Profit and loss for an options position at expiry and on every day before it, with the breakevens, the most it can make or lose, and the chance of a profit the implied volatility gives it.
| Price | Now | 20d left | 10d left | Expiry |
|---|---|---|---|---|
| $121.50 | $1,535 | $1,512 | $1,496 | $1,484 |
| $117.20 | $1,130 | $1,095 | $1,068 | $1,054 |
| $112.90 | $755 | $703 | $652 | $624 |
| $108.60 | $430 | $362 | $281 | $194 |
| $104.30 | $175 | $104 | $13 | -$166 |
| $100.00 | $0 | -$57 | -$121 | -$166 |
| $95.70 | -$100 | -$133 | -$160 | -$166 |
| $91.40 | -$145 | -$159 | -$166 | -$166 |
| $87.10 | -$161 | -$165 | -$166 | -$166 |
| $82.80 | -$165 | -$166 | -$166 | -$166 |
| $78.50 | -$166 | -$166 | -$166 | -$166 |
Each option is priced with the Black-Scholes model from the stock price, the strike, the time left, the implied volatility and the interest rate. At expiry an option is worth only what it is in the money by. A contract covers 100 shares.
Leave a premium blank and the calculator uses the model price at entry. Type in the premium you were quoted and the profit and loss are measured from that instead.
The chance of profit is the probability, under the same model, that the stock finishes in a range where the position makes money. It is what the implied volatility says, not a prediction.
At expiry, the strike plus the premium paid per share. A call bought at a $105 strike for $4 breaks even at $109; above that it makes money, and below the strike it loses the whole premium.
An option’s price includes time value, which shrinks as expiry approaches. A bought option loses it day by day, faster near the end; a sold option collects it. The "Today" line and the table show this.
How much the market expects the stock to move. Higher volatility makes every option dearer, widens the range of likely prices, and moves the chance of profit. Use the volatility your broker quotes for the option.
For a sold call with no shares to cover it, yes: the stock can keep rising and the loss with it. A spread or a covered call caps it, which is why the calculator says "unlimited" only when nothing does.
Margin Call is a free stock market game in your browser, with an option chain on every stock. Try a spread or a straddle against earnings, without risking real money.
Play freeFor education, not financial advice. Real prices include bid-ask spreads, dividends and early exercise, which this model leaves out.