Call & Put Option Calculator

Cost per share to buy the option.
Finance

See the payoff of a call or put option at expiration. Enter the underlying price, strike, and the premium you paid, and this calculator shows each option's intrinsic value and your profit or loss per share if the option were exercised today.

Formula

Call = max(Spot − Strike, 0); Put = max(Strike − Spot, 0); Profit = Intrinsic − Premium
  • A call option's intrinsic value is max(Spot − Strike, 0) — it's worth something only when the price is above the strike.
  • A put option's intrinsic value is max(Strike − Spot, 0) — it's worth something only when the price is below the strike.
  • Profit at expiry = intrinsic value − premium you paid, so you don't break even until the move covers the premium.
  • This shows the value at expiration only; before expiry, options also carry time value not captured here.
  • Values are per share — multiply by 100 for a standard equity option contract.
  • Enter prices in your local currency; the payoff math is the same.

Call with spot $120, strike $110, $8 premium

Inputs
  • Underlying Price: 120
  • Strike Price: 110
  • Premium Paid: 8

Call intrinsic value = max(120 − 110, 0) = $10. Profit = $10 − $8 premium = $2 per share. The put is worthless here since the price is above the strike.

Frequently asked questions

What is intrinsic value?
It's the value an option would have if exercised right now. For a call it's how far the price is above the strike; for a put it's how far the price is below the strike. It's never negative.
Why subtract the premium?
You paid the premium to buy the option, so your actual profit is the intrinsic value minus that cost. You only make money once the option is worth more than you paid.
Does this include time value?
No. This calculates value at expiration, when only intrinsic value remains. Before expiry, options trade for more because of time value, which depends on volatility and time left.
What about selling options?
This shows the buyer's payoff. If you sold (wrote) the option, your profit and loss are the mirror image — you keep the premium but take on the risk.