Options calculator
Understand the trade before the trade.
how options workStart with an example
Six modeled scenariosLoading replaces the position. Examples use modeled premiums, IV, strikes and expiry; not quoted contracts or recommendations.
Position outlook
AT EXPIRY · BEFORE FEES- Net debit (you pay)
- $416
- Max profit
- Unlimited
- Max loss
- −$416
- Breakeven
- $104.16
- Model probability of profit
- 34%
Risk-neutral model estimate, not real-world odds. Excludes fees, dividends, early exercise and assignment.
P&L by price and date
IV unchanged| Stock | Today | +8d | +15d | +23d | Expiry |
|---|---|---|---|---|---|
| $115.00 +15% | |||||
| $110.00 +10% | |||||
| $105.00 +5% | |||||
| $100.00 0% | |||||
| $95.00 -5% | |||||
| $90.00 -10% | |||||
| $85.00 -15% |
Select a cell to load that price and date into the chart. Each value uses the scenario’s IV change.
Where the P&L comes from
Today → scenarioMove a scenario slider to see which force drives the result.
Greeks for the whole position
- Delta (share-equiv.)
- +53 sh
- Gamma / $1
- +4.0 sh
- Theta / day
- −$7.19
- Vega / IV pt
- +$11.40
Sensitivities at the current inputs; they change with price, time and IV.
Adjust the scenario
Scenario stock $100.00 · IV 35% (1% minimum)
Try an earnings scenario
Model a stock move alongside falling implied volatility.
The strategies, in one line each 10 strategies
- Long call
- Pay a premium for upside with a capped loss.
- Long put
- Pay a premium to profit from a fall, loss capped at the premium.
- Covered call
- Own the shares and sell a call above: income now, upside capped.
- Protective put
- Own the shares and buy a put below: insurance with a known floor.
- Cash-secured put
- Sell a put below the price and hold the cash to buy if assigned.
- Bull call spread
- Buy a call, sell a higher one: cheaper upside, capped both ways.
- Bear put spread
- Buy a put, sell a lower one: cheaper downside bet, capped both ways.
- Long straddle
- Buy a call and a put at the same strike: a bet on a big move either way.
- Long strangle
- Buy an out-of-the-money call and put: cheaper than a straddle, needs a bigger move.
- Iron condor
- Sell a put spread and a call spread: collect premium if the stock stays in a range.
Theoretical option prices: Black-Scholes, European exercise, no dividends, a 4% risk-free rate, calendar days, one expiry for every leg. The probability shown is risk-neutral: it uses the assumed 4% interest rate, not a forecast of stock returns. Fees, dividends, early exercise and assignment are excluded. Read the OCC options risk disclosure and OIC model explanation. Educational only, not investment advice or a recommendation to trade. AlgoThesis is a publisher, not an adviser; see the disclaimer.