Build any options strategy - a single call or put, a vertical or calendar spread, an iron condor, a straddle, or a covered call - and instantly see its profit and loss at expiration, its break-even prices, the Greeks, and a modeled probability of profit. This free options trading calculator plots a live payoff diagram as you add legs and change the underlying price or volatility, so it works as an options profit calculator, a P&L calculator, and a strategy tester in one. No account or market-data subscription required.
The horizontal axis is the underlying price; the vertical axis is your profit or loss. The solid line is the result at expiration, and the dashed line is the position's value today. Green shading is profit, red is loss, and the amber markers are your break-even prices - where the trade neither makes nor loses money. The shaded band shows the one-standard-deviation expected move.
Break-evenis the price where the position's profit is exactly zero at expiration. Probability of profit is the modeled chance the trade finishes in the money based on the volatility you set. The Greeks measure sensitivity: delta to a $1 move in the stock, theta to one day of time passing, and vega to a 1% change in implied volatility.