Options P&L calculator (vertical and single-leg)
An option's profit at expiration is determined by the difference between the underlying price and the strike, minus the premium paid (or plus the premium received). For a long call: P&L = max(0, spot − strike) − premium. For a vertical spread, the long and short legs combine to cap both maximum profit and maximum loss. This calculator handles all four single-leg types and both vertical variants.
How to use
- Pick a structure
Long call, long put, short call, short put, or vertical spread.
- Enter strikes and premiums
Spread inputs require both legs.
- Pick a spot range
Drogo plots P&L at expiration across the range.
- Read the result
Max profit, max loss, breakeven and the payoff curve.
Frequently asked questions
- Does this include time value or implied volatility?
- No — this calculator computes P&L at expiration only. Pre-expiration P&L requires a Black-Scholes model with current IV and DTE; that lives in the Drogo terminal.
- How is breakeven defined for a vertical?
- For a debit vertical: long strike + net debit (call) or short strike − net debit (put). For a credit vertical: short strike − net credit (call) or short strike + net credit (put).
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