Free tool · listed options & warrants

Options Profit Calculator: break-even, max loss and P/L before expiry

Enter the strike, premium and contract size and you get break-even, maximum profit and maximum loss with a payoff chart. For scenarios before expiry the calculator reprices the option with Black-Scholes. A second mode checks German warrants (Optionsscheine): how much the issuer charges over model value, the premium (Aufgeld), leverage and omega.

Contract

100 = US and many Eurex equity options · 10 = smaller contracts · 5 = DAX options · 1 = Micro-DAX

Market & model
%
%
Scenarios

Break-even at expiry

103.80

Max gain

unlimited

Max loss

-380.00

Premium paid

380.00

3.80 × 100

P/L at expiry, price 110.00

+620.00

P/L at 105.00 in 20 days

+219.04

Model value of the option then: 5.99

Profit and loss chart

2,0140-38080.091.0102113124todayBreak-even
on expiry dayin 20 days (Black-Scholes) 

Black-Scholes value today

3.62

-4.7 % versus your premium

Position delta

+0.53

behaves like +53 shares/units

For spreads, straddles and other combinations of up to six legs.

Open in the strategy builder

All amounts in the underlying’s currency, before commissions, spreads and taxes. Your inputs live in the address bar, so a bookmark or a shared link brings the exact setup back.

Work through an option trade in four steps

  1. 1Define the contract. Call or put, buy or sell, then the strike and the premium. Enter the premium as the chain quotes it — per share or per index point, not per contract.
  2. 2Check the multiplier. It is how many units of the underlying one contract moves. US equity options cover 100 shares as standard. On Eurex the size depends on the product — the exchange lists equity options from 1 to 5,000 shares per contract, often 100, 10 for the smaller contracts. DAX options are EUR 5 per index point, Micro-DAX options EUR 1.
  3. 3Set the market and the model. Current price, days to expiry, implied volatility and an interest rate. Your broker’s chain shows the IV, or you can back it out of an option price with the IV calculator.
  4. 4Run the scenarios. The expiry price gives you the classic payoff. The target price before expiry shows what the position is worth if the stock gets there early — the calculator reprices the option with the time that is left.

The formulas behind break-even, max profit and max loss

On expiry day an option is worth only its intrinsic value: price minus strike for a call, strike minus price for a put, never below zero. Subtract the premium, multiply by the multiplier and the number of contracts, and you have the profit or loss. That gives the four basic positions:

At expiry, per unit of the underlying (multiply by multiplier × contracts for the amount)
PositionBreak-evenMax profitMax loss
Long callStrike + premiumUnlimitedPremium paid
Long putStrike − premiumStrike − premium (stock goes to zero)Premium paid
Short callStrike + premiumPremium receivedUnlimited
Short putStrike − premiumPremium receivedStrike − premium (stock goes to zero)

Before expiry there is time value on top. The calculator uses the Black-Scholes model: price, strike, time left, volatility and the interest rate give a theoretical option value, and the difference to your premium is your P/L in that scenario. For what each input does to the price, see how options prices work.

Worked example: a 45-day long call

Buy a call, strike 100

Illustrative numbers, as the calculator shows them with its default inputs.

Price today
100
Premium
3.80
Contracts
1 × 100
IV / expiry
25% / 45 d
  1. 1Cost

    3.80 × 100 = 380, which is also the most the buyer can lose.

  2. 2Break-even

    100 + 3.80 = 103.80 on expiry day.

  3. 3Expiry at 110

    Intrinsic value 10, less 3.80 premium = 6.20 per share: +620.

  4. 4At 105 after 20 days

    With 25 days left the model values the option at about 5.99: +219. The same price on expiry day would make only +120; the difference is time value still to decay.

  5. 5At 100 after 20 days

    The stock has not moved, yet the position is about −112. That is theta.

Whether a long option makes money depends on how fast the stock moves, not only which way. That is why the chart has two lines: expiry and your target date.

Warrant mode: fair value, premium (Aufgeld) and omega

A German Optionsschein is a covered warrant: a security issued by a bank that embeds an option, in a size the issuer chooses. The ratio (Bezugsverhältnis) says how much underlying one warrant covers — at 0.1 you need ten warrants for one share. The calculator therefore divides the warrant price by the ratio before comparing it with the strike and the stock price.

Warrant-mode metrics (formulas for a call)
MetricFormulaWhat it tells you
Fair valueratio × Black-Scholes valueWhat the warrant is worth at your volatility assumption
Mark-up over model(price − fair value) ÷ fair valueHow much above model value you pay
Premium (Aufgeld)(price ÷ ratio + strike − stock) ÷ stockHow far the stock must rise by expiry for you to break even
Premium p.a.premium ÷ years to expiryMakes warrants with different expiries comparable
Break-evenstrike + price ÷ ratioThe price above which the warrant is worth more than it cost at expiry
Leveragestock × ratio ÷ priceHow much underlying you control per unit of currency invested
Omegadelta × leverageThe % move in the warrant for a 1% move in the stock

For a put, everything points down: break-even is strike minus price ÷ ratio, and the premium is how far the stock must fall. With the defaults — stock at 100, call warrant with strike 110, ratio 0.1, price 0.42, six months — the model values the warrant at 0.373 at 25% volatility. You pay roughly 12.5% over model, and the price implies almost 27% volatility. The premium is 14.2% (about 28.5% a year), break-even 114.20, simple leverage 23.8 and omega 8.2.

Leverage or omega? Simple leverage overstates the effect, because an out-of-the-money warrant does not move one for one with the stock. Omega multiplies leverage by delta and is the more realistic number — but it only holds for small moves and changes with every price, every day and every shift in volatility.

Why a warrant is not a real option

In a brokerage account they look alike: strike, expiry, call or put. Legally and in practice they are different products, and no pricing model captures the difference.

Issuer risk

A warrant is a debt security of the bank that issues it. If the issuer becomes insolvent you can lose everything even if your market view was right — a risk Germany’s regulator BaFin spells out. A Eurex option is cleared through the exchange’s clearing house, which stands between buyer and seller as central counterparty.

Market maker, not an order book

The issuer normally quotes the price itself, with a bid and an ask. You pay that spread on every round trip, and the issuer’s margin is built into the quotes. A Eurex option trades in the exchange’s order book, where many participants quote.

No writing

You can only buy warrants and sell them back. Writing — collecting the premium — is the issuer’s job. Covered calls, cash-secured puts and credit spreads cannot be built with warrants.

Terms set by the issuer

Ratio, strike, expiry and exercise style are chosen by the issuer and written into the product terms. Listed options are standardised: the exchange sets contract size, expiry dates and strikes.

For the full comparison, read options vs. warrants.

Options calculator FAQ

How do you calculate profit on a call option?

At expiry: (stock price − strike − premium paid) × multiplier × number of contracts, if the stock is above the strike. Below the strike the call expires worthless and you lose the premium. Example: strike 100, premium 3.80, one contract of 100 shares, stock at 110 at expiry → (110 − 100 − 3.80) × 100 = 620. Before expiry the calculator also prices the option with Black-Scholes.

How do you calculate the break-even of an option?

For a call, break-even at expiry is strike plus premium; for a put, strike minus premium — per share or index point, before costs. It is the same price for the buyer and the seller; only the sign of the result flips.

What is the options multiplier?

The multiplier, or contract size, is how many units of the underlying one contract covers. A 3.80 premium costs 380 with a multiplier of 100. US equity options use 100 shares as standard; on Eurex it depends on the product, with DAX options at EUR 5 per index point and Micro-DAX options at EUR 1.

Can I see my P/L before expiration?

Yes. Enter a target price and the number of days until you expect it. The calculator reprices the option with Black-Scholes using the time still left and your implied volatility, and draws that curve next to the expiry payoff.

What is an Optionsschein?

It is the German name for a covered warrant: a security issued by a bank that gives an option-like payoff on a share or index. You take the issuer’s credit risk, trade at prices the issuer quotes as market maker, and cannot write warrants yourself. A listed option is a standardised exchange contract cleared through a central counterparty.

What is the difference between leverage and omega?

Simple leverage divides the value of the underlying a warrant covers by the warrant’s price; it assumes the warrant follows every move in full. Omega multiplies that by delta, so it estimates the percentage move in the warrant for a 1% move in the underlying.

Does the calculator include commissions and taxes?

No. All results are before commissions, exchange fees, spreads and taxes, which you should add for your broker and country.

Keep calculating, keep learning

The calculator and all examples are educational and not investment advice. Model values are approximations, not quotes. Options and warrants are complex instruments; you can lose the entire amount invested, and more than that when selling options.