Option payoff calculator
See what an option position is worth at expiry at every price of the underlying. Add up to four legs — calls, puts or futures, bought or sold — to get the payoff chart, break-even points and the maximum profit and loss.
| Buy / sell | Type | Strike | Premium | Lots | |
|---|---|---|---|---|---|
For a future, enter the price you bought or sold at in the strike column. Premiums in presets are rough starting values — type in the real ones from the option chain.
Profit or loss at expiry, before charges (see the brokerage calculator). Before expiry, option prices also carry time value, so the position's value differs from this line.
How the payoff is worked out
At expiry an option is worth only its intrinsic value: a call is worth the price above the strike, a put the price below it, and anything out of the money is worth zero. The payoff of each leg is that value minus the premium paid (for a buy) or the premium received minus that value (for a sell), times the quantity. Adding the legs gives the line on the chart. Where it crosses zero are the break-even points. Read how to read an option chain and implied volatility to understand the premiums.
Frequently asked questions
A chart of the profit or loss of an option position at expiry for every possible price of the underlying. The horizontal axis is the price, the vertical axis is profit or loss.
For a bought call, it is the strike plus the premium paid; for a bought put, the strike minus the premium. For several legs, it is every price where the total payoff is zero.
A position that is net short calls has no upper limit to its loss as the price rises, and a net long call position has no upper limit to its profit.
No. It shows the payoff before charges. Use the brokerage calculator for STT, exchange charges, stamp duty and GST.
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For information and education only — not investment advice. Please confirm contract details with your broker or the exchange before trading.