Options strategy calculators
built by a working trader

Model max profit, breakeven, annualized return, downside protection and the payoff diagram for a covered call.

Return on capital, effective cost basis if assigned, and breakeven for a cash-secured put.

Track premium, cost basis and P&L across every cycle of the wheel — puts, assignment and called-away events.

Repair an in-the-money short put: net credit, new breakeven, and which of the three roll-repair stages your roll is.

Run a covered call on a LEAPS instead of 100 shares: net debit, max profit, breakeven, return on debit and an annualized income yield.

Sell a put credit spread with defined risk: net credit, max profit, max loss, breakeven, return on risk and the payoff diagram.

Bull call (debit) or bear call (credit) vertical: net debit/credit, max profit, max loss, breakeven, return on risk and the payoff diagram.

Same-strike call or put calendar: net debit, estimated near-expiry max profit, max loss, both breakevens and return on debit, with the far leg priced by Black-Scholes.

Both credit spreads at once: net credit, max profit, max loss, both breakevens, profit-zone width and annualized return on risk.

Sell the ATM straddle inside protective wings: net credit, max profit, max loss, both breakevens, profit-zone width and return on risk.

Long 1-2-1 call or put butterfly: net debit, max profit at the body, max loss, both breakevens, profit-zone width and return on risk.

Long straddle or strangle: buy a call and a put for a move either way — net debit, max loss, both breakevens and the percentage move needed to profit.

Buy a single call or put with defined risk: net debit, max loss, breakeven, max profit and the percentage move the stock needs to reach profit.

Call or put diagonal — a calendar with two strikes: estimated near-expiry max profit, net debit (max loss), breakeven and return on debit, far leg priced by Black-Scholes.

Insure long stock with a put: protected floor, maximum loss, breakeven, the cost of protection and its annualized rate.

Protect a stock holding with a put and finance it with a call: net cost, protected floor, capped ceiling, max loss and max gain.

Plot the expiration P&L of any multi-leg options position — max profit, max loss and breakevens.

See where implied volatility sits in its 52-week range — and whether it is a rich or poor time to sell premium.

Turn implied volatility into a 1SD and 2SD price range by expiration — the move the options market is pricing in.

Price a European call and put from the five Black-Scholes inputs — and see the full set of Greeks: delta, gamma, theta, vega and rho.

Turn implied volatility into the odds a stock finishes past a target, expires short of it, or ever touches it before expiration.

Not sure where to start? Answer four questions and get a matched strategy — with a link straight to its calculator.

Upcoming US options expiration dates — every monthly third Friday and weekly expiry, with the days to each, computed live in your browser.

Size positions by your edge: Full, Half and Quarter Kelly as a percent of your account and in dollars, plus a sensitivity table.

Watch Full, Half and Quarter Kelly compound an account trade by trade on the same random run — equity curve, ending balance and max drawdown.