ATM at expiry
Spot finishes at the 100 strike. The call expires worthless and you lose the premium.
- Expiry P&L
- −10
- Implied vol (from 10)
- 23.97%
Long Call Put Calculator
Buy a call or a put, chart the expiry payoff, and slide spot, time, and implied vol to see theoretical P&L before expiry.
Downside is the premium; a long call has unlimited upside. Click Calculate to solve implied vol, then use the sliders. Figures are theoretical and for information only.
Type a symbol, then Load or leave the field. Spot, ~30-day historical realized vol, and a US risk-free proxy are filled when the ticker is found. Strikes and target are recentered near the new spot.
Delayed/free data. Historical realized vol is not implied vol from an options chain. Not investment advice.
New Option Price:
How the long call or put P&L is calculated
A long option pays the usual call or put payoff at expiry, minus the premium you paid. Before expiry, the sliders reprice the same vanilla Black-Scholes contract used on the option calculator and subtract the original premium.
Expiry P&L (call) = Q × [max(S − K, 0) − V]
- V — premium paid per option
- K — strike
- Q — quantity (positive long)
- Put expiry P&L = Q × [max(K − S, 0) − V]
- Live P&L = Q × (new Black-Scholes price − V), using the slider spot, remaining time, and implied vol. Remaining time stays in the unit chosen at Calculate (days or minutes).
After you click Calculate, implied volatility is solved from V with the same bisection as the implied-vol page, rounded to two decimals. Default inputs (call, V = 10, S = K = 100, 1% rate, 365 days) imply 23.97%.
Worked examples
These expiry P&L figures use the same payoff the chart draws for a one-lot long call with premium 10 and strike 100. Type those defaults and the line should pass through these points.
Breakeven at 110
Call payoff is 10, which exactly offsets the 10 premium. Above 110 the long call is profitable.
- Expiry P&L
- 0
- Breakeven
- K + V = 110
Spot at 130
Intrinsic is 30, net of the 10 premium. Upside is unlimited; the most you can lose is the 10 you paid.
- Expiry P&L
- 20
- Max loss
- 10
Related calculators on this site
A short call or put flips the sign. Spreads cap both sides. Implied vol is the same solver this page uses after Calculate.
Long call and put FAQ
For each underlying price on the x-axis the long call is quantity times (max(spot − strike, 0) minus premium). A long put uses max(strike − spot, 0) minus premium. That is the grey payoff line at maturity.
After Calculate, the premium is inverted with the same Black-Scholes bisection as the implied volatility calculator. The default long call (price 10, spot 100, strike 100, 1%, 365 days) implies 23.97%. The sliders then reprice at that vol unless you move them.
Spot, remaining time, and implied vol are sent back to this page over AJAX. Remaining time uses the maturity unit from Calculate (days or minutes). The new Black-Scholes price minus the original premium, times quantity, is the live P&L line. It is theoretical: there is no bid-ask or dividend.
The premium times quantity. A long call has unlimited upside; a long put’s best case is if the underlier goes to zero (payoff ≈ strike − premium).
For a long call it is strike plus premium (110 on the default). For a long put it is strike minus premium. At that spot, expiry P&L is zero.
A European vanilla cannot trade below intrinsic in this model, and the implied-vol search needs a price strictly above that floor. If the premium is at or below intrinsic, the page asks you to check the market parameters. Pricing itself uses the vanilla Black-Scholes calculator formula.
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.