Option Payoff and Breakeven Calculator | Tradetron
🌐 IND ▾
India · NSE & MCX USA
English ▾
English हिन्दी
Book a demo Start free
Trading calculators · Tools · Options

Option payoff and breakeven calculator

An option breakeven is the price of the underlying at expiry where the position neither gains nor loses: for one bought call it is the strike plus the premium paid, and for one bought put the strike minus the premium.

Add up to four legs below to see every breakeven, the payoff at expiry and the most the position can gain or lose.

FreeRuns in your browserNo signup needed
Presets
Option Buy or sell Strike Premium per unit Lots Remove
Breakeven at expiry–
Maximum gain–
Maximum loss–
Net premium–
Payoff at expiry (₹) against the price of the underlying. Premiums only: no brokerage, taxes or slippage.

Calculations are illustrative, for education only, and are not investment advice.

Automate this strategy on Tradetron

Turn the rule you just worked out into a strategy without code, backtest it, and run it on live prices in Live Offline before you put money on it.

Automate this strategy on Tradetron
How to use it
  1. [ 01 ]

    Enter the lot size of the contract, in units per lot. Exchanges revise lot sizes, so check the current one in your broker's option chain.

  2. [ 02 ]

    Pick a preset or build your own legs: call or put, buy or sell, the strike, the premium per unit and the number of lots.

  3. [ 03 ]

    Read the breakevens, the maximum gain and loss and the net premium. The chart shows the payoff at expiry across a range of prices.

  4. [ 04 ]

    Change a strike or a premium and the results update as you type.

Questions

Common questions.

How do you calculate the breakeven of a bought call?
Add the premium you paid to the strike. A 24,000 call bought for 150 breaks even at 24,150 at expiry. Above that price the call is worth more than it cost.
How do you calculate the breakeven of a bought put?
Subtract the premium you paid from the strike. A 24,000 put bought for 120 breaks even at 23,880 at expiry.
Why does a short straddle have two breakevens?
You sell a call and a put at the same strike and collect both premiums. The position loses once the underlying moves past the strike by more than the total premium, in either direction, so there is one breakeven above the strike and one below.
Does this calculator include brokerage, taxes or slippage?
No. It shows the payoff at expiry from the strikes and premiums you enter. Brokerage, exchange charges, taxes and slippage reduce the result, and the value of an option before expiry also depends on time and volatility.
What lot size should I enter?
The number of units in one contract of the option you trade. Lot sizes are set by the exchange and revised from time to time, so take the current figure from your broker's option chain or the contract specification.
What does unlimited mean in the results?
The payoff keeps rising or falling as the price moves further in one direction. A sold call with no bought call above it has an unlimited maximum loss, because the underlying has no upper limit.
More calculators
Position size calculator Lots or shares to trade from your capital, risk per trade and stop-loss distance. Max drawdown and recovery calculator Maximum drawdown of an equity curve and the gain needed to recover to the peak.
From a calculation to a strategy

Automate this strategy on Tradetron

Build it without code, backtest it on historical data and watch it on live prices before you decide to trade it.

Automate this strategy on Tradetron

Calculations are illustrative, for education only, and are not investment advice.

Tradetron अब हिन्दी में भी उपलब्ध है हिन्दी में देखें Continue in English