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.
Solid line: profit and loss at expiration. Dashed line: theoretical profit and loss today.
Heatmap: estimated profit and loss (Black-Scholes) at each stock price and date. Green = above zero, red = below.
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These are the calculator's default reproducible inputs—not a live quote or trade recommendation.
The position costs $359. Its exact expiration breakeven is $103.59, maximum loss is $359, and upside is unlimited. At the starting assumptions the calculator displays position Delta 53.2, Gamma 4.62, Theta −$6.24/day, Vega $11.40 per IV point and Rho $4.08 per rate point.
The general IV field applies to every manually entered leg. Contracts selected from the delayed chain can carry a per-leg IV. Black-Scholes is a European-style theoretical model and does not model early exercise or dividends, so covered calls and other American equity options may trade differently. Commissions and slippage are not included.
Calculation methodology and review
This calculator was built and tested by the Pure Power Picks team and technically reviewed on August 11, 2026. Expiration profit and loss is calculated from each leg's intrinsic value, premium and 100-share contract multiplier. Before-expiration estimates use Black-Scholes with the IV, rate and days supplied. The exact expiration engine checks stock price $0, every strike and the payoff slope above the highest strike, so its risk limits do not depend on the chart window.
Model outputs are educational estimates—not quotes or forecasts. Real results can differ because of bid-ask spreads, commissions, dividends, changing IV and early exercise of American-style options.
Premium paid is the maximum loss. Calls have unlimited theoretical upside; puts are capped because a stock cannot fall below zero.
Buy and sell legs with the same expiration to define both sides of the payoff. Compare the exact reward/risk figure, then use the heatmap to see how much of the expiration value may appear earlier.
Turn on the share position for covered calls. Different-expiration structures such as poor man's covered calls are path-dependent; use the chart as a scenario estimate and manage each expiration separately.
For focused income math, use the covered call calculator or the complete wheel strategy calculator.
Yes. It has no login, ads or locked calculations, and manual setups run in your browser.
Yes. The optional delayed chain can load an underlying price, expirations, strikes, premium snapshots and contract IV. These are research inputs—not executable bids or asks. Verify every figure against your broker before acting.
Yes, up to six option legs plus shares. Each leg can have its own side, option type, quantity, strike, premium and expiration.
Yes. Set days to zero for pure expiration math or one for a same-day theoretical view. Read our 0DTE options guide before using short-dated estimates.
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, not a registered investment adviser or broker-dealer.