Profit Calculator

The Profit Calculator is a standalone what-if tool. Build a structure from the live options chain and see the payoff diagram, max profit, max loss, break-evens, probability of profit, expected move, and aggregate Greeks.

Building a position

1. Click Add Legs from Options Chain to open the chain selector.
2. In the modal, pick the underlying, expiration, side (long/short), and contract type, then click strikes to select contracts. Quantity is set on each contract before you confirm.
3. Confirm to add the selected contracts as legs in the calculator.

Each leg shows up as a card with its type, strike, expiration, and premium × quantity. To remove a leg, click the × on its card. To change a leg, remove it and reopen the chain selector.

The calculator supports up to 6 legs. When you add legs from the chain (or from an existing position), the underlying price, implied volatility, and days-to-expiration in Market Parameters are pre-filled from that contract's market data - you can override them with the sliders to model "what if IV moves to X" or "what if the stock is at Y".

Payoff diagram

The chart shows P&L at expiration across a range of underlying prices. Hover any point for the dollar outcome. Break-even prices and the current underlying price are marked on the chart.

Summary metrics

• Max Profit - theoretical maximum P&L at expiration. Displayed as "Unlimited" for strategies with no upside cap (long calls, long straddles).
• Max Loss - theoretical maximum loss at expiration. Bounded for defined-risk strategies; "Unlimited" for naked shorts.
• Break-Evens - price points where the position's P&L equals zero at expiration.
• Probability of Profit - probability of finishing past the first break-even at expiration, computed from a log-normal model using the underlying price, implied volatility, and days-to-expiration in Market Parameters.
• Expected Move (1σ) - the one-standard-deviation move implied by the current IV and time to expiration, with 68% (1σ) and 95% (2σ) ranges.

Greeks

Position-level Greeks are aggregated across all legs and scaled to contract size (×100 shares):

• Delta (Δ) - dollar change in position value per $1 move in the underlying.
• Gamma (Γ) - rate of change of delta.
• Theta (Θ) - dollar change per day from time decay.
• Vega (ν) - dollar change per 1 percentage-point move in implied volatility.

Greeks use a Black-Scholes model with a fixed 5% risk-free rate and the IV in Market Parameters. They are model estimates, not your broker's reported Greeks.

From a real position

On the Positions page, the Analyze in Calculator row action pre-fills the calculator with the legs of an existing position. Useful for modeling a roll or an adjustment without rebuilding it from scratch.

Standalone version

OptionsPro also publishes a free, no-login calculator at optionspro.com/tools/profit-calculator for people without an account. It's a separate tool from the one described above - it supports up to 8 legs (versus 6 in-app), has no live options chain or market data, and adds strategy presets, a position sizer, an IV crush panel, a Greeks profile chart, a scenario matrix, and shareable position links. Signed-in users should use the in-app calculator described on this page, which pulls live chain data and can load an existing position.

Limitations

• The payoff diagram shows outcomes at expiration only. Intermediate P&L depends on IV and time, both of which change.
• Probability of profit uses a single IV input rather than a full IV surface, and is calculated from the first break-even point - strategies with multiple break-evens (iron condors, butterflies) get an approximation, not an exact probability of finishing in the profit zone.
• Greeks assume a 5% risk-free rate and the IV in Market Parameters. They do not account for dividends or term-structure differences.
• Early-assignment risk on American-style options is not modeled - consider that separately when evaluating short options strategies.