Free tool
Options Calculator
Options can reduce risk or amplify it — the outcome depends entirely on knowing the math before you enter. This calculator covers the two strategies designed for risk-conscious investors: covered calls (sell upside you don't need, collect income) and cash-secured puts (get paid to wait for a price you want).
📊
Max profit, breakeven, annualized yield
For every covered call or cash-secured put, see the maximum profit possible, the price at which you break even, and the premium income expressed as an annualized percentage — so you can compare strategies on equal terms.
💰
Effective sell price and cost basis
A covered call doesn't just pay premium — it sets an effective sell price of strike plus premium. A cash-secured put doesn't just buy stock — it acquires it at strike minus premium. The calculator makes both explicit.
📋
P&L scenario table
See what happens to your position at five specific stock prices at expiration — from a strong rally to a significant decline. Know the full range of outcomes before you place the trade, not after.
🔄
Covered calls and cash-secured puts
Switch between the two strategies with a single tap. The calculator adjusts all outputs — including the cash requirement for the put and the capped upside for the call — to match each strategy's mechanics.
Free account required · 3 per tool / month free · 100 uses/mo with Pro · Unlimited with the Unlimited plan
Results are for informational purposes only. Options involve risk and are not suitable for all investors. This is not investment advice.