Calculate expiry profit or loss for long and short calls and puts. Check intrinsic value, break-even, maximum profit and maximum loss for Nifty, Bank Nifty and stock options.
Expiry-payoff estimate only. Before expiry, option premium can also change because of time value, implied volatility, Greeks, liquidity and bid-ask spread.
An options P&L calculator estimates the gross payoff of a call or put from the strike, premium, underlying price and quantity. It helps traders compare break-even, maximum profit and maximum loss before placing an options trade.
At expiry, an option is worth its intrinsic value. A call has intrinsic value when the underlying closes above the strike. A put has intrinsic value when the underlying closes below the strike. The buyer's P&L subtracts the premium paid, while the seller's P&L starts with the premium received and subtracts intrinsic value.
QbarTrade's optionsPnL calculator supports long calls, long puts, short calls and short puts. It uses Indian rupees and a user-entered lot size, so the same calculator can model Nifty, Bank Nifty and eligible stock-option expiry scenarios without hard-coding a contract quantity.
Calculate intrinsic value, adjust it for premium paid or received, and multiply the per-unit result by the total lot quantity.
Core formulas
Long call = [max(Spot − Strike, 0) − Premium] × Lot size
Long put = [max(Strike − Spot, 0) − Premium] × Lot size
Short option = [Premium − Intrinsic value] × Lot size
Long call example
[(₹24,200 − ₹24,000) − ₹100] × 25 = ₹2,500
Intrinsic value is ₹200 per unit. After subtracting the ₹100 premium, profit is ₹100 per unit. The break-even price is ₹24,100.
Strike
₹24,000
Premium
₹100
Lot size
25 units
Enter one expiry scenario at a time to understand the payoff of a long or short call or put.
Select a call when modelling an option whose intrinsic value rises above the strike, or a put when modelling value below the strike.
Select buy for a long option where premium is paid, or sell for a short option where premium is received and risk can be substantially larger.
Use the option strike price and premium paid or received per unit. The premium is part of the break-even and maximum profit or loss calculation.
Add the expected underlying or index closing level at expiry. The calculator uses this value to determine whether the option has intrinsic value.
Use the current exchange quantity or your total units. The calculator multiplies per-unit P&L by this quantity to estimate the gross trade result.
An expiry payoff estimate makes the premium, break-even and asymmetry between buyers and sellers easier to compare.
Test how a call or put behaves at a selected underlying closing price before committing capital.
Measure how far the underlying must move beyond the strike to recover the premium at expiry.
Separate the limited premium risk of option buying from the much larger risk of uncovered option selling.
Each option position has a different break-even and maximum profit or loss profile.
| Position | Market view | Break-even | Maximum profit | Maximum loss |
|---|---|---|---|---|
| Long call | Bullish | Strike + premium | Theoretically unlimited | Premium × lot size |
| Long put | Bearish / hedge | Strike − premium | (Strike − premium) × lot size | Premium × lot size |
| Short call | Neutral to bearish | Strike + premium | Premium × lot size | Theoretically unlimited |
| Short put | Neutral to bullish | Strike − premium | Premium × lot size | (Strike − premium) × lot size |
These four inputs explain most of the calculator's expiry result.
The in-the-money amount at expiry: max(spot − strike, 0) for calls and max(strike − spot, 0) for puts.
The price paid by the option buyer and received by the seller. Premium shifts the buyer's break-even away from the strike.
The expiry level at which gross P&L becomes zero: strike plus premium for calls and strike minus premium for puts.
The number of units represented by the trade. Total gross P&L equals per-unit P&L multiplied by the entered quantity.
These examples show how option type, trade direction, premium and expiry spot affect gross P&L.
| Trade | Strike | Premium | Spot at expiry | Quantity | Gross P&L |
|---|---|---|---|---|---|
| Long Nifty call | ₹24,000 | ₹100 | ₹24,200 | 25 | +₹2,500 |
| Long put | ₹22,000 | ₹120 | ₹21,700 | 50 | +₹9,000 |
| Short call expires OTM | ₹20,000 | ₹150 | ₹19,900 | 50 | +₹7,500 |
| Short put finishes ITM | ₹18,000 | ₹100 | ₹17,700 | 50 | −₹10,000 |
These are gross expiry-payoff examples. Actual realised P&L can differ after brokerage, taxes, spread, slippage and execution price.
Before expiry, the option premium contains time value and reacts to volatility and Greeks, so intrinsic-value payoff alone does not determine the live result.
Estimates how much the option premium may change for a ₹1 move in the underlying, all else being equal.
Represents time decay. Remaining time value generally declines as expiry approaches, especially for out-of-the-money options.
A change in implied volatility can increase or decrease premium even when the underlying price remains near the same level.
Use this calculator as an expiry scenario tool. For a trade that will be closed before expiry, compare the result with the live option premium and account for time value, implied volatility and bid-ask spread.
The expiry formula is the same across eligible index and stock options, but strike intervals, lot quantities, liquidity and settlement conditions can differ.
Enter the total exchange quantity shown for the contract. Do not rely on an old hard-coded lot size because contract specifications can change.
Use the strike and premium from the exact weekly, monthly or stock-option contract being analysed.
A wide bid-ask spread can materially reduce realised P&L compared with a clean mathematical expiry payoff.
Brokerage, STT, exchange charges, GST, stamp duty and settlement obligations are outside this gross P&L calculation.
The payoff formula is simple, but incorrect assumptions about premium, quantity and expiry can make the result misleading.
The entered spot is a scenario, not a forecast. Test multiple expiry levels instead of relying on one expected close.
A call does not break even at the strike. Premium moves call break-even higher and put break-even lower.
Premium is quoted per unit. Multiply it by the lot quantity to calculate the buyer's total premium outlay.
Total P&L is directly multiplied by quantity. Confirm the current contract lot size and the number of lots.
Before expiry, time value and implied volatility can make the actual option premium differ from intrinsic value.
Premium received is not the seller's risk limit. Uncovered calls can have unlimited theoretical loss.
Save strike, premium, quantity, expiry, entry and exit in QbarTrade, group related option legs, and compare the planned payoff with the P&L you actually realised.
Use these tools with the options P&L calculator to check trade size, required margin, charges and risk-reward.
Open answers to common questions about option profit, break-even, intrinsic value, lot size and buyer or seller risk.
An options P&L calculator estimates the profit or loss of a call or put option from the option type, trade direction, strike price, premium, underlying price at expiry and lot size. It can also show intrinsic value, break-even price, maximum profit and maximum loss.
At expiry, first calculate intrinsic value. For a call, intrinsic value is the higher of spot minus strike or zero. For a put, it is the higher of strike minus spot or zero. A buyer subtracts the premium paid, while a seller subtracts intrinsic value from the premium received. Multiply the per-unit result by the lot size.
Long call P&L at expiry = [max(spot price − strike price, 0) − premium paid] × lot size. The break-even price is strike price plus premium. Maximum loss is limited to the premium paid, while maximum profit is theoretically unlimited.
Long put P&L at expiry = [max(strike price − spot price, 0) − premium paid] × lot size. The break-even price is strike price minus premium. Maximum loss is limited to the premium paid, while maximum profit occurs if the underlying falls to zero.
For a call option, break-even at expiry equals strike price plus premium. For a put option, break-even equals strike price minus premium. The underlying must move beyond the break-even level for the buyer to earn a positive gross P&L at expiry.
For a long call or long put, maximum loss is normally limited to the premium paid multiplied by the lot size, excluding brokerage, taxes and other charges. This occurs when the option expires with no intrinsic value.
Yes. A naked short call has theoretically unlimited loss potential because the underlying can keep rising. A naked short put can also create a large loss if the underlying falls sharply. The seller's maximum profit is generally limited to the premium received.
The calculator uses intrinsic-value payoff formulas and is most accurate for expiry scenarios. Before expiry, the option premium can include time value and can change because of theta, implied volatility, delta, liquidity and interest-rate effects.
Before expiry, market premium is not determined by intrinsic value alone. Time remaining, implied volatility, delta, gamma, bid-ask spread, liquidity and demand can move the option premium even when the underlying price has not moved as expected.
Intrinsic value is the amount by which an option is in the money. For a call, it is max(spot minus strike, zero). For a put, it is max(strike minus spot, zero). At expiry, an option's value is based on intrinsic value because time value has decayed.
Intrinsic value comes from the option being in the money. Time value is the extra premium traders pay for the possibility of a favourable move before expiry. This calculator does not model remaining time value because it calculates an expiry payoff.
The per-unit option P&L is multiplied by the lot size or total quantity. A ₹20 gain per unit becomes ₹1,000 for a quantity of 50. Exchange lot sizes can change, so enter the current quantity shown by your broker or exchange contract specification.
No. The result is gross option P&L based on the entered prices and quantity. Brokerage, STT, exchange charges, GST, stamp duty, slippage and other costs should be deducted separately to estimate net realised P&L.
Yes. Enter the relevant call or put strike, premium, expected index level at expiry and the current lot quantity. The same expiry-payoff formulas also apply to eligible stock options, subject to contract specifications and settlement rules.
An option buyer pays premium for a right and usually has limited loss equal to the premium paid. An option seller receives premium and takes on an obligation, so profit is generally capped at the premium while loss can be much larger.
An expiry payoff is only a plan. Actual results can change because of exit timing, implied volatility, spreads, brokerage and execution. QbarTrade lets traders group related option legs and compare the planned payoff with the realised strategy result.
QbarTrade calculates intrinsic value from option type, strike price and spot price at expiry. For a buyer it subtracts the premium paid, while for a seller it subtracts intrinsic value from the premium received. The per-unit result is multiplied by lot size to show gross P&L, break-even, maximum profit and maximum loss.
QbarTrade lets you journal each option leg with strike, premium, quantity, expiry, entry and exit. Related legs can be grouped so you can compare the planned payoff with the actual result and review the strategy after brokerage and execution effects.
