Options Break-Even Calculator
Find the exact stock price a long call or put must reach to break even at expiration, plus the move required and the maximum you can lose.
How it works
Call break-even = strike + premium · Put break-even = strike − premium · Max loss = premium × 100 × contracts
A long option only starts making money once the stock moves far enough to recover the premium you paid. For a call that means the price must climb above the strike by the premium; for a put it must fall below the strike by the premium. Because a buyer can simply let a worthless option expire, the premium is also the entire amount at risk — the maximum loss on the trade.
Worked example
Buy one $100 call for $5. Break-even is 100 + 5 = $105, so the stock must gain 7.1% from a current $98. If it never clears $100 you lose the full premium — $5 × 100 = $500 for the contract.
Frequently asked questions
Does break-even change before expiration?
This is the break-even at expiration. Before expiry, time value and volatility can let you sell the option at a profit even below the expiration break-even — or at a loss above it — because the option still has extrinsic value.
Why multiply the premium by 100?
One standard US equity option contract controls 100 shares, so a $5 quoted premium costs $500 per contract. Break-even is quoted per share, but your dollar risk scales with the number of contracts.
What about commissions?
Broker fees and the bid-ask spread push your real break-even slightly further away. For tight, liquid options the effect is small, but it matters for cheap contracts traded in size.
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Educational estimate, not investment advice. Markets involve risk of loss.