How do you calculate options profit or loss at expiration?
This single-leg calculator estimates the expiration profit or loss for one call or put position and now plots 11 outcomes across an underlying-price range you choose. Enter whether the position is long or short, its type, strike, premium per share, contract multiplier, number of contracts, total fees, and an assumed expiration price. The price inputs are scenarios, not forecasts or live quotes.
At expiration, a call's intrinsic value per share is the greater of zero or the underlying price minus the strike. A put's intrinsic value is the greater of zero or the strike minus the underlying price. For a long position, modeled profit or loss is intrinsic value less premium paid, multiplied by the position's total share multiplier, then less fees. For a short position, it is premium received less intrinsic value, multiplied by that same total, then less fees. The chart and table use this same formula for evenly spaced prices from the selected minimum to maximum.
For example, one long call with a $100 strike, a $5 per-share premium, a 100-share multiplier, and an assumed $110 expiration price has $10 of intrinsic value per share. Before fees, the modeled result is ($10 − $5) × 100, or $500. This example is hypothetical and simply demonstrates the formula; it does not describe a market contract or expected outcome.
The result applies only at expiration and assumes the entered multiplier and contract count describe the position accurately. It excludes commissions unless included in total fees, taxes, exercise or assignment details, dividends, and any contract adjustments beyond the multiplier you enter. The Options Industry Council glossary explains that corporate actions can change option terms and deliverables; verify adjusted contract specifications before using a multiplier. Before expiration, an option can have time value and its price can respond to volatility, interest rates, and other factors this intrinsic-value calculation does not model. A short call can have losses that rise as the underlying price increases; a short put can lose value as the underlying falls. This output is not a complete risk measure.
Frequently asked questions
Does this estimate the option's value before expiration?
No. It models intrinsic value at expiration and excludes time value and volatility effects.
Can a short call lose more than its premium?
Yes. In this model, a short call's loss increases when the assumed underlying price rises above the strike.
Are fees included?
Yes, if you enter total fees for the position; the calculator subtracts them from modeled profit or loss at each chart price.
Sources checked 2026-11-03: The Options Industry Council's options pricing overview describes call and put intrinsic value and distinguishes it from time value. The Options Industry Council glossary notes that corporate actions can change contract terms and deliverables. This page applies those concepts to a simplified expiration scenario; it is not a pricing model.