Price any option with the Black-Scholes model — theoretical value, all five Greeks, breakevens, max profit/loss and a payoff-at-expiry chart. Works for single calls and puts, covered calls, cash-secured puts, vertical spreads and straddles. No signup, everything runs in your browser.
| Position Greeks | Delta | Gamma | Theta/day | Vega | Rho |
|---|---|---|---|---|---|
| Net | – | – | – | – | – |
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Prices are theoretical Black-Scholes values for European-style exercise, using a 365-day year. Theta is per calendar day; vega and rho are per 1 percentage-point change in IV and rates. Covered call P&L includes the 100-share stock leg (per-share basis). Real market prices also reflect bid/ask spreads, dividends and early-exercise value on American options.
The standard model for pricing European-style options. Five inputs — stock price, strike, time to expiry, volatility and the risk-free rate — produce a theoretical fair value plus the Greeks.
Theta is the derivative of option value with respect to time, expressed per calendar day (annual theta ÷ 365). An ATM 30-day option at 30% IV decays about $0.06/share/day, and decay accelerates into expiry.
Judge IV against the stock's own history (IV rank). Large caps often sit at 20-35%; high-growth names can exceed 60-100%. Buyers want IV low, sellers want it rich relative to realized volatility.
Same payoff shape at the same strike: capped upside, premium income, downside below breakeven. Covered calls use shares you own; CSPs use cash reserved to buy shares at the strike.
The expiry price where the position P&L is zero. Long call: strike + premium. Long put: strike − premium. Straddles have two breakevens.
Educational tool only — not investment advice. Options involve substantial risk and are not suitable for all investors.