Options Spread Calculator

Your details

Select the vertical spread type. Bull/bear indicates the directional bias; call/put indicates which options are used. Debit spreads cost money up front; credit spreads bring in premium.
The current market price of the stock, ETF, or index the options are written on.
per share
The strike price of the option you BUY. For a bull call spread, this is the lower strike. For a bear put spread, this is the higher strike.
The premium you PAY to buy the long option. Enter the per-share price (not the contract total).
per share
The strike price of the option you SELL. For a bull call spread, this is the higher strike. For a bear put spread, this is the lower strike.
The premium you RECEIVE from selling the short option. Enter the per-share price.
per share
Each standard equity options contract covers 100 shares. Enter the number of spread contracts.
contracts
Currency
Breakeven at expirationHigh reward-to-risk
152.4

The underlying price at which the spread neither profits nor loses at expiration

Net debit / credit per share2.4
Max profit (total)260
Max loss (total)240
Return on risk1.1%
Spread width5
P&L at current price-240
Max Profit261.08
Max Loss245

Breakeven: 152.4

  • Max profit ($)
  • Return on risk

Your bull call spread has defined risk and a clear max reward of $260.00.

  • Maximum profit of $260.00 is achieved if the underlying closes at or above the short strike at expiration.
  • Maximum loss of $240.00 occurs if the underlying closes at or below the long strike at expiration.
  • The spread costs a net debit of $2.40 per share to enter.
  • Return on risk is 108.3%, meaning you stand to make $1.08 for every $1.00 at risk.

Next stepThe underlying is $2.40 away from breakeven. Monitor theta decay and consider closing for 50-75% of max profit rather than holding to expiration.

 = Powered by OnlyCalculators