F&O P&L Calculator
Add one or more legs of an options or futures strategy and see the payoff across a range of expiry prices, with breakeven points and max profit/loss worked out for you.
Pick a common strategy and the legs are filled in for you, with premiums estimated from the Black-Scholes model. Premiums are estimates, so replace them with the live prices from your broker.
Understanding the inputs
- Call option
- Gives the buyer the right (not obligation) to buy the underlying at the strike price on expiry. The buyer profits if the price finishes above the strike by more than the premium paid; the seller keeps the premium if it doesn't.
- Put option
- Gives the buyer the right to sell the underlying at the strike price on expiry. The buyer profits if the price finishes below the strike by more than the premium paid.
- Futures contract
- An obligation, not a right, to buy or sell at a fixed price on expiry. No premium changes hands upfront; P&L is simply the price difference at expiry multiplied by quantity, and it moves rupee-for-rupee with the underlying from day one.
- Premium
- The price paid by an option buyer to the seller for that right. It's the buyer's maximum possible loss and the seller's maximum possible gain.
- Lot size
- The fixed number of units in one exchange contract for that underlying. Your total quantity for a leg is lot size × number of lots.
- Breakeven point
- The expiry price at which total P&L is exactly zero. Strategies with a single option leg usually have one breakeven; multi-leg strategies can have two or more.
Common questions
What's the difference between max profit on a bought option and a sold option?
Buying a call or put caps your loss at the premium paid, while your profit potential is large or unlimited. Selling (writing) a call or put flips this: your profit is capped at the premium received, while your loss potential is large or unlimited if the market moves against you.
Why does a futures position have no premium?
A futures contract isn't a right you pay for, it's an obligation to buy or sell at a fixed price on expiry. There's no upfront premium; your profit or loss is simply the difference between your entry price and the price at expiry, multiplied by lot size.
Can a multi-leg strategy have more than one breakeven point?
Yes. Strategies combining multiple options, like spreads, straddles or strangles, often cross zero P&L at two different expiry prices instead of one, because the payoff line changes slope at each strike involved.
Does this calculator account for brokerage, STT or other charges?
No, this tool shows pure strategy payoff based on strike, premium and lot size only. Use a dedicated brokerage and tax calculator alongside this one to see your true net P&L after charges.
What does it mean when max profit or max loss shows as unlimited?
It means the payoff keeps moving in that direction as the expiry price moves further away, with no cap within a realistic price range. This typically happens with a naked long position (unlimited upside) or a naked short position (unlimited loss on one side).
Why do I need to enter lot size separately from lots?
Lot size is fixed by the exchange for each underlying, for example 25 for one popular index contract, and changes only when the exchange revises it. Lots is how many of those contracts you're trading. Multiplying the two gives your total quantity.
Is this calculation valid for any day, or only at expiry?
This payoff line reflects value strictly at expiry. Before expiry, an option's actual market price also includes time value, so your live P&L can differ from this chart until the final trading day.