Free options break-even calculator for any position — add up to a dozen legs (Buy/Sell × Call/Put/Stock), see every break-even price, net debit or credit, max profit, max loss and the full payoff curve.
What this calculator does
Add legs Buy/Sell × Call/Put/Stock — the calculator finds every break-even price, net cash flow, and max profit/loss.
Inputs
Each leg's action (Buy / Sell)
Each leg's instrument (Call / Put / Stock)
Strike + premium per leg
Quantity per leg
Reference stock price (for the chart)
What you get back
Every break-even price
Net debit or credit
Max profit (with Unlimited detection)
Max loss (with Unlimited detection)
Profit-zone width
Annotated payoff diagram
Position
Just frames the chart — the math doesn't depend on it.
Load a preset
Leg 1
Leg 2
Leg 3
Leg 4
Net credit
$1.50
Cash collected at open
Break-evens (2)
$93.50 · $106.50
Where P/L = 0 at expiry
Max profit
$1.50
At a kink
Max loss
-$3.50
At a kink
Profit-zone width
$13.00
13.0% of spot
Legs
4
2 long · 2 short
Setup
Valid
Ready to chart
Payoff at expiry
Frequently asked questions
Quick answers to the questions most often asked about this calculator.
How do you calculate a break-even on options?
The break-even is the underlying stock price at which the entire position's profit and loss equals zero at expiry. For a single-leg long call it's strike + premium paid; for a long put it's strike − premium paid. For multi-leg trades like spreads or condors the formula depends on the structure, but the principle is the same: solve for the stock price where the total payoff crosses zero.
Can a position have more than one break-even?
Yes — any position with a profit zone bounded on both sides has two break-evens. Iron condors, butterflies and long straddles all have two; broken-wing butterflies can have one or two depending on the wings. The calculator finds every break-even automatically by scanning the payoff curve at every strike kink.
What does 'Unlimited' mean for max profit or max loss?
Unlimited means the payoff is unbounded as the stock price goes to infinity. A long call has unlimited max profit (the stock can keep rising); a short call has unlimited max loss (same reason). The calculator detects this from the slope of the total payoff at high prices and labels it explicitly so you don't mistake an open-ended risk for a finite number.
Do I include the stock price as a leg for a covered call?
Yes — set one leg to Buy / Stock with the cost basis as the price you paid per share, then add a second leg as Sell / Call with the strike and premium received. The 'Covered call' preset wires this up automatically. The same pattern works for collars, protective puts, and any other position that includes the underlying.
Does this work for credit spreads, iron condors, and butterflies?
Yes. The calculator handles any combination of option and stock legs, so vertical spreads, iron condors, butterflies, broken-wing butterflies, calendars (with same-expiry assumption) and custom hedges all work. Use the preset buttons to load common shapes and tweak from there.
Why does the chart need a reference stock price?
The reference price only frames the x-axis range and places the 'spot' marker on the chart — it doesn't affect the math. The break-evens, max profit, max loss and net cash flow all come purely from the legs you've entered.
