose, the Greeks and the probability of profit — with every number labelled by where it came from.
Start with a common strategy
Each one opens with a working position already filled in. Change whatever you like.
What makes this one different
- One engine, every strategy
- A long call and an eight-leg custom position go through exactly the same solver. Fixing the maths fixes every strategy at once, and no strategy gets a special case that quietly disagrees with the others.
- Unlimited stays unlimited
- When a position has no cap on its loss, we say so in words. Maximum risk is never rendered as a large number that happens to be where the chart stopped.
- Every number is labelled
- Each figure carries a badge saying whether you typed it, a market feed supplied it, or a model produced it. You always know which parts of a result are measurement and which are assumption.
- The formulas are published
- Black-Scholes-Merton with a continuous dividend yield, a Cox-Ross-Rubinstein lattice for American-style early exercise, and Newton-Raphson with a bisection fallback for implied volatility. All of it written down, all of it tested against independent reference values.
Common questions
- Is the options calculator free?
- Yes. Every calculator, the payoff chart, the profit table, the Greeks and the probability estimates are free, with no account required.
- How is breakeven calculated?
- The expiration payoff of any options position is piecewise-linear, with a bend at every strike. We evaluate the payoff at every strike, find the segments where it crosses zero, and solve those crossings exactly by linear interpolation. There is no root-finding error, and multi-leg strategies with two or more breakevens report all of them.
- Which pricing model do you use?
- Black-Scholes-Merton with a continuous dividend yield for European-style contracts, and a Cox-Ross-Rubinstein binomial lattice when early exercise matters, since US equity options are American-style. Expiration values are pure arithmetic and use no model at all.
- Does it use live market prices?
- Not at launch. You enter premiums yourself, or let the pricing model produce theoretical premiums from a volatility you choose. Model-derived premiums are labelled as such everywhere they appear, so a theoretical result can never be mistaken for a real quote.
- Does probability of profit account for the real distribution of returns?
- No, and we say so beside every probability. The estimates assume a lognormal terminal price, the same assumption Black-Scholes makes. Real returns have fatter tails, so treat these as a common yardstick rather than a forecast.