Position
Build the trade
Expiration payoff
Position profile
Horizontal axis: underlying price at expiration. Vertical axis: total position profit or loss.
| Underlying at expiry | P/L |
|---|
How to use it
Model the payoff, not the prediction.
For a single option, enter whether the position is long or short, choose call or put, then enter the strike and premium paid or received.
For a vertical spread, choose one of the common debit or credit spread presets and enter both strikes and premiums. The calculator evaluates both legs together at expiration.
The payoff graph shows how the position changes as the underlying settles at different prices. It does not estimate the probability of reaching any price.
Important limitation
Before expiration is different.
Option prices before expiration contain extrinsic value. A position can therefore show a materially different profit or loss than the expiration payoff shown here, even when the underlying is at the same price.
This calculator is best used to understand defined expiration outcomes, break-even levels and spread structure.
Risk disclosure
Options involve substantial risk of loss. Short options may carry very large or theoretically unlimited risk. Calculator outputs are simplified mathematical illustrations based on the inputs you provide.
Rawstocks LLC is a trading education and analysis community. We are not a registered investment adviser or broker-dealer, and nothing published here constitutes personalized investment advice. Past performance does not indicate future results. Read the full disclosure.