Free Options Calculator
Calculate profit, loss, breakeven, and all Greeks for any options trade. Supports single options and complex multi-leg strategies. 100% free with real-time data.
Try it now: Calculate options for AAPL with real-time data - no signup required!
Use Free Options Calculator →What Can You Calculate?
Profit & Loss
Calculate exact P&L at any stock price. See your profit/loss at expiration or before. Includes breakeven points and maximum profit/loss.
All Greeks
Delta, Gamma, Theta, Vega, and Rho calculated automatically. See how each Greek affects your position in real-time.
Implied Volatility
Calculate IV from option prices or see how IV changes affect your position. Includes IV rank and percentile.
Breakeven Price
Instantly see the stock price(s) where you break even. Critical for planning entries and exits.
Time Decay
See how much value your option loses each day (Theta). Adjust days to expiration to test time decay scenarios.
Multi-Leg Strategies
Calculate iron condors, butterflies, spreads, and any custom combination. See net Greeks and combined P&L.
How to Use This Options Calculator
Enter Ticker Symbol
Type any stock ticker (AAPL, TSLA, SPY, etc.). The calculator will load real-time options data including all available strikes and expirations.
Select Strike & Expiration
Choose your desired strike price and expiration date. See real-time bid/ask prices, volume, and open interest for every option.
View Calculations
Instantly see P&L, breakeven, max profit/loss, all Greeks, and a visual payoff diagram. No manual calculations needed.
Test Scenarios
Adjust stock price, volatility, and days to expiration to see how your position changes. Perfect for planning exits and risk management.
Pro Tips
- 💡 Compare Strikes: Use the calculator to compare different strike prices side-by-side to find the best risk/reward.
- 💡 Check Theta: Pay attention to daily time decay (Theta) - it accelerates as expiration approaches.
- 💡 Test Volatility: Adjust IV to see how volatility expansion or contraction affects your position.
- 💡 Multi-Leg Strategies: Build complex strategies by adding multiple legs and see the combined effect.
Example: Calculate a Covered Call on AAPL
Let's walk through a real example using current Apple (AAPL) data to show you exactly how the calculator works.
The Setup
Position: Own 100 shares of AAPL at $180
Action: Sell 1 AAPL $185 call expiring in 30 days
Premium Collected: $3.50 per share ($350 total)
Maximum Profit: $850 ($500 + $350 premium)
Maximum Loss: Unlimited (if stock crashes)
Breakeven: $176.50 (cost - premium)
What the Calculator Shows You
- ✓ Delta: -0.35 (position loses $35 if stock drops $1)
- ✓ Theta: +$12/day (you make $12 per day from time decay)
- ✓ Vega: -0.08 (you benefit if IV drops)
- ✓ Probability of Profit: 68% (stock stays below $185)
- ✓ Visual Payoff Diagram: See exact P&L at every stock price
Supported Options Strategies
Our calculator supports every options strategy imaginable. Build any combination and see instant results.
Income Strategies
- • Covered Calls
- • Cash-Secured Puts
- • Iron Condors
- • Iron Butterflies
- • Credit Spreads
Directional Strategies
- • Long Calls / Puts
- • Vertical Spreads
- • Diagonal Spreads
- • Calendar Spreads
- • Ratio Spreads
Volatility Strategies
- • Straddles
- • Strangles
- • Butterflies
- • Condors
- • Jade Lizards
Don't see your strategy? We support custom multi-leg combinations. Build any strategy →
Frequently Asked Questions
What is an options calculator?
An options calculator is a tool that helps traders calculate the profit, loss, breakeven points, and Greeks (Delta, Theta, Vega, Gamma) for options trades. It uses the Black-Scholes model and real-time market data to show you exactly what your position is worth and how it will change with price movements, time decay, and volatility changes.
How do I use an options calculator?
To use an options calculator: 1) Enter the stock ticker symbol, 2) Select the option type (call or put), 3) Enter the strike price and expiration date, 4) Input the current stock price and option premium, 5) The calculator will instantly show your P&L, breakeven, max profit/loss, and all Greeks.
Is this options calculator free?
Yes! Our options calculator is completely free to use with real-time data for AAPL. You can calculate profit, loss, Greeks, and visualize payoff diagrams with no signup required. For access to all 8,000+ stocks and advanced features, you can start a free 7-day trial.
Can I calculate multi-leg strategies?
Yes! Our options calculator supports all multi-leg strategies including iron condors, butterflies, spreads, straddles, strangles, and custom combinations. Simply add each leg of your strategy, and the calculator will show you the combined P&L, net Greeks, breakevens, and complete payoff diagram.
How accurate are the calculations?
Our calculator is highly accurate, using the industry-standard Black-Scholes model with real-time market data that updates every 15 milliseconds. Greeks calculations are precise based on current market conditions. However, actual market prices can differ due to supply/demand and bid-ask spreads.
What is the Black-Scholes calculator?
The Black-Scholes calculator uses the Black-Scholes-Merton model to calculate the theoretical fair value of European-style options. It considers stock price, strike price, time to expiration, risk-free rate, and volatility to determine what an option should theoretically be worth. This helps identify overpriced or underpriced options.
What Greeks can I calculate?
You can calculate all major Greeks: Delta (directional exposure), Gamma (rate of Delta change), Theta (time decay), Vega (volatility sensitivity), and Rho (interest rate sensitivity). Advanced users can also see second-order Greeks like Charm and Vanna with our premium features.
Related Options Tools
Ready to Calculate Your Options Trades?
Start using our free options calculator now. No credit card required.
7-day free trial • Cancel anytime • No commitment