ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
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Calls and Puts
are the two types of options. Calls give you the right to buy stock; puts give you the right to sell stock. Calls profit when stocks rise; puts profit when stocks fall.
Every options strategy is built from combinations of calls, puts, and stock. Understanding these two building blocks unlocks all options trading.
Quick answer
CALL = right to BUY (bullish). PUT = right to SELL (bearish). Buy calls when expecting price increase. Buy puts when expecting decrease or for protection. Both cost premium and can expire worthless.
A call profits when the underlying rises and conveys the right to buy at the strike; a put profits when it falls and conveys the right to sell at the strike.
Call Options
A call option gives you the right to BUY 100 shares at the strike price before expiration.
When to buy calls: You're bullish—you expect the stock to rise above the strike price plus the premium you paid.
Example: Stock at $100. Buy $105 call for $2. Breakeven = $107. If stock goes to $120, option worth $15. Profit = $13 per share ($1,300 per contract).
Max Loss: Premium paid ($200)
Max Gain: Unlimited (stock can rise infinitely)
ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
- Live chains and Greeks
- IV rank and percentile
- Expected move and GEX
- Screener and strategy P&L
Free on AAPL, no account. Trial: no charge if you cancel before it ends.
Try this with real market data. 5,500+ stocks, live options chains, IV analytics and P&L. 7-day free trial.
Put Options
A put option gives you the right to SELL 100 shares at the strike price before expiration.
When to buy puts: You're bearish—you expect the stock to fall below the strike price minus premium. Or you want insurance on stock you own.
Example: Stock at $100. Buy $95 put for $2. Breakeven = $93. If stock drops to $80, option worth $15. Profit = $13 per share ($1,300).
Max Loss: Premium paid ($200)
Max Gain: Strike price minus premium (stock can only go to $0)
Side-by-Side Comparison
| Feature | Call Option | Put Option |
|---|---|---|
| Right to | BUY stock | SELL stock |
| Market view | Bullish | Bearish |
| Profits when | Stock rises | Stock falls |
| Max profit | Unlimited | Strike - Premium |
| Max loss | Premium paid | Premium paid |
Key Takeaways
- Calls = right to buy = bullish bet
- Puts = right to sell = bearish bet or insurance
- Both have limited risk when buying (premium paid)
- Calls have unlimited profit potential; puts limited by stock going to $0
Watch
Run the numbers before you trade. P&L chart, breakeven & Greeks for any options trade. Free, no signup. Or model any multi-leg trade in the options profit calculator.
Options Profit Calculator- Written by
- ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use. - Reviewed by
- Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.
Revised as market conditions and institutional data change. Last revised 2025-01-21. How we research →
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