Options
Options Break-even Calculator
Find the underlying price where a single-leg option breaks even at expiry.
How the calculation works
At expiry, a call breaks even at strike + premium and a put at strike − premium (per share). Long positions pay the premium (debit); short positions receive it (credit). The price level is the same; profitability lies on opposite sides for long vs short.
Formula & example
Call BE = strike + premium; Put BE = strike − premium
Long call strike $50, premium $1.25 → break-even $51.25.
Why use this calculator
Strike and premium together define the hurdle; missing either understates how far the underlying must move.
When to use it
Use when planning an expiry-held single-leg option and you need the underlying price that returns zero P&L.
Tips for accurate results
- Fees shift break-even slightly — add them mentally for small premiums.
- American early exercise can differ from this expiry model.
FAQ
Is break-even the same before expiry?
Not necessarily. Before expiry the option still has time value, so the mark can differ from intrinsic-based break-even.
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