Free Options Calculators

Free options calculators, built from the process I use in my own long/short options book. No sign up, nothing to install, and nothing you type leaves your browser.

Every calculator answers two questions: what is my trade worth if the stock reaches my target price by my target date, and is that target realistic?

Single options

• Options profit calculator: value, profit and ROI at your target for calls, puts and spreads, with the target test.
• Black Scholes calculator: fair value of a call and a put, the Greeks, and implied volatility from a market price.
• Call option calculator: profit, ROI and breakeven on a long call.
• Put option calculator: profit, ROI and breakeven on a long put, for short ideas and hedges.

Vertical spreads

• Bull call spread calculator: a call vertical spread, with max profit, max loss and breakeven.
• Bear put spread calculator: a put vertical spread for a cheaper bearish trade.

Time spreads

• Calendar spread calculator: call or put calendars, with value at the short expiry and both breakevens.
• Diagonal spread calculator: call or put diagonals, including 2:1 ratios and the poor man's covered call.

The target test

Each calculator measures how far your target is from today's price in standard deviations, using implied volatility. Up to 1.0 is realistic. From 1.0 to 1.5 is a stretch that needs a dated catalyst. Above 1.5 is unlikely. Checking this before choosing a strike is the first step of the Constellation Method.

Educational tools only. Not investment advice. Prices are estimates from the Black Scholes model, not live quotes. See the Disclaimer.