Model any options strategy before you place it: payoff chart, price-and-date heatmap, breakevens and Greeks, for single legs through 6-leg spreads. Built by traders, free forever.
Theoretical Black‑Scholes estimates from your inputs. Not live quotes, not a forecast, not financial advice: real fills differ with bid‑ask spreads, dividends, early exercise and IV changes.
Tap any input to activate the live chart. Solid line: value at expiration. Dashed: theoretical value today.
Heatmap: estimated position value (Black-Scholes) at each stock price and date. Green = above zero, red = below.
Enter your stock price and option legs (or start from a preset), and the calculator prices every leg with the Black-Scholes model at your implied volatility. The chart shows your position’s value at expiration across a range of stock prices, plus a dashed “today” curve so you can see how the position behaves before expiry. The heatmap extends that across time: each cell is the estimated position value if the stock reaches that price on that date, so you can spot where time decay helps you, where it bleeds you, and where your trade breaks even.
Defined risk (the premium), open-ended reward. The heatmap makes the catch obvious: a long option loses value every day the stock sits still. If you find yourself fighting theta, look at spreads instead.
The income pair. Toggle “include a stock position” to model covered calls properly against your cost basis. Our monthly-refreshed list of the best stocks for covered calls pairs well with this tool.
Buy one strike, sell another: defined risk and defined reward. Use the reward/risk stat to compare strikes, and the heatmap to see how much of the max value arrives before expiry.
A range bet built from two credit spreads. The heatmap shows the profit zone as a green band through time; the edges show exactly where the trade goes wrong.
A long-dated deep-in-the-money call standing in for shares, with short calls sold against it. We wrote a full walkthrough in our poor man’s covered call guide.
Working a specific income strategy? Use the dedicated covered call calculator or wheel strategy calculator for strategy-specific math and guides.
Yes: free, no login, no ads, no locked features. It runs entirely in your browser and nothing you enter is sent to a server.
Prices use the Black-Scholes model at the implied volatility you enter, the same math professional platforms use for European-style theoretical values. Real fills differ with bid-ask spreads, dividends, early exercise on American options, and IV changes, so treat every figure as an educational estimate, not a quote.
At expiration: intrinsic value minus the premium you paid, times 100 per contract. Before expiration the Black-Scholes model prices in time and volatility, which is what this calculator does for you. If you want to run the numbers by hand first, our guide on how to calculate options profit walks through the formulas with worked examples; this page exists so you never have to.
Yes, up to six legs plus a stock position: every preset from long calls to iron condors and poor man’s covered calls, or build any custom combination leg by leg.
Estimated position value at each combination of stock price (rows) and date (columns), from today through expiration. It’s the fastest way to see the effect of time decay on your exact position.
Your broker’s option chain shows IV per contract. Enter the IV of the option you’re modeling; the Investopedia IV primer explains how to read it.
Yes: set days to 0 for pure expiration math, or 1 to watch same-day decay. For the strategy side, see our 0DTE options guide.
Every tool we build is free: browse the full free tools collection, and grade your own trades with the free trading journal template (Google Sheets, Excel, Notion and printable PDF).
Educational tool only. All values are hypothetical model estimates, not quotes, forecasts or financial advice. Options involve substantial risk and are not suitable for every investor; read the OCC’s Characteristics and Risks of Standardized Options. Pure Power Picks is an educational service and is not a registered investment adviser or broker-dealer.