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).
Input Data
Results
At a glance: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.
Formula
Call intrinsic = max(spot - strike, 0); put intrinsic = max(strike - spot, 0).
Profit per share = intrinsic - premium.
Total profit = profit per share × contracts × contract size.
Break-even = strike + premium (call) or strike - premium (put).
$$$PnL_{share}=IV - Premium$$$$$$PnL = PnL_{share}\\times Contracts\\times Size$$$$$$BE = Strike + Premium$$$How to Use
- 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.
FAQ
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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References
Content review: Calculatorism Finance Team. Results are for reference only; please refer to the relevant authorities for the official figures.