Options Profit Calculator
Visualize profit and loss for any options strategy. Pick a strategy template or build a custom multi-leg position — see P&L across price scenarios instantly.
Black-Scholes Pricing
All option prices and Greeks are calculated using the Black-Scholes-Merton model — the same pricing framework used by professional traders worldwide.
Multi-Leg Strategies
Model anything from a simple long call to a four-leg iron condor. Choose from 15 pre-built strategy templates or build a custom position with up to any number of legs.
Time Slice P&L
See how your position decays over time. The chart shows P&L at expiry plus intermediate time slices — so you can see what happens well before the options expire.
P&L at Expiry & Time Slices
NET POSITION GREEKS
Hover each label for description. Greeks are per-contract (100 shares).
KELLY POSITION SIZING
No positive edge at this win probability / ratio — Kelly recommends sitting out (0% sizing).
Win probability from the calculated probability of profit above. Kelly fraction capped at 25% of capital regardless of edge — full Kelly is aggressive against noisy probability estimates.
How to Use This Calculator
Set the underlying price
Enter the current stock price in the underlying price field. All strikes and premiums auto-update relative to this price when you select a strategy template.
Choose a strategy or build custom
Select a category (Bullish, Bearish, Neutral, Volatile) and pick a strategy. The legs auto-populate with realistic defaults. Or add legs manually for a custom multi-leg position.
Adjust strikes, DTE, and IV
Tweak each leg to match your exact trade. When you change the strike or IV, the theoretical premium recalculates automatically. You can also override the premium directly.
Read the chart and stats
The orange line shows P&L at expiry. Dashed lines show P&L at earlier time points. Hover any price to see exact values. Check the results panel for max profit, max loss, breakevens, and probability of profit.
Understanding the P&L Diagram
The expiry line (orange)
The bold orange line shows what your position is worth at expiration across all price scenarios. Where it crosses zero is the breakeven. Above zero is profit, below is loss. This is the most important line — it shows the maximum possible outcome.
Time slice lines (dashed)
The dashed lines show P&L at earlier dates: 75% of DTE remaining, 50%, and 25%. This is crucial — options don't behave like they do at expiry when there's still time. The curves converge to the expiry line as time passes.
The zero line and breakevens
The dotted horizontal line at $0 is the zero line. Vertical green markers show where the expiry P&L crosses zero — these are your breakeven prices. Between breakevens (for credit spreads) or outside them (for debit spreads) is where you profit.
The spot price indicator
A vertical dashed line marks the current underlying price you entered. It shows where you are in the P&L profile right now — and how far you'd need to move to hit a breakeven or reach max profit.
Understanding the Greeks
Greeks measure how sensitive your position is to changes in market conditions. They're the language options traders use to describe risk.
Delta
How much the position value changes per $1 move in the underlying. A delta of +0.50 means you gain roughly $50 (per 100-share contract) for each $1 the stock rises. Long calls have positive delta; long puts have negative delta.
Gamma
How fast delta changes as the underlying moves. High gamma means your delta can shift rapidly — ATM options near expiry have the highest gamma. Gamma is highest when you most want to be right.
Theta (per day)
How much value your position loses each day from time decay alone. Long options have negative theta (they decay). Short options have positive theta — you collect decay every day the position stays open.
Vega (per 1% IV)
How much your position gains or loses for each 1% change in implied volatility. Long options have positive vega — they benefit from IV increases. Short options lose when IV rises (IV crush after earnings is a common example).
Popular Strategies to Try
Long Call
bullishBuy a call option to profit from a rise in the underlying price with capped downside.
Bull Call Spread
bullishBuy a lower-strike call and sell a higher-strike call to create a defined-risk bullish position.
Bear Put Spread
bearishBuy a higher-strike put and sell a lower-strike put to create a defined-risk bearish position.
Iron Condor
neutralSell an OTM put spread and call spread simultaneously to collect premium when range-bound.
Short Strangle
neutralSell an OTM call and OTM put to collect premium, profiting from range-bound price action.
Long Straddle
volatileBuy both an ATM call and put. Profit from a large move in either direction.
This uses theoretical pricing. VorteX gives you real market data.
The calculator uses theoretical Black-Scholes prices. In a real trade, you'd use actual market bids and asks, live implied volatility from the options chain, and flow signals showing where smart money is positioned.
Live options flow
See large and unusual options activity in real time — block trades, sweeps, and unusual volume that signals institutional conviction.
Real-time GEX
Know the gamma exposure profile at every strike. Identify gamma walls, flip points, and how dealer positioning constrains or amplifies price moves.
IV data per strike
See actual implied volatility across the options chain, not just a single estimate. Spot skew, identify cheap vs. expensive strikes, and price positions accurately.