Call / Put Option Payoff Calculator
From spot, strike, premium, contracts and contract size, compute the intrinsic value, per-share and total profit, and break-even at expiry (buy-side).
輸入資料
計算結果
重點速覽：This calculator shows the buy-side (long) payoff at expiry. call intrinsic = max(spot - strike, 0); put intrinsic = max(strike - spot, 0); profit/share = intrinsic - premium; total = profit/share x contracts x contract size; break-even = strike + premium (call) or strike - premium (put). Example: call strike 100, premium 5, size 100, 1 contract; spot 110 → intrinsic 10, profit/share 5, total HK$500, break-even 105. Below strike the option expires worthless and you lose the full premium (max loss); above break-even you profit, uncapped for a call. The chart table mirrors the classic HKEX-style structure. WARNING: Expiry payoff only, assumes long; ignores time value pre-expiry, costs and the very different short-side risk. Options are high-risk; education only, not advice. Listed options trade on the HKEX.
計算公式
內在價值 (每股) = max(標的到期現價 − 行使價, 0)。
每股盈虧 = 內在價值 − 每股權利金;總盈虧 = 每股盈虧 × 合約張數 × 每張合約股數。
打和點 = 行使價 + 每股權利金。
$$內在價值：$IV = \max(Spot - Strike,\ 0)$$$$$每股盈虧：$PnL_{share}=IV - Premium$$$$$總盈虧：$PnL = PnL_{share}\times Contracts\times Size$$$$$打和點：$BE = Strike + Premium$$$使用說明
- Select call or put.
- Enter the spot at expiry, the strike and the premium per share.
- Enter contracts and contract size.
- View intrinsic value, profit per share, total profit and break-even.
行使價 100、每股權利金 5、每張 100 股下，買入認購的到期損益
| 到期現價 | 內在價值 (每股) | 每股盈虧 | 總盈虧 (1 張) | 打和點 |
|---|---|---|---|---|
| 90 (低於行使價) | 0 | −5 | −500 (全損權利金) | 105 |
| 105 (打和點) | 5 | 0 | 0 | 105 |
| 110 | 10 | 5 | 500 | 105 |
| 120 (2 張) | 20 | 15 | 3,000 | 105 |
理財情境案例
案例一：標的上升時的獲利
投資者買入 1 張認購期權：行使價 HK$100、每股權利金 HK$5、每張 100 股。到期時標的現價升至 HK$110。
內在價值 = max(110 − 100, 0) = 10；每股盈虧 = 10 − 5 = 5；總盈虧 = 5 × 1 × 100 = HK$500；打和點 = 100 + 5 = 105。
解讀：因標的 (110) 升穿打和點 (105),這筆買入認購賺了 HK$500。只要標的繼續往上，獲利會隨之放大——這正是用有限權利金『以小博大』參與升勢的吸引之處。
案例二：標的沒升穿行使價，權利金全損
同樣是行使價 100、權利金 5 的認購，但到期時標的只有 HK$90 (低於行使價)。
內在價值 = max(90 − 100, 0) = 0；每股盈虧 = 0 − 5 = −5；總盈虧 = −5 × 1 × 100 = −HK$500。
解讀：標的低於行使價，沒人會用高於市價的行使價去買，期權到期作廢，內在價值為 0，投資者虧掉全部權利金 HK$500——這也是買入認購的『最大虧損』。值得注意：即使標的升到 105 (剛好打和點),每股盈虧也只是 0，要升穿 105 才真正賺錢。這說明買入認購『看對方向還不夠，還要升得夠多、夠快』,並非穩賺。本計算器僅算買入認購的到期損益，供教學與估算，不構成投資建議。
常見問題
What is the maximum loss of a long call/put?
For a long (buy) position, the maximum loss is the premium paid. If at expiry the option is out of the money (spot below strike for a call, above for a put), it expires worthless and you lose the full premium (e.g. HK$5 per share x 100 = HK$500 per contract). That is the most you can lose.
Why does the break-even include the premium?
Because you paid the premium to enter. A call only profits once the underlying rises past strike by more than the premium, so break-even = strike + premium. A put profits once the underlying falls below strike by more than the premium, so break-even = strike - premium. At exactly the break-even, profit is zero (premium recovered).
What is intrinsic value?
Intrinsic value is the in-the-money amount at expiry: call = max(spot - strike, 0); put = max(strike - spot, 0). If the option is out of the money, intrinsic value is 0 (it expires worthless). The actual option price before expiry also includes time value, which this expiry-only calculator excludes.
Is the profit of a call unlimited?
In theory, yes for a long call — as the underlying rises, profit has no cap (the underlying can keep rising), while the downside is limited to the premium. A long put's profit is capped (the underlying cannot fall below zero), but still large. This asymmetry — limited loss, larger upside — is the appeal of buying options, but the odds of reaching a profitable spot can be low, so many options expire worthless.
Does this calculator cover selling (short) options?
No. It is buy-side (long) only. A short (sell) call/put has the reverse payoff — the seller collects the premium but faces much larger (for a short call, theoretically unlimited) risk if the market moves against them. That is a very different, higher-risk position; do not treat this long-only tool as representing it. Learn more via the HKEX and IFEC before trading.
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參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。