Call/Put Spread Profit Calculator

A call spread strategy consists in buying and selling a same quantity of calls but with a different strike price. As a result, both downside and upside are limited, thus providing a good risk profile. While the upside is limited, unlike a long call/put strategy, it costs less to initiate a position. If your strategy turns a profit with a spot price increase, then it is called a bull call spread. If your strategy turns a profit with a declining spot price, then it is called a bear call spread. A put spread strategy is similar but with put options instead of call options.

This calculator displays the payoff of your strategy at maturity depending on the underlying asset price. It also gives you tools to estimate the profit and loss (P&L) of your strategy before maturity by giving you control over price, time and volatility variables (i.e. it lets you see how your options' price varies alongside a price and/or time/volatility changes).

Step 1: select your option strategy type ('Call Spread' or 'Put Spread')
Step 2: enter the underlying asset price and risk free rate
Step 3: enter the maturity in days of the strategy (i.e. all options have to expire at the same date)
Step 4: enter the option price and quantity for each leg (quantity is expected to be the same for each leg)
Step 5: click "Calculate"
Step 6 (optional): you can modify the spot price, number of days before expiry or implied volatility through the controls below the chart to simulate the P&L of your strategy and see how it fares under new market conditions (note that this is theoretical though).

Spot Price Maturity (Days) Option 1 Imp. Vol. Option 2 Imp. Vol. New Option 1 Price: New Option 2 Price:

Disclaimer: the contents of this website are for informational purposes only and do not constitute any investment recommendation. The visitor acts at his own risk.