Options Break-Even Calculator
Pick any contract and instantly see its break-even price, max profit, max loss, and the move required, with an interactive payoff diagram. Free, no login.
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Break-even figures model the position at expiration and exclude commissions, fees, assignment risk, and early exercise. Informational only, not investment advice.
Break-even is the underlying price at which an option position makes exactly zero at expiration: every dollar past it is profit, every dollar short is loss. Because premium decays and the stock has to move, most long options need a bigger move than buyers expect — the required-move figure makes that explicit before money is at risk.
Frequently asked questions
What is an option's break-even price?
For a long call it is the strike price plus the premium paid; for a long put, the strike minus the premium. The stock must move past break-even by expiration for the position to profit. Short positions flip the logic: break-even is the price where the trade stops making money.
Does break-even include commissions and fees?
This calculator models the position at expiration and excludes commissions, fees, assignment risk, and early exercise. Add your broker's per-contract fee to the premium for a true all-in break-even.
What does the required move tell me?
The percentage the underlying must move from its current price to reach break-even. It is a quick read on how much has to go right: a 2% required move and a 25% required move are very different trades even with the same premium.
Why look at the payoff diagram instead of just the numbers?
The diagram shows profit and loss at every underlying price at expiration, so max profit, max loss, and break-even read visually. Single numbers hide the shape of the risk; the curve shows whether losses accelerate or flatten past break-even.
Can dividends or early assignment change the break-even?
Yes. American-style options can be exercised early, typically around ex-dividend dates, and assignment on a short position changes the outcome. The calculator assumes the position is held to expiration.
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Calculators model hypothetical outcomes from the inputs you provide. They are informational only, not financial, investment, tax, or legal advice.