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//// Financial · Options

Options Profit Calculator

Breakeven, max profit, max loss, and at-expiration P&L for any single-leg call or put — with annualized return for Wheel strategy sizing.

401(k) Limit 2024$23,000
Roth IRA Limit$7,000
S&P 500 Avg Return~10%/yr

Breakeven at expiration

$445.50

Current underlying: $455.00 · +$450 In profit

Max profit

$450

1 contract

Max loss

$44,550

If expires worthless

Premium received

$450.00

$4.50 × 100 × 1

Annualized return

12.2%

Wheel strategy yield

At-expiration P&L chart

-30%
-20%
-10%
0%
+10%
+20%
+30%

% change from strike · violet line = current underlying

Key levels

Entry cost / credit$450.00
Breakeven price$445.50
Max profit price$450.00
Max loss price$0.00
Current P&L+$450

Position details

$
$

Used to estimate where you stand today

$

Used for annualized return

1

Break-even price at expiration

breakeven = strike − premium

= $450.00 − $4.50

= $445.50

The stock price at which you neither profit nor lose at expiration.

2

Premium received (credit)

cost = premium × 100 × contracts

= $4.50 × 100 × 1

= $450.00

3

Max profit

maxProfit = premium received (option expires worthless)

$450.00 captured

= $450

4

Max loss

maxLoss = (strike − premium) × shares (put to $0)

= $450.00

= $44,550

5

Current P&L

P&L = (intrinsic value − premium) × shares

underlying: $455.00 vs strike: $450.00

= +$450

30 days to expiration — time value still working

6

Annualized return (Wheel strategy)

ann% = (premium ÷ strike) × (365 ÷ DTE) × 100

= ($4.50 ÷ $450.00) × (365 ÷ 30)

= 12.2% annualized

Target 20–40% annualized for Wheel CSP/covered call candidates.

Key insight

You're collecting $450.00 premium with max loss of $44,550. As a short option seller, time decay (theta) works in your favor — every day the option is worth less, and you keep more of the premium collected.

#ShowYourWork

Wheel Strategy Context

The Wheel typically starts with a short cash-secured put at or below the current price. If assigned, you own the shares and sell covered calls above your cost basis until called away. Target annualized returns of 20–40% — use the stat above to compare strikes and expirations.

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